Brazilian Oil Producer OGX Hires Blackstone For Debt Talks

Law360, Los Angeles (August 14, 2013, 9:31 PM EDT) -- Beleaguered Brazilian oil firm OGX Petroleo & Gas Participacoes SA has hired private equity firm Blackstone Group to negotiate the refinancing of its debt, according to reports on Wednesday.

OGX, once a promising player in the industry, has not met production goals it once promised investors who bought its $3.6 billion in debt, the Wall Street Journal reported. Its bonds plunged 88 percent over the last year, falling from near par to below 20 cents on the dollar, the paper reported.

On Aug. 9, the company...
To view the full article, register now.