Fallen Brazilian Tycoon Batista Faces the Law
A year after the epic collapse of his industrial empire, Brazilian tycoon Eike Batista's financial and legal troubles appear far from over. Once worth more than $30 billion and listed as the world's eighth-richest man by Forbes Magazine, Batista says his debts now exceed his assets by $1 billion and the value of his remaining stakes in the oil…
Unit of Brazil's OSX Gets Approval to Stop Payments
OSX WHP 1&2, a Netherlands unit of bankrupt Brazilian shipbuilder OSX Brasil SA, received final approval from a Dutch court to suspend payments to creditors until January 2016, OSX said in an e-mailed statement. OSX WHP 1&2 was set up to finance, build and lease well-head oil production platforms to Oleo e Gas Participacoes SA, a now bankrupt Brazilian oil company.
MMX Shares Tumble on Report May File Bankruptcy
Shares in Brazilian tycoon Eike Batista's iron ore miner MMX Mineracao e Metalicos SA fell nearly 6 percent to an all-time low on Tuesday on a report that the company is going to ask a Brazilian court for protection from creditors. Brazilian magazine Veja reported late on Monday that the company is planning to file for bankruptcy protection by the end of this month…
OSX Brasil Suspends Creditor Payments
A Netherlands-based subsidiary of Brazilian tycoon Eike Batista's bankrupt shipbuilding and shipleasing unit OSX Brasil SA suspended payments to creditors after being granted protection by a Dutch court. According to a securities filing on Thursday, OSX sought protection for its OSX WHP 1&2 Leasing BV unit after an unnamed "alleged…
Creditors Approve Restructuring Of Batista's Oleo E Gas - Update
Creditors of Brazilian tycoon Eike Batista's Oleo e Gas Participacoes SA approved a restructuring plan for the oil company that could lead to a quick resolution of the largest bankruptcy in Latin America's history, lawyers said on Tuesday. The plan was approved by creditors holding 90 percent of the Rio de Janeiro-based company's nearly 12 billion reais ($5 billion) of unpaid obligations.
Bankrupt Brazilian Firm to Produce Offshore Oil by 2016
Bankrupt Brazilian oil company Oleo e Gas Participacoes SA expects to produce its first oil from the Atlanta offshore field in the BS-4 block in the Santos Basin in late 2015 or early 2016, company executives said on a conference call on Monday. Oleo e Gas owns 40 percent of an estimated 147 million barrels of proven, or "1P," oil reserves…
Oleo e Gas Expects Atlanta Field First Oil in Late 2015
Bankrupt Brazilian oil company Oleo e Gas Participacoes SA expects to produce its first oil from the Atlanta offshore field in the BS-4 block in the Santos Basin in late 2015 or early 2016, company executives said on a conference call on Monday. Oleo e Gas owns 40 percent of an estimated 147 million barrels of proven, or "1P", oil reserves…
Brazil's Oleo E Gas Gets $44 Mln Offer For Colombian Oil Rights
Oleo e Gas Participacoes SA, the bankrupt oil company controlled by Brazilian tycoon Eike Batista, received a $44 million offer for five oil exploration and production blocks in Colombia, the company said on Friday. The offer involves $30 million in cash and the assumption of $14 million in future exploration obligations in Colombia, Oleo e Gas said in a statement.
