Marine Link
Tuesday, September 27, 2016

Shipbuilding Firm OSX to File for Bankruptcy

November 11, 2013

Eike Batista: Photo Wiki CCL

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 Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News