SAO PAULO Jan 28 Bankrupt oil producer Óleo e
Gás Participações SA, controlled by Brazilian tycoon
Eike Batista, received court authorization late Monday to use
its assets to guarantee a loan critical to keeping the company
Gilberto Clovis Faria Matos, the judge handling Óleo e Gás'
bankruptcy protection filing, ruled that company assets may be
used as collateral for up to $200 million of
debtor-in-possession, or DIP, financing, according to documents
filed with the Rio de Janeiro state court of justice.
Óleo e Gás, whose EBX business empire collapsed last year,
has delayed detailing its restructuring plan to creditors until
Jan. 31 as it tries to secure new funding, the company said in a
statement on Friday.
Óleo e Gás was previously known as OGX Petróleo e Gas SA. It
filed Latin America's largest-ever bankruptcy protection
application on Oct. 30.
In recent weeks, Óleo e Gás obtained a bridge loan to pay
for operations while it seeks the debtor-in-possession loan.