Seeking Alpha

OGX seeks lifeline, asks creditors for $300M in new capital

  • Eike Batista's flagship OGX Petroleum (OGXPY.PK) has asked creditors for ~$300M in new capital as it faces a debt restructuring and operational struggles, WSJ reports.
  • The sides will continue to hash out negotiations, and as they get closer to a compromise some creditors may sign confidentiality agreements enabling them to make a deal, sources say.
  • OGX is seeking fresh capital from creditors as part of talks to restructure its $3.6B in outstanding debt, CEO Eduardo Carneiro said yesterday.
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