Brazilian Shipbuilder Ecovix Files Bankruptcy

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December 16, 2016

Photo credit: Ecovix

ReutersSAO PAULO, Dec 16 (Reuters) – Ecovix Engevix Construções Oceánicas SA and five subsidiaries have filed for bankruptcy protection in a federal commercial court, succumbing to a debt burden of 8 billion reais ($2.4 billion) and a plunge in shipbuilding.

In a statement on Friday, Ecovix said Banco Brasil Plural SA and law firm Felsberg Advogados will advise it on bankruptcy protection proceedings, which will take place in a court based in the southern Brazilian state of Rio Grande do Sul. Cash at the shipbuilder is being depleted at this point, the statement said. ($1 = 3.3845 reais) (Reporting by Guillermo Parra-Bernal; Editing by Jonathan Oatis)

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