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Reuters: Judge partially accepts OGX bankruptcy filing

  • 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.
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