The Rio de Janeiro Court of Justice (TJRJ) declared the bankruptcy of Sete Brasil, created in 2010 to act as a rig charterer amid multibillion-dollar plans designed to explore pre-salt oil.
In the decision, seen by Reutersthe Court pointed out the company’s failure to comply with the judicial recovery plan.
Sete Brasil’s judicial recovery process began in 2016, after the company was involved in corruption scandals, investigated by the Lava Jato operation.
“From the extensive trajectory of this recovery achievement, it appears that the recovering company no longer presents conditions for its upliftment”, stated the decision.
According to the Court, during the eight years of judicial recovery, 44 meetings were held and 18 versions of the Judicial Recovery Plan were presented.
Unsecured liabilities, according to the decision, increased to 36 billion reais, also citing an increase in administrative expenses.
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When contacted, Sete Brasil informed that it received with “surprise the court’s decision to declare its bankruptcy before the deadline set by the creditors at the General Meeting of Creditors and is appealing the decision”.
The company, in which Petrobras holds a 9.75% stake, also said that it “trusts” in the possibility of judicial recovery, according to measures already addressed in the process and aligned with creditors.
The other partners of Sete Brasil are the banks Bradesco, Santander, BTG Pactual and the pension funds Petros, Previ, Funcef, according to the company’s press office.
