OSX to Miss Bond Payment as It Seeks Standstill: Brazil Credit
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OSX Brasil SA, the shipbuilder of former billionaire Eike Batista, will miss next month’s interest payment on $500 million of ship-backed bonds as it seeks a standstill agreement with creditors.
OSX notified bond trustee Norsk Tillitsmann AS of its intentions in a letter released yesterday. The $11.56 million payment on bonds maturing 2015 is due Dec. 20. OSX is seeking to defer the payment to March, according to an Oct. 21 summary of talks between the company, the trustee, bondholders and their advisers that was provided by Norsk Tillitsmann. The notes were little changed yesterday after falling 23 percent this year, more than three times the average drop in emerging markets, data compiled by Bloomberg show.