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Tuesday, November 5, 2013

Brazil's Lupatech Approves Debt Restructuring Plan

Per www.globalinsolvency.com:


Wed., November 6, 2013
Lupatech SA, a Brazilian offshore oil industry products and services provider, in a securities filing Tuesday said its board has approved a debt-for-equity swap designed to help it push past a series of missed payments to creditors, Reuters reported. Lupatech said it would renegotiate some of its debt with lenders and that holders of perpetual bonds and debentures would be offered an option of swapping 85 percent of their debt for new equity. The company, based in Caxias do Sul, is one of several Brazilian oil and gas companies, including OGX Petroleo e Gas SA and HRT Participações em Petróleo SA, whose share prices have dropped in the last year after missing profit and production targets. On Oct. 10 Lupatech failed to make a $6.79 million payment on $275 million of outstanding perpetual bonds.

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