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Odebrecht Oleo e Gas Chapter 15 Bankruptcy

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Rio de Janeiro, Brazil-based Odebrecht Oleo e Gas and ten affiliated Debtors filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 17-13130. The Company, which provides integrated and customized solutions for the upstream oil and gas industry, is represented by Eli J. Vonnegut of Davis Polk & Wardwell.

On May 23, 2017, the Debtors commenced a proceeding in the Federative Republic of Brazil pursuant to Federal Law No. 11,101 of February 9, 2005 (“Brazilian Bankruptcy Law”). According to documents filed with the Court, “The Brazilian Reorganization Plans consist of three separately-filed plans pursuant to a single extrajudicial reorganization proceeding, governing three separate subsets of claims against different Debtors and entities: (a) the claims against the 2021 Entities in respect of the 2021 Notes (the ‘2021 Claims’), (b) the claims against the 2022 Entities in respect of the 2022 Notes (the ‘2022 Claims’) and (c) the Financial Claims against the Holding Entities….The Brazilian Reorganization Plans are the culmination of approximately 20 months of meticulous, hard-fought negotiations between the OOG Group and its stakeholders.”

In addition, “Despite challenges presented by two of the Debtors’ creditors, Credit Agricole and Citibank, the Brazilian Court entered an order approving the Brazilian Reorganization Plans and overruling the challenges on October 19, 2017 (the ‘Brazilian Confirmation Order’)….Brazilian extrajudicial reorganization, much like a prepackaged case under U.S. Bankruptcy Law, allows for an expeditious and cost-effective reorganization process that will maximize the OOG Group’s going concern value.”

Odebrecht Oleo e Gas recently reported nearly $5 billion in pre-petition assets.

Read more oil & gas bankruptcy news.

The post Odebrecht Oleo e Gas Chapter 15 Bankruptcy appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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