Shipbuilding Firm OSX to File for Bankruptcy

MarineLink.com
Monday, November 11, 2013
Eike Batista: Photo Wiki CCL

The empire of the Brazilian businessman Eike Batista has taken another hit, as his shipbuilding firm OSX states it would file for bankruptcy, reports the 'New York Times' via Agence France-Presse.

According to the newspaper, OSX’s board of directors released a statement that it had decided to apply for court-supervised restructuring, also that Ivo Dworschak Filho would replace Marcelo Gomes as chief executive, and that the firm was hiring the consultancy Angra Partners to advise it on its restructuring.

The move comes as Mr. Batista’s firms, once symbols of Brazil’s might, have suffered under the weight of huge debt. All six of his firms have now declared bankruptcy, transferred ownership or sold off key assets.
OSX’s debts were $2.4 billion at the end of the second quarter according to the company’s balance sheet, but the current number may be greater.

Source: The New York Times

 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DNV-GL Approves Kongsberg Engine Room Simulators

Kongsberg Maritime has received DNV-GL certification for three of its latest engine room simulator models designed to provide in-depth training on the K-Sim Engine simulator platform.

Container Shipping Lucky to Break Even in 2015

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according

CMA CGM's OPDR Acquisition Approved by EU

The CMA CGM Group announced that the European Commission has approved its acquisition of OPDR. In order to finalize the acquisition, which was announced on November 25, 2014 by Jacques R.

Shipbuilding

KR Overhauls Hull Structure Software

IACS member classification society the Korean Register (KR) informs it has overhauled its SeaTrust-HullScan software package, a ship design support solution that analyzes and appraises a vessel’s.

Wärtsilä Propulsion for New Fishing Vessel

A new fishing vessel being built by Simek AS in Norway on behalf of the U.K. operator Antares (Whalsay) Fishing Company Ltd, will feature an integrated Wärtsilä

Dry Bulk Market Crisis: Opportunity or Threat?

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between

Finance

Greece Port Operations Update

An update on Greece’s port operations and local conditions was issued today by maritime services provider Inchcape Shipping Services (ISS).   According to ISS,

Container Shipping Lucky to Break Even in 2015

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according

Dry Bulk Market Crisis: Opportunity or Threat?

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between

People in the News

Tony Abbott Guarantees Submarine Jobs

Prime Minister Tony Abbott has assured South Australians there will be more submarine jobs here even if he won’t commit to having a new fleet of vessels built there,

Buoys in Disputed Waters Roil South China Sea Dispute

Buoys stretched "as far as eye could see" - Philippine sailor. The Philippine navy recently found a large steel marker bearing Chinese inscriptions and hundreds

K&L Gates Welcomes Martinko

The Washington D.C., office of global law firm K&L Gates LLP has welcomed Stephen Martinko as a government affairs counselor in the public policy and law practice.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.3550 sec (3 req/sec)