Seeking Alpha

OGX slumps after Batista contests $1B put option

  • 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.
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