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Brazil's OSX Gets Approval to Stop Payments

By MarEx 2014-09-27 04:15:00

OSX WHP 1&2, a Netherlands unit of bankrupt Brazilian shipbuilder OSX Brasil SA, received final approval from a Dutch court to suspend payments to creditors until January 2016, OSX said in an e-mailed statement. OSX WHP 1&2 was set up to finance, build and lease well-head oil production platforms to Oleo e Gas Participacoes SA, a now bankrupt Brazilian oil company. Oleo e Gas, formerly known as OGX Petroleo e Gas Participacoes SA, and OSX were created by Brazilian tycoon Eike Batista. The suspension was first granted on a temporary basis in July.

Copyright Reuters 2014.