Odebrecht O&G Nears $5B Debt Restructuring Deal

Source: Reuters 5/12/2017, Location: South America

Odebrecht Oleo & Gas SA, the offshore oil drilling firm owned by Brazil's Odebrecht SA, has obtained support from more than 60 percent of its creditors for a restructuring of about $5 billion in debt, two sources with knowledge of the matter said.

The sources, who asked for anonymity because discussions are private, told Reuters the out-of-court restructuring could be announced as early as next week.

OOG, as the company is known, said in a statement to Reuters that it was "in final stages of talks held with creditors since 2015 to restructure its debt." The company did not elaborate on a time frame or terms of the restructuring.

According to documents seen by Reuters, the company could change its name once the restructuring deal is in place.

In March, Reuters reported an out-of-court workout could help OOG bind minority creditors to restructuring terms already accepted by a relevant majority of banks, bondholders and suppliers. The company has had difficulty contacting hundreds of individual bondholders.

OOG is among Odebrecht SA subsidiaries struggling with a widespread slowdown in Latin America and restricted access to credit in the wake of a huge corruption scandal.

Odebrecht SA has been accused of colluding to overcharge state firms for contracts, then using part of that to channel donations and bribes to Brazil's biggest political parties.


Nigeria >>  6/24/2022 - San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, provides the following update in relation to...
United States >>  6/23/2022 - The Rocky Mountain oil and gas business Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), which focuses on ethical resource development from carbon-neutra...

United States >>  6/23/2022 - Southern Energy Corp. ("Southern") (SOUC), a U.S.-focused, growth-oriented natural gas producer, is pleased to announce a proposed prospectus offering...
Iraq >>  6/22/2022 - The Kurdistan Regional Government ("KRG") has paid Gulf Keystone a gross payment of $62.0 million ($48.5 million net to GKP) for the sale of Shaikan c...

Georgia >>  6/21/2022 - The Nordex Group presented its figures for the first quarter of 2022. This announcement has been delayed, as announced on 5 May 2022, because the Nord...
Monaco >>  6/21/2022 - Scorpio Tankers Inc. (STNG) (Scorpio Tankers) announces that the President of the Company and Scorpio Holdings Limited, a related party, have purchase...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.