Brazilian Oil Company Teeters on Brink of Latin America’s Biggest Default
By Claudia Assis
Brazil’s OGX Petroleo e Gas Participacoes SA missed a $45 million bond payment due Tuesday, getting a step closer to what would be Latin America’s largest ever corporate default.
The non payment was expected as the company took advantage of a grace period and is seen likely to declare bankruptcy before the grace period runs out.
OGX BR:OGXP3 +4.55% is reportedly trying to save money to develop its only oil field offshore Brazil after having concluded earlier this year the rest of its portfolio wasn’t economically viable.
The company is trying to restructure its debt of more than $4 billion.
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