Pride sues Brazil's GP Investments for $44 mln | Reuters

Pride sues Brazil's GP Investments for $44 mln

NEW YORK, Dec 15 (Reuters) - Pride International Inc (PDE.N), an oil and gas service company, sued Brazilian private equity firm GP Investments Ltd GPIV11.LU and its Argentine subsidiary for $44 million Pride said they owe in a stock purchase agreement.

The lawsuit filed on Monday in Manhattan federal court in New York said the agreement on Aug. 9, 2007, with Sao Paolo-based GP and San Antonio Oil & Gas Services Ltd of Buenos Aires was for the sale of Pride's Latin America land-based drilling, exploration and production services business.

Ernst & Young [ERNY.UL] accounting firm determined the amount owed after the closing of the deal and GP and San Antonio failed to meet a contractual deadline of Dec. 21, 2008 to pay, the lawsuit said.

'Despite continuing to tout their financial stability, success, and business principles to the international business and investment community, GP and San Antonio are apparently either unwilling or unable to pay the over $44 million owed to plaintiffs under the agreement,' the lawsuit said.

An attorney for GP Investments could not immediately be reached for comment.

The case is Pride International Inc et al v GP Investments Ltd, U.S. District Court for the Southern District of New York, No. 09-10174.

(Reporting by Grant McCool; Editing by Richard Chang)"