Court grants OSX Brasil, subsidiaries' judicial recovery processing

By Caroline Salls

Pittsburgh, Nov. 26 - OSX Brasil SA was granted judicial recovery processing for the company and its OSX Construcao Naval SA and OSX Servicos Operacionais Ltda. subsidiaries by the 4th Corporate Court of the Judicial District of the State of Rio de Janeiro, according to a news release.

OSX announced on Nov. 12 that it and the subsidiaries filed a judicial recovery request to preserve the value of the company and protect the interests of its shareholders, employees and lenders.

As previously reported, the company said it is looking into potential business combinations, including the sale of some of its assets, in order to honor existing commitments and facilitate its ongoing operations.

OSX said its equipment is valued at about $3.5 billion, but it expects to raise $2.5 billion from the sale of platforms at a discount.

After paying off the $1.5 billion of international debt, the company said it will use remaining proceeds to pay off other existing debt.

OSX Brasil is a Rio de Janeiro-based oil and gas holding company.

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