Brazil's OGX says considers all options to stay afloat

SAO PAULO Fri Oct 4, 2013 8:36am EDT

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SAO PAULO Oct 4 (Reuters) - OGX Petróleo e Gas Participações SA, the Brazilian energy producer with the worst-performing corporate bonds in emerging markets this year, said late on Thursday it was considering all measures to protect assets and stay in business.

In a securities filing, OGX said "even as the process of revising our capital structure has not been finalized, we believe that we must consider each and every measure that helps us protect the company's interests and continue in business."

The company, controlled by tycoon Eike Batista, hired Lazard Ltd, Blackstone Group LP and other firms to help "review its structure of capital."

OGX missed a $44.5 million bond interest payment this week, and analysts and sources have told Reuters the company is likely to run out of cash this month and is preparing to file for bankruptcy within the next 30 days. (Editing by Jeffrey Benkoe)


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