UPDATE 1-Sete Brasil to seek up to $5 bln funding in reorganization plan

SAO PAULO, Aug 12 (Reuters) - Sete Brasil Participações SA

presented a draft reorganization plan on Friday that includes

seeking up to $5 billion in funding and downsizing business,

three months after the Brazilian rig leaser sought court

protection against 18 billion reais ($5.7 billion) in looming

debt payments.

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