The five Brazilian banks owed $3.6 billion from Sete Brasil, a company set up to build offshore drill-rigs for state-led oil company Petroleo Brasileiro SA, will extend a repayment deadline into next year, the Estado de S.Paulo newspaper reported on Tuesday.
The debt, owed to state-led Banco do Brasil SA and state-owned Caixa Economica Federal as well as Itau Unibanco Holding SA, Banco Santander Brasil SA and Banco Bradesco SA, was supposed to have been repaid on Monday, Estado said.
The loan repayment deadline has already been extended twice before and talks about repayment over the last two months have intensified in recent days, the paper reported, adding that the Banks are counting on new money being available to Sete Brasil next year to pay the loans and reduce their losses.
Brazil Energy Insight 
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