Uncategorized

Odebrecht O&G nears $5 billion debt restructuring deal -sources

Odebrecht Óleo & Gás SA, the offshore oil drilling firm owned by Brazil’s Odebrecht SA, has obtained support from more than 60 percent of its creditors for a restructuring of about $5 billion in debt, two sources with knowledge of the matter said on Friday.

The sources, who asked for anonymity because discussions are private, told Reuters the out-of-court restructuring could be announced as early as next week.

OOG, as the company is known, said in a statement to Reuters that it was “in final stages of talks held with creditors since 2015 to restructure its debt.” The company did not elaborate on a time frame or terms of the restructuring.

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