Seeking Alpha

WSJ: OGX prepares bankruptcy filing

  • OGX Petroleum (OGXPY), Eike Batista's flagship oil company, is preparing a bankruptcy protection filing in Brazil to reorganize as its cash reserves dwindle, WSJ reports.
  • The so-called judicial recovery plan for reorganization is said to differ from the traditional Brazilian bankruptcy process that tends to end in liquidation.
  • Cash-strapped OGX, operating with ~$3.6B of debt, reportedly asked for and failed to receive a $75M capital injection this week from creditors concerned they won't get their money back.
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  • Deja Vu
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    New ticker BROKX
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