Constellation Confirms Restructuring Debt Plan Is Approved

Plan was voted and approved by 100% of creditors, the company, previously known as Queiroz Galvao Oil & Gas, said in a statement sent to Bloomberg.

• Payment conditions and restructuring measures need confirmation from a court in Rio de Janeiro to come into effect, and that is expected to happen in the following days, Constellation said
• According to the plan, part of the $1.84b of the firm’s debt will be swapped into equity, with creditors including Pimco, holding 73% of the firm’s capital, while current shareholders will be diluted to 27%
• Bondholders will also do a debt-in-possessor financing injecting $60m ...