1. Show article details.

    Paragon Offshore to File for Bankruptcy

    DJ Business News – 1:05 PM ET 02/12/2016

    Offshore drilling rig operator Paragon Offshore PLC (PGNPF) will file for bankruptcy this weekend under the terms of a prearranged deal cutting about $1.1 billion in debt from its balance sheet. The company said Friday that it has reached an agreement with 77% of two groups of its unsecured bondholders and 89% of senior lenders, under which each of these groups will receive cash payments in return for agreeing to reduce the principal balance of their debt or modify the terms of their...

  2. Show article details.

    Correction to Story on Mark Mobius and Petrobras

    DJ Business News – 2:34 PM ET 02/10/2016

    The Templeton Global Emerging Markets Fund, managed by Mark Mobius for investors in Brazil, has sold its shares of Petrobras. Some of the other funds managed by Mr. Mobius available to investors outside of Brazil retain some shares of Petrobras.

  3. Show article details.

    Ship leasing firm SBM Offshore says U.S. re-opens bribery probe

    Reuters – 1:31 PM ET 02/10/2016

    * Company sets aside $245m for settlement in Brazil. * CEO Chabas says scope of U.S. inquiry unclear. * SBM settled with Dutch, U.S. prosecutors for $240 mln in 2014. * SBM's sales agents had paid $200 mln in bribes in 2007-2011. By Anthony Deutsch.

  4. Show article details.

    Petrobras Is No Longer a Buy for Mobius

    DJ Business News – 3:35 PM ET 02/05/2016

    Sã o Paulo-Emerging-markets guru Mark Mobius said Friday that he no longer is investing in Brazil's troubled state-run oil giant Petró leo Brasileiro SA and that he would buy shares only if oil prices rise sharply and the state-run firm is successful in cutting its huge debt. Meeting with journalists in Sã o Paulo, the executive chairman of Templeton Emerging Markets Group said current low oil prices have made it difficult for the company, known as Petrobras, to meet its debt...

  5. Show article details.

    Petrobras Is No Longer a Buy for Emerging-Markets Investor Mobius

    DJ Business News – 3:25 PM ET 02/05/2016

    São Paulo--Emerging-markets guru Mark Mobius said Friday that he no longer is investing in Brazil's troubled state-run oil giant Petróleo Brasileiro SA and that he would buy shares only if oil prices rise sharply and the state-run firm is successful in cutting its huge debt. Meeting with journalists in São Paulo, the executive chairman of Templeton Emerging Markets Group said current low oil prices have made it difficult for the company, known as Petrobras, to meet its debt...

  6. Show article details.

    Petrobras says could appeal against US ruling on investor lawsuits

    Reuters – 6:11 AM ET 02/03/2016

    Brazil's state-run oil company Petroleo Brasileiro (PBR/A) said on Wednesday it could appeal against a U.S. judge's ruling over investors' lawsuits.

  7. Show article details.

    Brazil's Petrobras must face US group lawsuits over corruption -judge

    Reuters – 6:00 PM ET 02/02/2016

    A U.S. judge ordered Petrobras, the state-run Brazilian oil company, to face class-action litigation by investors seeking to recoup billions of dollars in losses stemming from a bribery and political kickback scandal. In a decision made public on Tuesday, U.S. District Judge Jed Rakoff in Manhattan certified two classes of plaintiffs, saying their claims are similar enough to be pursued as groups.

  8. Show article details.

    U.S. judge says Petrobras investors can sue as group

    Reuters – 5:04 PM ET 02/02/2016

    A U.S. judge on Tuesday cleared the way for investors to sue Brazil's state-run oil company Petrobras as a group in litigation over billions of dollars in losses stemming from a bribery and political kickback scandal.

  9. Show article details.

    Brazil's Petrobras to reduce investment plan by 5 percent: newspaper

    Reuters – 12:14 PM ET 01/31/2016

    Petroleo Brasileiro SA will cut its 2016-2020 investment plan by 5 percent to $93 billion as the state-run oil company contends with dwindling oil prices and a massive corruption investigation, the O Globo newspaper reported on Sunday.

  10. Show article details.

    Petrobras slashes oil reserves to lowest level in 14 years

    Reuters – 11:22 AM ET 01/29/2016

    * Oil price, debt, management mistakes spur 20 percent cut. * Rebound in oil prices may not restore all reserve losses. * Reduction expected but larger than anticipated. By Jeb Blount.

  11. Show article details.

    Brazil plans to extend oil rights to foster investment -paper

    Reuters – 6:59 AM ET 01/29/2016

    Brazil plans to extend oil exploration rights in areas awarded between 1998 and 2008 to encourage greater investment despite a recent plunge in oil prices, Energy Minister Eduardo Braga told newspaper Valor in an interview published on Friday.

  12. Show article details.

    Petrobras 2015 oil, gas reserves fall 20 pct to 10.516 bln barrels

    Reuters – 6:25 AM ET 01/29/2016

    Oil and natural gas reserves at Brazil's state-run oil producer Petroleo Brasileiro SA fell 20 percent in 2015 from 2014, the company said in a filing on Friday. At the end of 2015, the company had 10.516 billion barrels of proven reserves of oil and equivalent natural gas according to criteria set by the U.S. Securities and Exchange Commission, down from 13.141 billion in 2014, the company said.

  13. Show article details.

    Petrobras Plans New Management Structure

    DJ Business News – 12:45 PM ET 01/28/2016

    RIO DE JANEIRO-The chief executive of Brazilian state-run oil company Petró leo Brasileiro SA, or Petrobras, announced a number of changes to the company's management structure on Thursday, a reshuffling aimed at saving 1.8 billion reais a year and confronting the "new reality" of low oil prices. The changes, which will only affect "nonoperational" parts of the business and include a reduction of about 1,590 management positions, are meant to give a greater priority to profit and...

  14. Show article details.

    Petrobras Plans New Management Structure -- Update

    DJ Business News – 12:33 PM ET 01/28/2016

    RIO DE JANEIRO--The chief executive of Brazilian state-run oil company Petróleo Brasileiro SA, or Petrobras, announced a number of changes to the company's management structure on Thursday, a reshuffling aimed at saving 1.8 billion reais a year and confronting the "new reality" of low oil prices. The changes, which will only affect "nonoperational" parts of the business and include a reduction of about 1,590 management positions, are meant to give a greater priority to profit and...

  15. Show article details.

    Correction to Norway Oil Fund Puts Petrobras on Observation List Story

    DJ Business News – 9:45 AM ET 01/28/2016

    Norway's sovereign-wealth fund held $162.6 million worth of bonds in Luxembourg-incorporated Petrobras International Finance Co SA and $38.4 million worth of bonds in Netherlands-incorporated Petrobras Global Finance BV. "Norway Oil Fund Puts Petrobras on Observation List," at 9:16 a.m. ET, incorrectly stated the holdings were in shares. (END) Dow Jones Newswires 01-28-16 0945 ET Copyright (c) 2016 Dow Jones& Company, Inc..

  16. Show article details.

    Norway Oil Fund Puts Petrobras on Observation List

    DJ Business News – 9:16 AM ET 01/28/2016

    OSLO--Norway's sovereign-wealth fund, the world's largest, said Thursday it had placed Brazilian oil company Petrobras under observation due to the risk of corruption, amid accusations of bribery and kickbacks. The decision to observe Petrobras was taken by the board of Norway's central bank, which manages the fund, and was based on the advice from the fund's Council of Ethics. Petrobras, also known as Petróleo Brasileiro SA, is the largest listed company in Latin America.

  17. Show article details.

    Petrobras' new management structure to improve oversight - CEO

    Reuters – 9:05 AM ET 01/28/2016

    Brazil's state-run oil company Petroleo Brasileiro SA is undergoing a revamp of its management structure with the aim to improve oversight and transparency, Chief Executive Aldemir Bendine told reporters at a news conference on Thursday.

  18. Show article details.

    Brazil's Petrobras to cut staff, aims to save $442 mln a year

    Reuters – 6:21 AM ET 01/28/2016

    Petroleo Brasileiro SA will cut staff and restructure management to adapt to dwindling oil prices and prioritize high-yield projects, the state-controlled oil producer said in a statement on Thursday. Managerial staff will be cut by at least 30 percent in non-operational areas, with an estimated cost reduction of about 1.8 billion reais per year, Petrobras said.

  19. Show article details.

    INSIGHT-Brazil a bright spot for debt restructuring advisors as recession bites hard

    Reuters – 1:00 AM ET 01/28/2016

    Debt restructuring firms are poised to pull in record amounts of business in Brazil this year as the country's worst recession in decades and a corruption probe that has cast a shadow over dozens of companies leads to a surge in defaults.

  20. Show article details.

    Brazilian Judge Blocks Sale of Petrobras Subsidiary to Mitsui

    DJ Business News – 9:45 PM ET 01/26/2016

    RIO DE JANEIRO-A Brazilian federal judge this week blocked the 1.9 billion reais sale of a minority stake in a subsidiary of state-run oil firm Petró leo Brasileiro SA to a Japanese conglomerate, further complicating an asset sale process that is essential for Petrobras' efforts to get back on sound financial footing. A judge in the northern state of Bahia ruled Monday that the sale of Petrobras' 49% stake in natural-gas distribution unit Gaspetro to Japan's Mitsui& Co. should...

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