Brazilian offshore oil driller Odebrecht Oleo & Gas (OOG), part of the Odebrecht construction, engineering and chemicals giant, could seek an out-of-court reorganization with creditors, according to Reuters.
Citing unnamed sources, the report says the plan would aim to speed up the restructuring of $5bn in debts by binding minority creditors to a restructuring accepted by a majority of banks, bondholders and suppliers.
The restructuring process has already been going on for a year.
Much of OOG’s debt stemmed from $3bn it raised in bond sales to build offshore drilling ships which are now leased to troubled state oil firm Petrobras.
OOG declined to confirm the report of an out-of-court reorganization.