OSX Brasil Suspends Creditor Payments

Posted by Michelle Howard
Thursday, July 10, 2014
Photo courtesy of OSX

A Netherlands-based subsidiary of Brazilian tycoon Eike Batista's bankrupt shipbuilding and shipleasing unit OSX Brasil SA suspended payments to creditors after being granted protection by a Dutch court.

According to a securities filing on Thursday, OSX sought protection for its OSX WHP 1&2 Leasing BV unit after an unnamed "alleged creditor" asked a court to order payment in a way that threatened OSX's obligations to other creditors.

OSX WHP was created to finance the building of two fixed, offshore oil-production platforms for bankrupt sister oil company Oleo e Gas Participacoes SA. The decision does not affect Netherlands-based OSX units that own the company's three oil production ships, which are known as FPSOs.

OSX filed for bankruptcy in a Rio de Janeiro court in November, less than two weeks after Oleo e Gas filed Latin America's largest-ever bankruptcy-protection petition. OSX depends on Oleo e Gas, formerly known as OGX Petroleo e Gas Participacoes, for nearly all its revenue.

On June 3, Oleo e Gas creditors, including OSX, agreed to a plan to restructure nearly 12 billion reais ($5.4 billion) of unpaid obligations in an operation expected to be complete by October.

OSX's November bankruptcy filing in Brazil did not include its overseas subsidiaries such as OSX WHP or similar investment vehicles that own the company's FPSOs, two of which are leased to Oleo e Gas.

($1 = 2.2140 Brazilian reais)

(Reporting by Jeb Blount; Editing by Guillermo Parra-Bernal and Bernadette Baum)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Young Taken on PESA Advisory Board

Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment & Services Association (PESA) Advisory Board for a three-year term.

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

Legal

ASEAN Breaks South China Sea Deadlock

Manila drops request to refer to court ruling in statement. Southeast Asian nations overcame days of deadlock on Monday when the Philippines dropped a request

China sets up South China Sea environment protection fund

China has set up a 15 million yuan ($2.25 million) environmental protection fund for the South China Sea having already spent double that in the past four years,

Los Angeles Pushes for Valero Terminal Improvements

The Port of Los Angeles has released an Initial Study/Notice of Preparation (IS/NOP) — the first step in the Environmental Impact Report (EIR) process — for a Marine

Shipbuilding

Navig8 Acquires Chemical Tanker from STX

Navig8 Chemical Tankers Inc (the “Company”) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it

Damen ASD Tug for Mexico

Damen congratulates Reylaver on the safe arrival and naming ceremony of the new ASD Tug 2411 Jesus. In order to reach her owners, the vessel undertook, on her own keel,

Hyundai Bags NZ Defence Order

Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, has won an order to build a 23,000 ton class logistics support vessel for New Zealand Defence

Ship Sales

Hyundai Bags NZ Defence Order

Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, has won an order to build a 23,000 ton class logistics support vessel for New Zealand Defence

Global Fleet Growth: A More Mature Trend?

The supply of ships into the fleet is a key determinant of vessel earnings across the shipping sectors, and world fleet growth is closely followed by everyone in the maritime industry,

South Korean Yards Face Shrinking Orderbook

The global orderbook has continued to decline in the year to date, indicating that there are diminishing levels of activity at many of the world’s shipyards, says Clarksons Research.

Finance

Baltic Index Falls on Weak Freight Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday due to weaker rates across all segments, except handysizes.

As Market Sours, LPG Tankers Anchor off Singapore

Record U.S. LPG exports to Asia flip market into a glut. Last year, liquefied petroleum gas (LPG) supplied to Asia was being snapped up by petrochemical makers.

China sets up South China Sea environment protection fund

China has set up a 15 million yuan ($2.25 million) environmental protection fund for the South China Sea having already spent double that in the past four years,

Energy

Los Angeles Pushes for Valero Terminal Improvements

The Port of Los Angeles has released an Initial Study/Notice of Preparation (IS/NOP) — the first step in the Environmental Impact Report (EIR) process — for a Marine

Canada Seek to contain Oil Spill

Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a

Ecuador Pays $112 mln Award to Chevron

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said.

News

MSC Invests in TRAXENS Container Monitoring

MSC Mediterranean Shipping Company has reached an agreement to back French start-up TRAXENS, a developer of cargo logistics solutions and creator of a container monitoring and coordination system.

Passenger Vessel Runs Aground off Hawaii

The 65-foot commercial passenger vessel Spirit of Kona ran aground on the island of Hawaii, Sunday, the U.S. Coast Guard reported.   Coast Guard Sector Honolulu

Baltic Index Falls on Weak Freight Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday due to weaker rates across all segments, except handysizes.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.1687 sec (6 req/sec)