Brazil Said to Be Biggest Creditor in Planned Oil-Rig Bankruptcy

Sete Brasil Participacoes SA may file for bankruptcy protection as early as this week, with Brazil’s state-owned banks and a government-affiliated fund accounting for more than half the oil-rig company’s 18 billion reais ($5.1 billion) in liabilities, according to people directly involved with the company’s finances.

Brazil’s naval fund, which provides a state guarantee on loans to Sete Brasil, is the biggest creditor, with about 4.5 billion reais in liabilities, the people said, asking not to be identified because the details haven’t been made public. Banco do Brasil SA, Latin America’s largest bank by assets, has 4 billion reais in outstanding loans to Sao Paulo-based Sete, and Caixa Economica Federal is owed 1.7 billion reais, according to the people.

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