Eike Batista flagship OGX seeks re – structuring deal with its creditors

MidnightBreakfast had earlier highlighted the spectacular fall of Eike Batista’s empire here http://wp.me/p3FAl7-2J His flagship Oil company OGX which has since then filed for bankruptcy protection from creditors has reached an agreement to re – structure part of its debt and convert it into equity thus diluting the stakes of existing equity holder down to 10%.

http://online.wsj.com/news/articles/SB10001424052702303849604579278723690535060 Essentially the creditors are to make a fresh infusion of cash into the company in exchange for equity and hope that company turns around its fortune. This plan is to be submitted to a bankruptcy court in Rio before January 24, 2014. 

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