Petrobras shareholders approve restructure

Bnamericas Published: Friday, April 29, 2016
Petrobras shareholders approve restructure

Shareholders of Brazil's state-run oil company Petrobras have approved a restructuring plan aimed at slashing costs and reducing debt.

Changes include the axing of one of the company's seven board positions and a management downsize, the company said in a stock exchange filing on Thursday.

Just over two thirds (67.3%) of shareholders voted in favor of the plan, with 6.2% opposing it and 26.4% abstaining.

Petrobras has been beset by a corruption scandal that has led to jail terms for several former executives and dragged Brazil into a spiraling economic and political crisis.

At around US$130bn, Petrobras' debt is the largest of any oil company.

Last month the Rio de Janeiro-based firm reported a 2015 loss of 34.8bn reais (US$9.64bn) – its worst ever full-year result.

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