HSBC Sues Brazil’s Schahin for $55 Million of Unpaid Notes

HSBC Sues Brazil’s Schahin for $55 Million of Unpaid Notes

By Francisco Marcelino Filipe Pacheco

3:15 PM BRT
April 2, 2015

HSBC Holdings Plc is suing Schahin Engenharia SA, a supplier to Brazilian oil producers, for 173.6 million reais ($55 million) related to unpaid promissory notes.

The claim, which was filed in Sao Paulo on March 30, doesn’t say when the notes were supposed to have been paid to London-based HSBC, a court filing shows.

HSBC joins Deutsche Bank AG and Banco IBM SA, the local financial division of International Business Machines Corp., in making claims against Schahin this year.

Schahin, HSBC and the bank’s attorney, Renata Faraco Lemos, declined to comment.

Schahin Oil & Gas’s $651.5 million in outstanding notes have dropped 33 percent since November, to trade at 59.7 cents on the dollar on Friday. The notes are backed by flows related to a long-term charter and services agreement signed with Petrobras for a drill ship called ’Sertao.’

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