Reuters: Bankruptcy News: FINNEWS LATAM-S&P cuts Brazil's Lupatech to "selective default"

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FINNEWS LATAM-S&P cuts Brazil's Lupatech to "selective default" Apr 24th 2012, 09:49 Tue Apr 24, 2012 5:49am EDT Credit ratings company Standard & Poor's lowered late on Monday its debt ratings on troubled Brazilian oil services company Lupatech to "selective default" from "B minus" after the company failed to pay annual interest on 320 million reais ($170 million) of local bonds. The decision follows Lupatech's "postponement of the annual interest payment on its second private issuance of convertible debentures due last April 15," even as the company has 30 days to settle the payment. Calls made by Reuters to Caxias do Sul, Brazil-based Lupatech's press office seeking comment were not immediately answered.

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