Reuters: Judge partially accepts OGX bankruptcy filing

|By:, SA News Editor

A Brazilian judge has accepted a request for bankruptcy protection by former billionaire Eike Batista's oil company, OGX Petroleum (OGXPY) but denied the same protection for its foreign subsidiaries, Reuters reports.

The judge's decision will complicate the recovery process, and the company plans to appeal the ruling, OGX's lawyer tells Reuters.

OGX sought court protection from creditors Oct. 30 after it failed to convince them to refinance $5.1B-plus in obligations, in Latin America's largest-ever corporate bankruptcy filing.