OSX Heads to Bankruptcy

OSX Heads to Bankruptcy

Brazil Corporate & Sovereign Strategy

OSX Brasil is following fellow Eike Batista entity and main client OGX into bankruptcy protection, the shipbuilder says. The company's board approved the move Friday, and the official filing, limited to the OSX Brasil and units OSX Construcao Naval SA and OSX Servicos Operacionais, should come as soon as today. OSX will head into the restructuring process with a new CEO and advisers. Angra Partners, also helping OGX, has been hired to advise, replacing Alvarez & Marsal. Ivo Dworschak becomes CEO

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