Ex-MPX Accepts OGX Debt in Exchange for Asset

Ex-MPX Accepts OGX Debt in Exchange for Asset

Brazil M&A Bonds

Eneva, the Brazilian generator known as MPX until control was sold to E.ON, has agreed to go on the hook for BRL200m ($92m) in OGX debt, in exchange for control of an OGX gas company. If OGX defaults, Eneva will pay the amount to Itau, Morgan Stanley and Santander, Envea says. In exchange, it will get a 67% stake in natural gas producer OGX Maranhao. OGX missed a $45m coupon on its dollar bonds October 1 and will officially become LatAm’s largest ever corporate default at the end of a grace peri

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