Brazil Said to Be Biggest Creditor in Planned Oil-Rig Bankruptcy

  • Sete said to plan bankruptcy filing as early as this week
  • Banco do Brasil, Caixa, naval fund said to be owed $3 billion

Sete Brasil Participacoes SA may file for bankruptcy protection as early as this week, with Brazil’s state-owned banks and a government-affiliated fund accounting for more than half the oil-rig company’s 18 billion reais ($5.1 billion) in liabilities, according to people directly involved with the company’s finances.

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