Petrobras Supplier Schahin Seeking Bankruptcy Protection
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Grupo Schahin filed for Brazil’s equivalent of Chapter 11, becoming the latest Petroleo Brasileiro SA contractor to seek protection from creditors as a corruption probe and a rout in oil prices limit access to funding.
Schahin, which owns building and oil rig companies, has about 6.5 billion reais ($2.12 billion) in debt, it said in an e-mailed statement Friday. The so-called judicial recovery request involves 28 of its companies and the group intends to abandon engineering and construction activities to focus in oil. Newspaper Valor Economico reported Friday that the oil and gas unit wasn’t included in a bankruptcy protection filing.