Brazilian oil giant OGX files for bankruptcy
Arab Today
Brazilian tycoon Eike Batista's OGX oil firm on Wednesday filed for bankruptcy protection to avert default after debt-restructuring talks with creditors failed, a court spokeswoman said. "The company filed its request for bankruptcy protection this afternoon," said a spokeswoman for the court in Rio, where OGX is based. The move had widely been anticipated by market analysts, after the company announced Tuesday it had failed to reach agreement with its creditors.
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