Reuters: Bankruptcy News: Brazil's OGX in talks with Vinci, others for 'options'

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Brazil's OGX in talks with Vinci, others for 'options' Oct 18th 2013, 06:46 SAO PAULO | Fri Oct 18, 2013 2:46am EDT SAO PAULO Oct 18 (Reuters) - OGX Petróleo e Gas Particpações SA, the ailing Brazilian oil producer controlled by tycoon Eike Batista, said that it is in talks with Vinci Partners and other potential investors for options about a potential capital injection. So far there has been no binding decision with Vinci or the other potential suitors for the future of the company, OGX said in a securities filing early on Friday. "As soon as any negotiation with a potential investor is confirmed, the company will make the necessary regulatory disclosures," the filing added. OGX, which currently has $3.6 billion in outstanding bonds, was forced to the negotiating table after missing a $44.5 million interest payment on its debt on Oct. 1. The company has 30 days from the missed payment to reach an agreement with bondholders or be declared in default, which would be the largest ever corporate default in Latin America, according to Thomson Reuters data. Vinci, responding to media reports, this week denied that it was in talks with OGX for a potential takeover.

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