Sete Brasil signs memorandum suspending debt for 90 days

 Mon Apr 6, 2015 4:47pm EDT

Sete Brasil signs memorandum suspending debt for 90 days

(Reuters) – Brazilian oil rig producer Sete Brasil Participações SA said on Monday it signed a memorandum of understanding with its main creditors on March 31 that will suspend debt collection rights for 90 days.

Earlier on Monday, Luiz Carlos Trabuco, chief executive officer of Brazilian private-sector lender Banco Bradesco SA, said the rig maker and commercial banks were in advanced talks over the size, maturity and scope of a new bridge loan.

Sete Brasil faces 11 billion reais ($3.5 billion) in debt repayments this month.

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