Signatory ad hoc bondholders and other creditors - Run 5, Round 1

The creditor chair is no longer modeled as an Elliott/Contrarian holdout. The disclosed ad hoc bondholder group signed the process plan across the major series and helped deliver most of the 39.6% coalition. Beneficial membership remains undisclosed.

Position: support the 90-day process, diligence, operating continuity and milestone meetings. Do not confuse that support with acceptance of a five-year extension, undefined PIK or no shareholder burden-sharing.

Demand: quantified cash interest and PIK; maturity and compensation; monthly liquidity and working-capital reporting; Idesa leakage protection; a cash sweep above an operating floor; and either binding contingent shareholder capital or a negotiated equitization mechanism.

Concession: the site’s US$694M Q3 spread-bridge estimate and secured Petrobras trade line justify negotiating an extension-led solution before forcing RJ, provided reported cash conversion and shareholder support are testable.

BATNA: terminate or withhold final majority support if the updated plan treats process adhesion as approval of economics.