New Chapter 15 Filing - Odebrecht Oleo E Gas S.A.

Odebrecht Oleo E Gas S.A.

  • 11/3/17 Recap: The disruption to the oil and gas energy that shot through the United States in 2015-2016 also captured some international victims. In this instance, the Brazilian operator of offshore drilling rigs filed for Extrajudicial Reorganization in Brazil back in May, 2017. In October, the Brazilian Court entered an order approving a reorganization plan approved by the necessary percentages of interested parties. To further bind said parties, the company filed for Chapter 15 to help effectuate the plan approved by the Brazilian court. 
  • Jurisdiction: S.D. of New York (Judge Garrity)
  • Capital Structure: $1.09b 6.35% '21 notes, $1.9b 6.75% '22 notes, $1.68b 6.625% notes.      
  • Company Professionals:
    • Legal: Davis Polk & Wardwell LLP (Eli Vonnegut)
  • Other Parties in Interest:
    • Ad Hoc Group of Bondholders
      • Legal: Cleary Gottlieb Steen & Hamilton LLP (Richard Cooper, Luke Barefoot)