Brazil's OGX seeking bankruptcy protection

Brazil's OGX oil company seeking bankruptcy protection

Associated Press

RIO DE JANEIRO (AP) -- The oil company of Brazil's one-time richest man Eike Batista has filed for bankruptcy protection.

A Rio de Janeiro state court confirms the filing was made Wednesday afternoon.

If the court accepts the request from OGX Petroleo e Gas Participacoes S.A., it'll have 60 days to come up with a restructuring plan. Creditors will then have 30 days to decide if they accept that plan.

The action comes a day after OGX failed to reach an agreement to delay payment to holders of $3.6 billion in its bonds. Earlier this month, OGX missed a $45 million interest payment on the bonds.

OGX, was the backbone of Batista's empire that includes steel, mining, energy, infrastructure and real estate companies.

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