OSX Brasil bondholder trustee denies approval of payment suspension

By Kali Hays

New York, July 16 – The bondholder trustee of OSX Brasil SA subsidiary OSX 3 Leasing BV, Nordic Trustee ASA, voted against a definitive grant allowing for the suspension of payments on the bonds, according to a company news release.

OSX Brasil said that the decision by Nordic could be appealed and that the trustee’s vote was based on a “credit claim questioned by other relevant creditors” during a recent bankruptcy hearing. The validity of the claim is currently being considered by the company.

The company said that the vote will not affect the recuperation of the OSX Group in Brazil and that company activities will continue related to its judicial recovery plan.

As previously reported, the judicial recovery plans of OSX and its subsidiaries, OSX Construcao Naval SA and OSX Servicos Operacionais Ltda. have been approved by creditors and Brazilian courts.

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

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