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Batista Bankrupt?


Guest kumar
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Bankruptcy Nears for Batista

Brazilian Financier's Oil Company OGX Could File for Court Protection in Days

 

Blackrock and PIMCO are on the hook -

 

http://online.wsj.com/news/articles/SB10001424052702304799404579157651183833092

 

Brazilian commodities tycoon Eike Batista's troubled oil company OGX is set to file for bankruptcy protection in Brazil in the coming days....bond holders, who collectively hold about $3.6 billion in company paper. The holders include some of the world's largest, such as  BlackRock Inc.  BLK +0.22%    and bond giant Pacific Investment Management Co., who backed a company that had no oil production or profits.....the company said it had rights to fields that contained up to 10.8 billion barrels of oil. But OGX burned through much of its cash in a failed effort to develop those fields. In July, OGX disclosed it was incapable of extracting oil from most of them....

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