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Brazilian tycoon Batista's OSX files for bankruptcy

Date:2013-11-12 Views:0 Author:Agencies Source:Xinhua

  OSX Brasil S.A, the shipbuilder controlled by Brazilian tycoon Eike Batista said on Monday it filed for bankruptcy protection.

  Trading of the OSX stock was suspended on the Sao Paulo bourse ahead of the filing, spokeswoman Roberta Brandao said.

  OSX executive board announced last Friday its intention of filing for bankruptcy protection to seek judicial recovery, following the example of Batista's oil company OGX Petroleo and Gas Participacoes (OGXP3.BR).

  The petition was made before the same court in Rio de Janeiro, where OGXP3 sought protection from creditors on October 30.

  If the request is accepted by the Brazilian court, OSX will have 60 days to present a restructuring plan for its $2.3 billion debt and will guarantee a 180-day term to suspend any debt collection.

  OSX and OGX are part of Batista's collapsing EBX empire of energy, mining and logistics companies.