SAO PAULO, March 18 The board of OSX Brasil SA
, the shipbuilder controlled by former Brazilian
billionaire Eike Batista, approved key terms of the
restructuring plan for its leasing unit, according to a filing
Last week the unit, OSX 3 Leasing BV, reached a
preliminary agreement to pay creditors more interest on $500
million of defaulted bonds, and said it would retroactively
raise the coupon to 13 percent from 9.25 percent.
The plan still needs formal approval from creditors.
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