OGX files for bankruptcy – now what? [updated] | beyondbrics

OGX files for bankruptcy – now what? [updated] | beyondbrics:

"By Samantha Pearson and Pan Kwan Yuk

It’s the end of an era for Brazil’s Eike Batista – the end of charming investors with dazzling oil forecasts, the end of being the poster boy for Brazil’s economic promise and perhaps even the end of parking his sports car in his living room.

Batista’s oil company OGX finally filed for bankruptcy protection on Wednesday, triggering Latin America’s largest ever corporate default.

The timing of the move itself was not a surprise. After missing a $45m bond interest payment at the beginning of this month, OGX had until Thursday to renegotiate with creditors or automatically default. On Tuesday, OGX said it had failed to reach an agreement, making bankruptcy protection the inevitable next step."

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