Reuters logo
Brazil's OGPar files for permission to exit bankruptcy
June 2, 2017 / 1:42 PM / 6 months ago

Brazil's OGPar files for permission to exit bankruptcy

SAO PAULO, June 2 (Reuters) - Óleo e Gás Participações SA , the oil firm founded by Brazilian tycoon Eike Batista, said on Friday it filed for permission from a court in Rio de Janeiro to exit bankruptcy.

In a securities filing, it said it has fulfilled all its obligations under its court reorganization plan.

OGPar, as the company is known, entered bankruptcy status to protect itself from creditors in October 2013. It sought to restructure 13.8 billion reais ($4.25 billion) of debt.

In June 2014, creditors approved a debt restructuring program by a 90 percent margin, according to the securities filing. As part of this plan, the company carried out a debt-for-equity swap in October of that year.

Batista, once Brazil’s richest person, saw his more than $30 billion fortune evaporate in 2013 and the shares of his companies shrink to nearly zero.

In January, he was jailed in a prominent corruption case. He left prison in April for house arrest ahead of his trial.

$1 = 3.2495 reais Reporting by Ana Mano; Editing by W Simon

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below