LENDERS and shareholders have declared a 90-day moratorium to seek a solution for Sete Brasil’s financial woes, even as the troubled Brazilian rig-building entity was threatened by a parallel legal move to block public funding.
The three-month stay period, during which almost all interested parties agreed to forgo any rights to execute debts or liquidate assets, will provide a breathing space for Sete Brasil executives, banks and shareholders to find a way forward for the troubled project.
“Everyone
