Brazil's Oleo E Gas Gets $44 Mln Offer For Colombian Oil Rights
Oleo e Gas Participacoes SA, the bankrupt oil company controlled by Brazilian tycoon Eike Batista, received a $44 million offer for five oil exploration and production blocks in Colombia, the company said on Friday.
The offer involves $30 million in cash and the assumption of $14 million in future exploration obligations in Colombia, Oleo e Gas said in a statement. It did not give the name of the investor or company making the offer. Oleo e Gas was formerly known as OGX Petroleo e Gas Participacoes SA.
If approved by a bankruptcy judge, creditors and Oleo e Gas shareholders, the sale will help the Rio de Janeiro-based company pay for leases on offshore oil production ships and its share of investments in output in Brazil, the company said.
Oleo e Gas filed for protection from creditors on Oct. 30 in Latin America's largest bankruptcy filing. The company filed a restructuring plan with the 4th Commercial Part of the Rio de Janeiro-State Justice Tribunal on Feb. 14.
Under that plan Batista will give up control of the company to creditors owed 11.2 billion reais ($4.63 billion) at the time of the bankruptcy filing.
(Reporting by Jeb Blount; Editing by Mohammad Zargham)