- OGX Petroleo (OGXPY.PK -9.6%) shares slump after Eike Batista challenges OGX's put option exercise, which would force Batista to pump $100M into the cash-starved company immediately and the remainder as needed.
- The beleaguered former billionaire threatened that if the dispute is not resolved in 60 days, he would bring the issue to the arbitration court of Brazil's stock exchange.
- OGX shares skyrocketed 31.4% on Friday on news that the company exercised the put option.
OGX slumps after Batista contests $1B put option
Sep 9 2013, 15:26 ET