OGX Misses Deadline

OGX Misses Deadline

Brazil Bonds Corporate & Sovereign Strategy

OGX has not made a $44.5m coupon payment due Tuesday on its 2022 dollar bonds, the EBX company says, and is unlikely to pay during a 30-day grace period, confirming what analysts and investors have expected for months. Failure to pay at the end of the grace period would mean the largest corporate default in Latin American history. Without cash injections from operations, a disputed put option from controller Eike Batista, or a payment owed by Malaysia’s Petronas for an asset sale agreed earlier

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