VoVL lenders green light sale of oil basins to two Brazil firms, with a rider

Brazilian gas operators Eneva S A and PetroRio have been approved to buy two and one oil basins, respectively, from oil and gas exploration firm VoVL, formerly known as Videocon Oil Ventures Ltd, after 90% of the latter's lenders voted in favour. However, VoVL's joint venture partner Bharat Petroleum Corp Ltd will have 30 days to match the bids. BPCL owns a 61% participating interest in VoVL after the latter failed in making an agreed payment, leading to the former taking up the cash call. After nearly four years of insolvency proceedings, lenders may recover almost 8% of the claims.

from Energy-Industry-Economic Times https://ift.tt/paLNKI7