Eike Batista's oil company moves closer to default

|By:, SA News Editor

Cash-strapped OGX Petroleum (OGXPY) confirms it has failed to reach a deal with investors to restructure $3.6B in bonds, moving it closer to one of the largest corporate defaults in Latin American history.

Documents provided to bondholders and made public today show the company expects to run out of cash in December, although people familiar with the firm have said it may not have enough cash to make it past the end of October.

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