PETROBRAS: Company And Eletrobras Are Renegotiating R$ 20 Billion Debt

(RTTNews) - Brazilian state-owned companies Petrobras and Eletrobras relaunched the negotiations over a R$ 20 billion (US$ 6.14 billion) debt from the power company regarding gas supply from Petrobras.

A source said that talks are underway, but that a possible agreement is still far from being reached, primarily due to the Eletrobras' cash situation and the payment method.

According to that source, Petrobras wants a deal as soon as possible, as long as the agreement meets its demands.

Eletrobras has already acknowledged part of the debt to the oil company - about R$ 10 billion which are being paid in installments. Eletrobras must negotiate a portion of the debt and another amount, of about R$ 3 billion, relating to administrative and legal proceedings.