Sete Brasil Participacoes SA’s creditors, including Banco do Brasil SA and Itau Unibanco Holding SA, received 2.68 billion reais ($670 million) from a government-backed fund and will likely tap about 1.58 billion reais more, according to a person familiar with the matter.
Creditors withdrew the money from the fund created with government assets in 2008 after Sete Brasil couldn’t repay $3.8 billion in outstanding debt, said the person, who asked not to be identified because the matter is private. Data from Brazil’s securities regulator show the fund reported a 2.11 billion-real withdrawal on Feb. 10 and an additional 566.5 million reais on Feb. 12.
Brazil Energy Insight 
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