OSX Leasing suspends payments; units declared bankrupt by Dutch court

By Caroline Salls

Pittsburgh, April 30 – OSX Brasil SA said OSX Leasing Group BV formally requested a suspension of payments before the Dutch court on April 24, and that request was provisionally approved, interrupting all collection efforts related to OSX Leasing’s unsecured debts as of April 28.

On April 28, the Amsterdam court declared the bankruptcy of OSX3 Leasing BV indirect holding companies OSX3 HoldCo BV and OSX3 Holding BV.

According to a company news release, the payment suspension was requested in consideration of measures taken against OSX Leasing and with the goal of preventing some isolated actions from causing improper advantages that would prevent the adoption of equal treatment in OSX Leasing’s debt restructuring.

The suspension is designed to allow OSX Leasing to restructure its debt and/or to present a composition plan to its creditors s under the supervision of the Dutch Court and a court-appointed administrator.

OSX said neither of the bankruptcies present any significant change to either the OSX Leasing Group or the OSX Brasil structure.

According to a separate news release, Wouter Jongepier has been appointed as the bankruptcy trustee for the OSX3 entities and the administrator of OSX Leasing.

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

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