February 14, 2014 / 10:50 PM / 4 years ago

Batista's oil company files recovery plan with Brazil court -paper

SAO PAULO, Feb 14 (Reuters) - The bankrupt oil company controlled by Brazilian tycoon Eike Batista, Oleo e Gas Participações SA, filed its recovery plan with a Rio de Janeiro state court on Friday, a newspaper reported, in the next phase of Latin America’s largest ever bankruptcy protection.

If approved in the next 30 days by creditors, the plan would give 65 percent of the company formerly known as OGX to creditors who agreed to lend additional money, Folha de S.Paulo reported without saying how it obtained the information. Other lenders would get 25 percent

Batista, who was Brazil’s richest man before his energy and mining empire crumbled last year, would get 5.02 percent under the new structure while minority shareholders would get 4.98 percent, Folha reported. Creditors owed less than 30,000 reais ($12,500) would be repaid in cash, according to the newspaper.

A spokesman for the Rio court said a petition had been filed on Friday and would be delivered to the judge on Monday. The spokesman could not give details on the contents of the petition. A spokeswoman for Oleo e Gas could not immediately be reached for comment.

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