Sete Brasil shareholders greenlight bankruptcy plans: Bloomberg

Petrobras failed to propose a viable book order.

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.

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