Sunday, March 23, 2014

Brazil's OSX Says Has 60 Days To Present Restructuring Plan

A new judge has been appointed in the OSX bankruptcy.


Mon., March 24, 2014
Brazilian shipbuilder OSX Brasil SA has 60 days to present its restructuring plan under bankruptcy legislation now that a new judge has been appointed to the case, the company said in a filing on Friday, Reuters reported. The Third Commercial Section of the Rio de Janeiro-State Justice Tribunal will hear the case and Deloitte Touche Tohmatsu will act as trustee responsible for conducting the judicial process, the filing said. The deadline to file was suspended last month while another court reviewed a challenge to OSX's Nov. 11 bankruptcy protection filing. Spanish construction company Acciona asked a court to prevent OSX's bankruptcy from being handled by the same judge responsible for the bankruptcy of sister oil company Oleo e Gas Participações SA Oleo e Gas, formerly known as OGX, filed Latin America's largest ever bankruptcy on Oct. 30. OSX gets nearly all of its revenue from Oleo e Gas and its a principal creditor of the company. 

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