Petrobras to post long-delayed results to avert debt breach
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Rio de Janeiro
PETROLEO Brasileiro SA is set to release its long-delayed earnings report this week and investors want to know one thing: How much has Brazil's biggest-ever corruption scandal cost so far?
Petrobras, the state-run oil producer embroiled in an alleged kickback scheme involving US$23 billion of contracts, plans to post unaudited third-quarter results following a board meeting on Tuesday. The company, which has posted negative free cash flow in every quarter since 2010, has twice delayed the release as it tries to calculate how big of a write-down it needs to account for losses from corruption.
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