Brazil

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.

Brazilian tycoon Eike Batista's Oleo e Gas Participacoes SA risks losing its 40 percent stake in the Atlanta and Oliva fields in Brazil's Santos Basin for failure to pay its share of development costs, its partner, QGEP Participações SA, said on Monday. Oleo e Gas, formerly known as OGX Petroleo e Gas Participacoes SA, has been ordered to show its financial obligations in the fields, part of the BS-4 offshore concession, are up to date, according to a note from Brazil's oil regulator ANP, dated Dec. 23, QGEP said in a securities filing, Reuters reported.

OSX Brasil SA will take a 7.0 percent stake in sister company Óleo e Gás Participações SA after agreeing to convert $1.5 billion of debt into stock, a step key to help the ailing oil producer exit bankruptcy, Reuters reported today. The debt stems from the termination of several contracts to lease oil production ships to Óleo e Gás, which filed for court protection on Oct. 30 and was formerly known as OGX Petróleo e Gás Participações SA, OSX said in a securities filing late on Wednesday. Both companies are controlled by tycoon Eike Batista's Grupo EBX.

Jaguar Mining Inc., the operator of two Brazilian gold mines, filed for bankruptcy protection in Canada as it tries to restructure its debt, Bloomberg News reported yesterday. Jaguar started proceedings under the Companies’ Creditors Arrangement Act in Ontario, the Toronto-based company said yesterday. The company said its recapitalization plan has the support of bondholders who collectively hold about 93 percent of Jaguar’s 4.5 percent convertible notes due Nov. 1, 2014 and 5.5 percent notes due March 31, 2016.

OSX Brasil SA expects a deal in the coming days to delay an interest payment on bonds sold to finance an oil production ship, a move that will help the ailing Brazilian shipbuilder move ahead with a restructuring plan, a senior executive said on Wednesday, Reuters reported. A deal will allow OSX, controlled by tycoon Eike Batista, to put off a Dec. 20 interest payment on $500 million of 9.25 percent bonds due in 2015, Chief Financial Officer Claudio Antonio da Silva Zucker said at the sidelines of an event in Rio de Janeiro. Reuters reported on Dec.

Brazil's Petróleo e Gas Participações SA, controlled by former billionaire Eike Batista, started oil production from a second well in its Tubarão Martelo offshore field, according to a regulatory filing on Monday. Output from the OGX-44HP well began on Saturday, the filing said. Petroleo e Gas Participações SA is the new name of OGX Petroleo e Gas Participações, the company said in a statement late Friday. Output from the field's first well, also in Tubarão Martelo, was announced on Friday.

OSX Brasil SA, the financially strapped shipbuilder controlled by Brazilian tycoon Eike Batista, posted a third-quarter loss of 1.84 billion reais ($801 million), Reuters reported. The results came in late on Monday, after a Rio de Janeiro court accepted a bankruptcy protection request from OSX, giving it and two of its three nontraded subsidiaries, OSX Construção Naval Ltda and OSX Serviços Operacionais Ltda, 180 days to prepare a restructuring plan. In the third quarter of 2012, OSX earned 6.92 million reais.

A judge in Rio de Janeiro on Monday accepted a bankruptcy-protection request made earlier this month by OSX Brasil SA, the shipbuilder controlled by Brazilian tycoon Eike Batista, giving OSX 180 days to prepare a restructuring plan, Reuters reported. The judge, Gilberto Clovis Farias Matos, said the request by OSX and two of its three non-traded subsidiaries, OSX Construção Naval Ltda and OSX Serviços Operacionais Ltda, met the criteria of Brazil's corporate legislation, according to a statement issued by the press office of the Justice Tribunal of Rio de Janeiro state.