Petrobras Assets Held In $156M Fight With Astra

Law360, New York (June 24, 2011, 7:29 PM EDT) -- A New York federal judge on Thursday ruled in favor of Astra Oil Trading NV in a $156 million contract dispute with its former partners in a Texas oil project, affirming a freeze on accounts held by subsidiaries of Petroleo Brasileiro SA.

U.S. District Judge Naomi Reice Buchwald ruled that the Petrobras assets in two New York bank accounts should be held while Petrobras appeals a Texas arbitration decision ordering the Brazilian oil giant to reimburse Netherlands-based Astra for $156 million collected as collateral for an...
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