Americas News
Brazilian Shipbuilder OSX Files for Bankruptcy
OSX Brasil SA (OSX), the shipbuilding company controlled by former billionaire Eike Batista, is seeking bankruptcy protection a week after sister company OGX Petróleo e Gas Participações SA (OGX) did the same, Reuters reports.
OSX, which counts OGX as its only big customer, asked that the two cases be considered together in its petition to a Rio de Janeiro court.
OSX faces a debt of 5.34 billion reais ($2.29 billion), but it is not yet clear how much of the debt the company is seeking to restructure.
Bunker supplier World Fuel Services (WFS) filed suit against OSX earlier this fall over allegedly missing bunker payments of around 19 million reais ($8.4 million).
Batista has been dismantling his EBX conglomerate, selling stakes and assets of four other publicly traded companies in the group, as his fortunes have declined over the past year and a half.
At $5.1 billion, the OGX bankruptcy filing was the largest ever in Latin America.
