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.