Banco do Brasil expects Sete Brasil finance deal by year-end -CEO

Rodrigo Viga Gaier – Reuters, 10/26/2015

Banco do Brasil SA expects to reach an agreement, along with other creditors, with troubled Brazilian offshore drillship builder and lessor Sete Brasil over its outstanding debts by year-end, the bank’s chief executive said on Monday.

State-led Banco do Brasil, which plans to restart a loan program for suppliers of state-run oil company Petroleo Brasileiro SA this week, also aims to help to finance companies bidding for hydroelectric concessions at an auction in November, CEO Alexandre Abreu said.

Sete Brasil owes around $3.6 billion to Banco do Brasil, state-run Caixa Economica Federal, Itau Unibanco Holding SA , Banco Santander Brasil SA and Banco Bradesco SA.

Read more…

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s