Brazilian company Lupatech said it was working to refinance and restructure in the wake of a default.

The company, which supplies equipment and services to oil and gas companies, defaulted on its 9.875 percent perpetual senior notes on April 10 when it failed to make a $6.8 million interest payment was due. It is not expected to be able the payment during the 30-day grace period allowed by its bond covenants.

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