SAO PAULO, March 13 A unit of OSX Brasil SA
, the shipbuilder controlled by former Brazilian
billionaire Eike Batista, proposed on Thursday to pay
bondholders more interest on $500 million of defaulted debt.
OSX 3 Leasing BV, OSX's leasing unit and which
issued the bonds, reached a preliminary accord with creditors in
which the unit agreed to raise the coupon rate on the bonds to
13 percent from 9.25 percent, according to a securities filing.
The increase will be made retroactive from Oct. 30, 2013.
Bondholders will also be paid a one-time premium as part of
the restructuring, in the form of new securities, the filing
added. In addition, OSX 3 agreed to pay down the bonds in case
the OSX 1 and OSX 2 vessels are sold.
Parent company OSX Brasil filed for bankruptcy protection in
November, after the collapse of OGX Petróleo e Gás Participações
SA, Batista's oil company and OSX's only customer. OGX, which
was renamed Óleo e Gás Participações SA, also stopped
payments on $3.6 billion of bonds, the largest-ever corporate
default in Latin America.
By keeping OSX Leasing, which owns three vessels that are
leased for oil exploration purposes, out of bankruptcy
proceedings, the parent company gained OSX more flexibility in
negotiations with creditors.