Brazils DebtRidden OGX Oil Company to Change Name

Brazil's Debt-Ridden OGX Oil Company to Change Name

The company will also change its address but will continue to be headquartered in Rio de Janeiro, in line with a decision reached at a meeting of shareholders, a spokeswoman said.

RIO DE JANEIRO -- Brazilian tycoon Eike Batista's debt-ridden OGX oil company, currently under bankruptcy protection, said Friday it will change its name to Oleo e Gas Participacoes S.A.

The company will also change its address but will continue to be headquartered in Rio de Janeiro, in line with a decision reached at a meeting of shareholders, a spokeswoman said.

Last month, a Rio state judge granted bankruptcy protection to OGX but not to its foreign subsidiaries based in the Netherlands and Austria.

OGX requested filed for bankruptcy protection in late October after debt-restructuring talks with its creditors failed.

The company said it owed around $3.8 billion to its international creditors and banks.

But Brazilian news reports put the figure at $5.4 billion in view of other commitments with suppliers and clients.

A Rio court also extended bankruptcy protection to Batista's debt-laden shipbuilding company OSX.

OSX and OGX are part of Batista's collapsing EBX empire of energy, mining and logistics companies.

The decline of EBX began in mid 2012 when OGX announced that its oil output would be a quarter of what it had promised.

In three years, EBX has seen its value plummet from $43.5 billion to less than $3 billion today.

Copyright Agence France-Presse, 2013

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