Batista Shipbuilder Proposes 25-Year Payback Plan

Posted by Joseph R. Fonseca
Saturday, May 17, 2014
Former Brazilian billionaire Eike Batista

 

OSX Brasil SA, the troubled shipbuilder controlled by former Brazilian billionaire Eike Batista, proposed a 25-year plan to pay back creditors to a Rio de Janeiro bankruptcy court, the company said on Friday in a statement.

The proposal includes an initial three-year relief period before OSX would have to start making the payments. The shipbuilder also said it could seek to secure additional financing and make changes to its shareholding structure.

OSX filed for bankruptcy protection in November, as part of the unraveling of the once high-flying empire of energy, logistics and commodities that Batista assembled during an economic boom in Brazil that fizzled in 2011.

At the time of its bankruptcy filing, OSX sought to restructure a debt burden of 5.34 billion reais ($2.42 billion).

(Reporting by Juliana Schincariol; Editing by Lisa Shumaker)

($1 = 2.12 Brazilian reais

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

People & Company News

Singapore’s MPA Discuss LNG Bunkering

The Maritime and Port Authority of Singapore (MPA), Antwerp Port Authority, Port of Rotterdam and Port of Zeebrugge participated in a Liquefied Natural Gas (LNG)

Key to Somalia's Recovery

Piracy, terrorism and criminal activities originating in Somalia can only be addressed by creating a climate of security, engagement and empowerment that will encourage home grown businesses,

Long Beach Port Honors OOCL Executive

Andrew Tung, CEO and Managing Director of Orient Overseas Container Line, was presented today with the prestigious “Port Pilot Award” by the Long Beach Board of Harbor Commissioners.

Finance

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

Energy

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

Singapore’s MPA Discuss LNG Bunkering

The Maritime and Port Authority of Singapore (MPA), Antwerp Port Authority, Port of Rotterdam and Port of Zeebrugge participated in a Liquefied Natural Gas (LNG)

News

USCG Reopens Port Allen Post Hurricane Ana

The Coast Guard Captain of the Port reopened Port Allen in Kauai Monday morning after surveying crews deemed it  safe for transit. The maritime public is advised

TRIYARDS Buys into Aluminium Shipbuilding Expertise

TRIYARDS Holdings Limited, an offshore vessel fabrication and engineering solutions provider to the oil and gas (O&G) industry, has added new capabilities, products

Singapore’s MPA Discuss LNG Bunkering

The Maritime and Port Authority of Singapore (MPA), Antwerp Port Authority, Port of Rotterdam and Port of Zeebrugge participated in a Liquefied Natural Gas (LNG)

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Winch
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: 0.1342 sec (7 req/sec)