BONDNEWS LATAM-Barclays says OGX creditors should make DIP loan
Owners of the $3.8 billion in bonds sold by Brazilian tycoon Eike Batista's Oleo e Gas Participações SA, formerly known as OGX Petroleo e Gas Participações SA, should take part in their share of a planned $215-million, debtor-in-posession (DIP) loan for the bankrupt company, Barclays said in a report on Monday.
Bond holders, who are not part of the majority group that approved a restructuring plan last week, will only have to pay about 1.62 cents per bond to take part in the financing, an amount that should allow them to take a stake in the company that will be worth more than their defaulted debt, the report says. Barclays, though, did not recommend buying more bonds.
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