Brazil's OGX exercises Batista's $1 bln put option
SAO PAULO, Sept 6
SAO PAULO, Sept 6 (Reuters) - Brazil's debt-laden oil company OGX said on Friday it will exercise a $1 billion "put option" promised by controlling stakeholder Eike Batista, which should serve as a temporary lifeline for the company as it renegotiates its debts.
OGX Petróleo e Gás Participações SA will receive $100 million immediately, the company said in a statement.
Creditors have been pressuring Batista to fulfill his promise to inject $1 billion into OGX through the option that requires him to buy OGX stock at 6.30 reais a share by April 30, 2014, should the company's board think it is needed.
Company shares closed at 0.41 reais on Thursday. (Reporting by Reese Ewing; Editing by Gerald E. McCormick)
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