Petrobras Pulls Debt Offering Due To "Adverse Conditions"

Not very long ago, Petrobras was offering (anyone foolish enough to buy) 100 year bonds. How much can change in less than a year!

Extremely low crude oil prices continue to take a serious toll on firms in the global energy sector. Related to this and a giant corruption scandal, beleaguered Brazilian oil and gas company Petrobras has suffered a setback in its efforts to stabilize its financial situation this week. Petrobras put out a press release on Thursday noting it had decided postpone an offer to sell close to $790 million of debt in the local capital markets.

The statement from Petrobras noted it was “interrupting” the debt offering because of...