OGX Said to Weigh Bankruptcy Protection Filing in a Month
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OGX Petroleo & Gas Participacoes SA, the oil company controlled by former billionaire Eike Batista, is considering filing for bankruptcy protection within a month after missing a bond payment, said two people with direct knowledge of the matter.
The filing would be done in Rio de Janeiro where OGX is based, said the people, asking not to be identified as discussions are private. While Batista is negotiating with creditors to avoid the same process for shipbuilder OSX Brasil SA, the most likely outcome is that both companies will seek legal protection, they said.