Batista Repudiates Pimco-Led Creditors in OGX Bankruptcy
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OGX Petroleo & Gas Participacoes SA’s bankruptcy protection filing in Latin America’s largest corporate default is dimming the prospect holders of the world’s worst-performing bonds will recoup their ill-fated investment in Eike Batista’s oil ambitions.
OGX, which transformed Batista into Brazil’s richest man, submitted documents in a Rio de Janeiro court yesterday, culminating a 16-month decline that wiped out more than $30 billion of his fortune and left holders of $3.6 billion of the company’s bonds with losses of as much as 89 percent. OGX has total obligations of 11.2 billion reais ($5.1 billion).