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OGX Petroleum’s (OGXPY.PK) bonds are plunging, a sign that investors are bracing for what...

OGX Petroleum’s (OGXPY.PK) bonds are plunging, a sign that investors are bracing for what would be the biggest company default in Latin America as controlling shareholder Eike Batista struggles to raise cash. OGX is set to run out of money in about a year at its burn rate as slumping production puts output goals out of reach, even after Batista pumped in nearly $1B.
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Comments (2)
  • saratogahawk
    , contributor
    Comments (2539) | Send Message
    Time to run screaming away from investments in Brazil. If OGX can't make it then its hard to see others making it there until the government gets out of the oil business.
    14 Jun 2013, 12:15 PM Reply Like
  • Russom
    , contributor
    Comments (168) | Send Message
    OGX failure has nothing to do with the government, which by its turn is very poorly managing Petrobras as well. It has to do with the incompetence of a guy that has been a playboy all his life, got privileged information because his father was Vale´s president for a long time, while Vale was a government company and waisted money a lot thinking his is a kind of modern Midas but it is just the contrary of that.....
    14 Jun 2013, 03:55 PM Reply Like
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