OSX Brasil SA, the bankrupt shipbuilding company controlled by former billionaire Eike Batista, is in talks with Cerberus Capital Management LP and a number of unnamed investors for a potential debtor-in-possession financing deal, Reuters reported. Currently no agreement has been struck between OSX and potential sources of the loan, commonly known as DIP financing, the Rio de Janeiro-based company said in a securities filing on Monday. OSX's focus at this point is what to do with three floating production storage and offloading vessels it owns, according to the filing.

OSX Brasil SA, the shipbuilding and ship-leasing company controlled by businessman Eike Batista, said in a regulatory filing on Monday that it was in talks with bondholders over the lease terms of an oil production ship, Reuters reported. The ship, OSX-3, is a floating production, storage and offloading vessel that is handling oil and gas output from the Tubarão Martelo offshore oil field east of Rio de Janeiro owned by Batista's Óleo e Gás Participações SA. Oleo e Gas filed for Latin America's largest-ever bankruptcy protection on Oct. 30.

Creditors agreed to the terms of $215 million in funding for Eike Batista’s Oleo & Gas Participacoes SA that will strip control from the former billionaire, the oil company said in a statement, Bloomberg News reported. The arrangement with the company’s bondholders entails subsidiary OGX’s issuance of debentures in two tranches, with the first $125 million expected in mid-February.

Bankrupt oil producer Óleo e Gás Participações SA, controlled by Brazilian tycoon Eike Batista, received court authorization late Monday to use its assets to guarantee a loan critical to keeping the company in operation, Reuters reported. Gilberto Clovis Faria Matos, the judge handling Óleo e Gás' bankruptcy protection filing, ruled that company assets may be used as collateral for up to $200 million of debtor-in-possession, or DIP, financing, according to documents filed with the Rio de Janeiro state court of justice.

Bankrupt oil producer Óleo e Gás Participações SA has delayed detailing its restructuring plan to creditors until Jan. 31 as it tries to secure new funding, the company said in a statement on Friday. Óleo e Gás, controlled by Brazilian tycoon Eike Batista whose business empire collapsed last year, and its creditors were discussing terms of a potential $200 million debtor-in-possession, or DIP, loan, two sources told Reuters earlier on Friday. The company had enough funds to stay afloat and the delay was unlikely to disrupt operations, according to the sources, who declined to be identified.

A crucial deadline for the restructuring agreement of Brazilian oil company Oleo e Gas Participacoes SA, controlled by businessman Eike Batista, might not be met this week, according to two people familiar with the situation, The Wall Street Journal reported. In one of Latin America's largest bankruptcy cases, OGP filed for protection from creditors in late October.

Bankrupt oil company Oleo e Gas Participações S.A., controlled by Brazilian businessman Eike Batista, said on Tuesday it signed a deal for a bridge loan of up to $50 million to finance operations as it works with creditors to restructure its debts, Reuters reported. Obtaining the loans was one of the requirement in an agreement the company reached with bond holders on Dec. 24 to convert Oleo e Gas debt into stock. Oleo e Gas was formerly known as OGX Petróleo e Gas Participações SA.

Brazil's oil regulator ANP extended until January 24 a deadline for businessman Eike Batista's bankrupt Oleo e Gas Participações S.A. to show that it has the financial viability required to hold on to off-shore concessions, the company said on Friday, Reuters reported. The company, formerly known as OGX Petroleo e Gas Participações S.A., filed Latin America's largest-ever bankruptcy protection petition on Oct. 30. It had requested more time to fend off creditors and shore up its finances through its operating contracts and concessions.

Óleo e Gás Participações SA, Brazilian entrepreneur Eike Batista's oil company, said on Thursday it paid off part of the debt related to the development costs for two offshore oil fields, Reuters reported. The company, formerly known as OGX, paid the first installment of a past-due debt worth 73 million reais ($30.5 million) related to the fields of Atlanta and Oliva in Brazil's Santos basin, a company spokeswoman said. Óleo e Gás filed for Latin America's largest-ever bankruptcy protection petition on Oct. 30.

Brazilian entrepreneur Eike Batista's Oleo e Gas Participacoes SA promised in a securities filing on Thursday to honor its debts in two offshore oil fields with the financial resources it obtained from an agreement with creditors last week, Reuters reported. QGEP Participações SA, Oleo e Gas's partner, said on Monday that the company, formerly known as OGX, could lose its 40 percent stake in the Atlanta and Oliva fields in Brazil's Santos Basin if it fails to pay its share of development costs.