Brazil generator Eneva files for bankruptcy

Brazilian generator Eneva has requested bankruptcy protection after failing to strike a debt restructuring deal with creditors, according to Business News Americas.

The announcement came as the company suspended payments related to its $890 million debt, Eneva said in a statement.

"[This] aims to preserve adequate cash flow to continue the company's operations, which have shown continued improvement," the Rio de Janeiro-based firm said.

The company said it plans to submit a judicial recovery plan within 60 days of the filing's acceptance.

Once a part of Eike Batista's EBX empire, Eneva is now controlled by Germany's E.On.

Eneva operates seven thermoelectric power plants and has a stake in onshore gas blocks in the Parnaíba basin in Brazil's northeast.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs