Batista’s OGX Said to Plan Bankruptcy Protection Filing
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OGX Petroleo & Gas Participacoes SA, the oil company controlled by former billionaire Eike Batista, could file for bankruptcy protection as soon as today, said a person with direct knowledge of the plans.
The filing for judicial recovery, as the proceedings are known in Brazil, would be done after the close of trading in Rio de Janeiro, where OGX is based, said the person, who asked not to be identified before documents are submitted. The board is yet to decide on the filing, OGX said in a regulatory filing today. An official at OGX’s Rio press office, who isn’t an authorized spokesperson, declined to comment on the plans.