Servicos de Petroleo Constellation gives update on reorganization plan

By Caroline Salls

Pittsburgh, Feb. 20 – Servicos de Petroleo Constellation SA has filed a reorganization plan in its Brazilian judicial reorganization proceedings, and creditors will vote on the plan at a meeting scheduled for March 25, according to a status report filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

Foreign representative Andrew Childe said in the report that the company, the plan support agreement parties and an informal group of 2024 noteholders are negotiating an amended support agreement, so the plan may change ahead of the meeting.

The terms of the plan filed on Feb. 11 with the Brazilian court are expected to be filed in a supplement “shortly,” the report said.

As previously reported, the company made a Chapter 15 bankruptcy filing on Dec. 6 to gain U.S. court recognition of its Brazilian judicial reorganization proceedings.

Servicos de Petroleo is a Rio de Janeiro-based offshore drilling company. The Chapter 15 case number is 18-13952.

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