Tuesday, November 5, 2013

After Bondholders, OSX, Schlumberger, Ensco Top OGX Creditor List


Tue., November 5, 2013
Bondholders, followed by oilfield-service companies, are the biggest creditors of Brazilian tycoon Eike Batista's oil company OGX, which made Latin America's biggest-ever bankruptcy filing last week, according to a list obtained by Reuters. The No. 2 creditor after bondholders is OSX Brasil SA, the Batista-controlled shipyard and ship-leasing company that built three offshore oil production platforms for OGX. OSX is owed at least 2.45 billion reais ($1.1 billion) or about 21 percent of the oil company's obligations. The next largest creditor is Schlumberger NV, the world's largest oilfield service company, which is owed at least 214.7 million reais or 1.9 percent of obligations, according to Reuters analysis of the list. The 8.17 billion reais ($3.6 billion) owed to holders of OGX's bonds, which expire in 2018 and 2022, accounts for about 72 percent of the company's consolidated obligations. The creditor list was part of the bankruptcy petition filed on Oct. 30 in a Rio de Janeiro court by OGX Petróleo e Gas SA , as the company is formally known. OGX's bankruptcy filing, the latest major development in one of the biggest corporate meltdowns in recent history, stemmed from the company's inability to meet ambitious production targets set by Batista, who hailed OGX as the flagship of his once high-flying energy, commodities and logistics empire.

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