Surprise OGX Put Not Seen as Solution

Surprise OGX Put Not Seen as Solution

Bonds Equity

OGX surprised the markets announcing a plan to exercise a $1bn put option with controller Eike Batista, though it remained unclear to analysts to what extent the put would help the struggling oil company. The move, which Batista had not been expected to afford, calls for $100m immediately, which could buy the borrower time as it stares down a depleted cash pile and a likely restructuring. It remained unclear, however, when OGX would receive the remaining $900m, and whether the exercise is part o

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