RIO DE JANEIRO, July 10 A Netherlands-based
subsidiary of Brazilian tycoon Eike Batista's bankrupt
shipbuilding and shipleasing unit OSX Brasil SA
suspended payments to creditors after being granted protection
by a Dutch court.
According to a securities filing on Thursday, OSX sought
protection for its OSX WHP 1&2 Leasing BV unit after an unnamed
"alleged creditor" asked a court to order payment in a way that
threatened OSX's obligations to other creditors.
OSX WHP was created to finance the building of two fixed,
offshore oil-production platforms for bankrupt sister oil
company Oleo e Gas Participacoes SA. The decision
does not affect Netherlands-based OSX units that own the
company's three oil production ships, which are known as FPSOs.
OSX filed for bankruptcy in a Rio de Janeiro court in
November, less than two weeks after Oleo e Gas filed Latin
America's largest-ever bankruptcy-protection petition. OSX
depends on Oleo e Gas, formerly known as OGX Petroleo e Gas
Participacoes, for nearly all its revenue.
On June 3, Oleo e Gas creditors, including OSX, agreed to a
plan to restructure nearly 12 billion reais ($5.4 billion) of
unpaid obligations in an operation expected to be complete by
OSX's November bankruptcy filing in Brazil did not include
its overseas subsidiaries such as OSX WHP or similar investment
vehicles that own the company's FPSOs, two of which are leased
to Oleo e Gas.
($1 = 2.2140 Brazilian reais)
(Reporting by Jeb Blount; Editing by Guillermo Parra-Bernal and