Brazilian state - owned banks , Banco do Brasil , BNDES , and Caixa Economica Federal , are reportedly considering converting some or all of their outstanding loans to Petroleo Brasileiro ( Petrobras ) into equity ; Petrobras is currently the world 's most indebted oil company . Petrobras is estimated to currently owe $ 130bn to banks , investors , and other creditors , including $ 22bn to BTG ##E , which has also raised the possibility of a debt - to - equity conversion .
Brazilian state-owned banks, Banco do Brasil, BNDES, and Caixa Economica Federal, are reportedly considering converting part or all of their outstanding loans to Petroleo Brasileiro (Petrobras) into equity; Petrobras is currently the world's most indebted oil company. Petrobras is thought to currently owe $130bn to banks, bondholders, and other creditors, including $22bn to BTG Pactual, which has also raised the possibility of a debt-to-equity conversion.