Odebrecht Óleo & Gás SA, the offshore oil drilling firm owned by Brazil’s Odebrecht SA [ODBES.UL], could seek an out-of-court reorganization with creditors to speed up the restructuring of $5 billion in debts, two people familiar with the plan said on Monday.
According to the people, an out-of-court workout would help the company known as OOG bind minority creditors to a restructuring that is accepted by a relevant majority of banks, bondholders and suppliers. Filing for bankruptcy protection is not an option for OOG, the people said.
Brazil Energy Insight 
Leave a comment