Oleo e Gas restructuring plan approved

(MENAFN) According to a statement by the Rio de Janeiro court, a judge has approved a restructuring plan of the oil company Oleo e Gas Participacoes SA, The Peninsula Qatar reported. The court's approval grants a quick and expected resolution to the largest bankruptcy in Latin America's history. Holders of 90 percent of the Rio de Janeiro-based company's nearly USD5.4 billion in debt agreed to the plan, which was approved on June 3rd by its creditors. "Quick resolution to the case was vital because thousands of jobs at the company were at stake. Under the terms of the plan, creditors will swap debts for about 90 percent of Oleo e Gas stock," the Judge said.