Petrobras Readies Results to Avert Debt Breach
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Petroleo Brasileiro SA is set to release its long-delayed earnings report this week and investors want to know one thing: How much has Brazil’s biggest-ever corruption scandal cost so far?
Petrobras, the state-run oil producer embroiled in an alleged kickback scheme involving $23 billion of contracts, plans to post unaudited third-quarter results following a board meeting today. The company, which has posted negative free cash flow in every quarter since 2010, has twice delayed the release as it tries to calculate how big of a writedown it needs to account for losses from corruption.