OGX lands $73 Mln loan

Posted by Joseph R. Fonseca
Tuesday, April 15, 2014

 Bankrupt Brazilian oil company Óleo and Gás Participações SA, formerly known as OGX, has obtained a $73.2 million loan to finance exports and related costs, the company said on Tuesday in a securities filing.

The company, the flagship of Brazilian tycoon Eike Batista's EBX energy, mining, shipbuilding and port-operation group before its collapse, said the export prepayment agreement will have a discount rate of 18 percent.

The filing did not say whether other OGX creditors had approved the loan agreement. The company said the loan will be contracted by its subsidiary OGX Petróleo e Gás S.A.

OGX, which is still controlled by Batista, made Latin America's largest-ever bankruptcy protection filing on Oct. 30, as Batista's group came apart due to missed production targets and project and regulatory delays that put off revenue needed to pay for mounting debt and capital investments.

(Reporting by Juliana Schincariol; Editing by Lisa Shumaker)

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

VT Halter to Build Bouchard ATB Tugs

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), today announced new contracts to build two 130-foot Articulated Tug Barge

Del Mar Signs Agency Agreement with Ciramar

Del Mar Marine Corp. announced it has signed an agency agreement with Ciramar Shipyards allowing the company to promote Ciramar Shipyard´s docking and facilities

Great Lakes Shipyard Wins EPA Drydock Contract

Great Lakes Shipyard has been awarded a contract for the United States Environmental Protection Agency (EPA) vessel R/V Lake Explorer II. The scope of work will include drydocking,

Finance

Fortis Earns $47 mi in the 2Q 2014

Fortis Inc. achieved second quarter net earnings attributable to common equity shareholders of $47 million, or $0.22 per common share, compared to $54 million, or $0.

Japan Loans Petrobras $500m to Build Ship Platforms

Brazil's state-controlled oil company Petrobras signed on Friday a $500 million loan from Japan to build eight ship platforms for the oil industry, as part of the

SEACOR Holdings Announces Q2 Results

SEACOR Holdings Inc. has announced its results for its second quarter ended June 30, 2014. For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc.

Energy

Japan Loans Petrobras $500m to Build Ship Platforms

Brazil's state-controlled oil company Petrobras signed on Friday a $500 million loan from Japan to build eight ship platforms for the oil industry, as part of the

SEACOR Holdings Announces Q2 Results

SEACOR Holdings Inc. has announced its results for its second quarter ended June 30, 2014. For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc.

Kurdish Crude Oil Tankships: End-Game Still in Doubt

After a legal show-down in Texas this week, the outlook for a handful of tankers holding some $300 million worth of Kurdish oil is not looking good. Seemingly

News

Princess Cruises to Add New Ship to Fleet

Today, Princess Cruises, a subsidiary of Carnival Corporation & plc, announced that it has reached an agreement with the Italian shipbuilder Fincantieri to build a new ship,

Activity at Lerwick Harbor - Forecast

Increases in cargo, passengers and mackerel landings helped the Port of Lerwick achieve forecast traffic levels in the half-year to June, 2014, compared with the same period in 2013.

HII in $49.6 mi Deal for Work on USS George Washington (CVN 73)

Huntington Ingalls Industries (NYSE:HII) announced today that its Newport News Shipbuilding division has received a $49.6 million contract to begin planning

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1037 sec (10 req/sec)