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Offshore Driller Seeks Ch. 15 Amid Brazilian Restructuring

Law360 (December 7, 2018, 8:16 PM EST) -- Brazilian offshore oil driller Servicos de Petroleo Constellation Friday asked a New York bankruptcy court to recognize the reorganization proceedings it said it has launched in Brazil to reduce its $1.5 billion in debt in the face of a sustained business downturn.

Saying it has been dealing with a double blow of depressed global oil prices and a depressed local economy, the Brazil-based corporation asked the court to extend Chapter 15 bankruptcy protection to its U.S. assets while it executes the pre-negotiated restructuring plan it submitted to the Brazilian courts Thursday.

According to the Chapter 15 motion, Petroleo Constellation was incorporated...

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