Deals
OGX Sold Only Producing Unit Before Filing for Bankruptcy
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OGX Petroleo & Gas Participacoes SA, the crude company controlled by former billionaire Eike Batista, agreed to sell its only producing asset hours before filing for bankruptcy protection.
The first Brazilian oil producer to seek protection from creditors reached an accord to sell its stake in OGX Maranhao Petroleo e Gas SA yesterday, according to a copy of the petition obtained by Bloomberg News. Brazilian private equity fund Cambuhy Investimentos Ltda and Germany’s EON SE will buy the OGX stake in a two-stage deal worth 594 million reais ($270 million), the company said today in a regulatory filing.