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PBR » Topics » a) In the United States of America - P-19 and P-31

This excerpt taken from the PBR 6-K filed Nov 12, 2008.

a) In the United States of America - P-19 and P-31

After a decision handed down by the Second Circuit Court of Appeals of New York on May 20, 2004, which upheld the right of Brasoil to receive performance bonds in the approximate amount of US$ 245.000 thousand, owed by the insurance companies United States Fidelity & Guaranty Company and American Home Assurance Company, Brasoil and the insurance companies initiated talks aimed at the effective settlement of the amount.

On June 21, 2006, the US courts conditioned the payment of the amount owed to Brasoil to the definitive discontinuance of ongoing legal proceedings involving identical claims before the Brazilian courts, which the parties have agreed to.

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