Sete Brasil confirms that Standard Chatered Bank has called in loan.
Sete has notified that one of their international creditors, Standard Chartered Bank, has called on the guarantor FGCN (Fundo Garantidor da Construção Naval) for payment of outstanding loan. Sete Brasil finds itself in a real jam since it has not been able to obtain the bridge loan from the BNDES for U$850 million to pay the shipyards that are constructing the 28 offshore rigs under contract. The company has 30 days to find a solution for Standard Chartered Bank. More to come….