Reuters: Bankruptcy News: Batista's OSX Brazil denies debt default - filing

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Batista's OSX Brazil denies debt default - filing Jun 24th 2013, 12:54 SAO PAULO, June 24 | Mon Jun 24, 2013 8:54am EDT SAO PAULO, June 24 (Reuters) - OSX Brasil SA, the shipbuilding company of billionaire Eike Batista, on Monday denied a report it failed to make payments on debt held by Spanish infrastructure group Acciona. The local Folha da S.Paulo newspaper reported on Sunday that Batista's OSX Brasil was struggling to avoid bankruptcy after it defaulted on some 500 million reais ($222 million) in debt held by Acciona. "The story on the supposed debt with supplier Acciona that OSX CN failed to honor is false," OSX said in a market filing with regulator CVM on Monday. Representatives of Acciona in Spain had no comment. OSX said its debt payments were up to date. OSX shares have sunk 85 percent since the beginning of the year as a series of missed targets and project delays eroded investor confidence in Batista's ability to deliver on his promises. Markets were not yet open in Sao Paulo on Monday. Batista became Brazil's richest man in recent years after raising billions of dollars amid booming demand for commodity-related investments in the country, but lost his standing after the selloff helped slash more than $20 billion from his fortune in the past year. OSX Brasil is a holding company involved in the oil and gas sector. The Company provides equipment and services to the offshore oil and gas industries.

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