Monday, November 4, 2013

Reuters: Bankruptcy News: After bondholders, OSX, Schlumberger, Ensco top OGX creditor list

Reuters: Bankruptcy News
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After bondholders, OSX, Schlumberger, Ensco top OGX creditor list
Nov 5th 2013, 00:26

Mon Nov 4, 2013 7:26pm EST

  By Sabrina Lorenzi and Jeb Blount      RIO DE JANEIRO, Nov 4 (Reuters) - Bondholders, followed by  oilfield-service companies, are the biggest creditors of  Brazilian tycoon Eike Batista's oil company OGX, which made  Latin America's biggest-ever bankruptcy filing last week,  according to a list obtained by Reuters.      The No. 2 creditor after bondholders is OSX Brasil SA  , the Batista-controlled shipyard and ship-leasing  company that built three offshore oil production platforms for  OGX. OSX is owed at least 2.45 billion reais ($1.1 billion) or  about 21 percent of the oil company's obligations.          The next largest creditor is Schlumberger NV, the  world's largest oilfield service company, which is owed at least  214.7 million reais or 1.9 percent of obligations, according to  Reuters analysis of the list.        The 8.17 billion reais ($3.6 billion) owed to holders of  OGX's bonds, which expire in 2018 and 2022, accounts for about  72 percent of the company's consolidated obligations.       The creditor list was part of the bankruptcy petition filed  on Oct. 30 in a Rio de Janeiro court by OGX Petróleo e Gas SA  , as the company is formally known.      OGX's bankruptcy filing, the latest major development in   one of the biggest corporate meltdowns in recent history,  stemmed from the company's inability to meet ambitious  production targets set by Batista, who hailed OGX as the  flagship of his once high-flying energy, commodities and  logistics empire.      With little revenue and a share price that plunged more than  98 percent in the last 16 months, OGX ran out of cash to pay  debt, suppliers and other companies in his EBX group. Some EBX  companies, including a port operator and a shipbuilder, depended  on each other for revenue and the value of their shares also  plummeted during the selloff.      Batista, who was once worth about $30 billion and was the  world's seventh-richest man, in the process saw his fortune dry  up, leaving him without the assets or credit necessary to keep  financing his companies. He was unable, for instance, to   fulfill a promise to bolster OGX by buying as much as $1 billion  worth of new stock.      Now, OGX hopes the bankruptcy can help it restructure.          The top-five creditors after the bondholders is rounded out  by Houston-based drill-rig operator Diamond Offshore Inc,  owed 91.4 million reais; London-based drill-rig operator Ensco  Plc, owed 63.9 million reais; and Fairfield,  Connecticut-based General Electric Co, owed 54.1 million  reais.      Together, Schlumberger, Diamond, Ensco and GE hold about 4  percent of OGX's obligations.      The list contains nearly 250 specific creditors, including  major companies such as Brazilian state-run oil company Petroleo  Brasileiro SA, also known as Petrobras, which is owed  40.9 million reais.      Thomson Reuters Corp, the parent company of Reuters  News, is owed 26,189 reais.         Smaller creditors include a downtown Rio de Janeiro deli,  several taxi cooperatives and FedEx Corp. each being  owed several hundred or several thousand reais. OGX's smallest  creditor, Rosario Placas e Carimbos, a sign and rubber-stamp  company, is owed 0.50 reais, or about 22 U.S cents.      Below is a list of OGX's largest creditors, according to its  bankruptcy petition.       Company/Creditor       Debt Blns   % of OGX                          of R$       Total     1. Bondholders         R$ 8.166    71.7%   2. OSX Brasil          R$ 2.445    21.1%   3. Schlumberger        R$ 0.214    1.9%   4. Diamond Offshore    R$ 0.091    0.8%   5. Ensco               R$ 0.064    0.6%   6. GE                  R$ 0.054    0.5%   7. Petrobras           R$ 0.041    0.4%   8. Baker Hughes        R$ 0.036    0.3%   TOTAL (ALL OGX         R$11.389    100%   CREDITORS)                               The bankruptcy petition is part of case No.  0377620-56.2013.8.19.0001, in the Justice Tribunal of Rio de  Janeiro State.  
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