Petrobras: Agreement With Creditors Eliminates Risk Of Default Declaration

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Brazil’s Petrobras completed talks with creditors about the release of its delayed unaudited third-quarter financial results, the state-run oil company said in a securities filing on Tuesday.

Under the agreement, Petroleo Brasileiro SA, as Petrobras is formally known, will be able to deliver its results by the end of January as the company announced on Dec. 29. Under the terms of some bond agreements, Petrobras was required to deliver investors unaudited financial statements by Dec. 29 or risk a declaration of default.

Such a declaration, which could have led to a forced early repayment of debt, has been eliminated, the statement said. 

 

 

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