Oil Rig Deal Hurt Brazilian Conglomerate, Creditors Say

Law360 (July 14, 2021, 6:59 PM EDT) -- A Brazilian oil and gas conglomerate's bankruptcy administrator accused a group of creditors of scheming to be paid quickly in an oil rig deal that simultaneously jeopardized the company's finances and the interests of other creditors and wants to recoup $465 million in alleged unjust enrichment.

In a New York federal court suit, AJ Ruiz Consultoria Empresarial SA, which is overseeing the bankruptcy proceedings of the Schahin Group in Brazilian court, claims Deutsche Bank and several other creditors wrongly participated in a complex transaction involving two oil drilling rigs to ensure they would have their loans paid back. That harmed other creditors who were then...

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