Shipbuilder OSX Brasil Restructuring Plan Suspended by Court

MarineLink.com
Thursday, February 27, 2014

Reuters –  A Brazilian court has suspended the deadline for shipbuilder OSX Brasil SA to present its restructuring plan under bankruptcy legislation until a new judge is appointed to the case, the company said in a statement.

The 60-day deadline to file the plan was already suspended in January while another court reviewed a challenge to OSX's Nov. 11, 2013, bankruptcy protection filing. The new deadline will be set once the case is formally transferred to a new judge.

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.

Both OSX and Oleo e Gas are controlled by Brazilian tycoon Eike Batista.

Judges of the Rio de Janeiro State Justice Tribunal ruled last week in favor of Acciona and ordered the OSX filing to be reassigned to another judge. Until this ruling both cases were being handled by the Fourth Commercial Section of the Rio de Janeiro-State Justice Tribunal.

Source: Reuters
 

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