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Billionaire Batista Faces OGX’s Collapse as Bonds Plummet

The bond-market collapse of OGX Petroleo & Gas Participacoes SA has been so severe investors are offering to sell their claims for 19 cents on the dollar. The true value may be as little as zero, according to Barclays Plc.

OGX’s $1.06 billion of debt due 2022 plunged 10.5 cents this week to the lowest price among more than 1,900 dollar-denominated emerging-market corporate bonds after billionaire Eike Batista’s flagship company said on July 1 that it’s considering halting output at its only oil-producing field. The bonds have tumbled 75 cents from this year’s high in January, while OGX’s $2.56 billion of notes due in 2018 lost 77 cents to