Reuters: Bankruptcy News: Brazil's OGX looks to sell gas fields as bankruptcy eyed -report

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Brazil's OGX looks to sell gas fields as bankruptcy eyed -report Oct 24th 2013, 10:53 Share this Email Print Reprints SAO PAULO | Thu Oct 24, 2013 6:53am EDT SAO PAULO Oct 24 (Reuters) - Brazilian oil producer OGX Petroleo e Gas Participacoes SA is in talks to sell its stake in eight natural gas fields in the country as a means to raise cash before possibly filing for bankruptcy protection, newspaper Folha de S. Paulo said on Thursday. OGX, which holds a 66.7 percent stake in gas producer OGX Maranhao, is negotiating with energy company Eneva SA , which holds the remaining share, Folha said, without saying how it obtained the information. The sale could yield between $100 million and $120 million for OGX, the report said. A spokeswoman for OGX, which is controlled by former billionaire Eike Batista, declined to comment on the report, while Reuters was unable to reach press representatives at Eneva. OGX is considering seeking court protection from creditors as it runs out of cash to bring offshore oilfields on line and make its debt payments. The money raised from the OGX Maranhao sale could help garner creditor support, but those funds would only come in December, most likely after the bankruptcy filing would occur, Folha reported. Under Brazilian law, a company that files for bankruptcy protection has up to 60 days to present a restructuring plan to creditors and the court. Eneva was formerly known as MPX Energia SA, and Batista had a controlling stake in it until June. Germany's E.ON SE is the largest shareholder in Eneva, with a 38 percent stake, while Batista still holds about 27 percent. (Reporting by Asher Levine; Editing by Lisa Von Ahn) Link this Share this Digg this Email Reprints

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