OGX Minority Bondholders Prepare To Battle Bankruptcy Plan

Law360, New York (January 17, 2014, 7:30 PM EST) -- Minority bondholders of OGX Petroleo e Gas Participacoes SA, the large Brazilian oil firm that went bankrupt in October, are preparing to fight the company’s proposal to exit insolvency proceedings that they say leaves them high and dry, an attorney said Friday.

In December, OGX released the terms of a plan that, if approved by a court, would allow it to eliminate most of its debt and reorganize the company. Under the proposed terms, OGX’s creditors would convert approximately $5.8 billion in pre-petition debt into equity...
To view the full article, register now.