SAO PAULO, March 13 Grupo Schahin said on Monday
it can execute a reorganization plan after an appeals court
favored the ailing Brazilian engineering and rig-leasing
conglomerate over disgruntled creditors, according to a
The reorganization, confirmed by a bankruptcy court a year
ago, was challenged by a 13-bank consortium led by Itaú Unibanco
SA, the statement said.
Schahin's reorganization foresees repayment of 6.5 billion
reais ($2 billion) of defaulted debt over a 15-year period,
without any deductions, the company said.
After the Sao Paulo appeals court ruling, the repayment will
be executed as planned, according to the statement.
Separately, the company said it had won a ruling in court to
maintain the contract of its Vitória 10.000 drill ship with
state oil firm Petroleo Brasileiro SA.
Petrobras, as the company is known, had sought to stop
renting the drillship, which is Schahin's last in operation and
whose rental proceeds are included as collateral in the
Schahin said in statement the contract with Petrobras will
guarantee that Schahin can meet the terms of its plan, the
($1=3.1520 Brazilian reais)
(Reporting by Ana Mano; Editing by Daniel Flynn and Chris