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Krishna Aditya Rachman
Shareholders of Sete Brasil, top client of Keppel and SembMarine, approve plan to file for bankruptcy
SAO PAULO (BLOOMBERG) - Shareholders of oil-rig supplier Sete Brasil Participacoes agreed to a plan to file for bankruptcy protection after its single client, Brazil state oil giant Petrobras, failed to present a viable book order.
A Sete Brasil official confirmed on Wednesday (April 20) that investors are backing the plan and declined to elaborate. Shareholders had set that day as a deadline for Petroleo Brasileiro or Petrobras to propose a book order that could pay back the capital they had injected into the company, according to sources. Petrobras, which is a shareholder and Sete's only client, didn't vote, they said.
The company may list about 18 billion reais (S$6.86 billion) in liabilities, one of the people said. Law firm Sergio Bermudes Advogados in Rio de Janeiro will work on the bankruptcy plans, according to the people.
SAO PAULO (BLOOMBERG) - Shareholders of oil-rig supplier Sete Brasil Participacoes agreed to a plan to file for bankruptcy protection after its single client, Brazil state oil giant Petrobras, failed to present a viable book order.
A Sete Brasil official confirmed on Wednesday (April 20) that investors are backing the plan and declined to elaborate. Shareholders had set that day as a deadline for Petroleo Brasileiro or Petrobras to propose a book order that could pay back the capital they had injected into the company, according to sources. Petrobras, which is a shareholder and Sete's only client, didn't vote, they said.
The company may list about 18 billion reais (S$6.86 billion) in liabilities, one of the people said. Law firm Sergio Bermudes Advogados in Rio de Janeiro will work on the bankruptcy plans, according to the people.
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Krishna Aditya Rachman
Fuel-cheating scandal wipes US$2.5b off Mitsubishi stock
[TOKYO] Mitsubishi Motors shares nosedived again Thursday as panic selling wiped about US$2.5 billion off the automaker's market value in response to its shock admission that it cheated on fuel-efficiency tests.
The embarrassing revelation is the latest in a string of recent scandals to hit Japanese firms, while German giant Volkswagen struggles to restore its badly dented reputation after a massive emissions scandal.
The news has also raised questions about Mitsubishi's future as it faces the prospect of huge lawsuits and fines.
On Thursday, the embattled stock went into freefall, plunging to 583 yen (S$7.15) in Tokyo, down 20 per cent, after it dived 15 per cent on Wednesday when the news first broke.
[TOKYO] Mitsubishi Motors shares nosedived again Thursday as panic selling wiped about US$2.5 billion off the automaker's market value in response to its shock admission that it cheated on fuel-efficiency tests.
The embarrassing revelation is the latest in a string of recent scandals to hit Japanese firms, while German giant Volkswagen struggles to restore its badly dented reputation after a massive emissions scandal.
The news has also raised questions about Mitsubishi's future as it faces the prospect of huge lawsuits and fines.
On Thursday, the embattled stock went into freefall, plunging to 583 yen (S$7.15) in Tokyo, down 20 per cent, after it dived 15 per cent on Wednesday when the news first broke.