Petrobras - Run 5, Round 1

The ad hoc bondholder group’s signature shows that hard-nosed creditors can support a protected negotiation without receiving an immediate Petrobras cheque.

Offer: maintain the R$2.35B secured commercial facility, disclose its operating conditions to creditors and negotiate objective metrics for any additional contingent instrument.

Move: accept that final creditor support may require a defined burden-sharing mechanism, provided it is shared with Shine I and creditors, commercially defensible and approved through Petrobras governance.

Non-negotiable: the existing trade line is not equity, and process support does not authorize an unconditional guarantee or automatic funding obligation.