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Sete Brasil Shareholders Approve Plan to File for Bankruptcy

  • Oil-rig venture was waiting for new proposal from Petrobras
  • The company may list about $5.1 billion in liabilities
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Shareholders of oil-rig venture Sete Brasil Participacoes SA agreed to a plan to file for bankruptcy protection after its single client failed to present a viable book order.

A Sete Brasil official confirmed Wednesday that investors are backing the plan and declined to elaborate. Shareholders had set that day as a deadline for Petroleo Brasileiro SA to propose a book order that could pay back the capital they had injected into the company, according to two people involved in the private talks who asked not be identified. Petrobras, which is a shareholder and Sete’s only client, didn’t vote, they said.