OGX agrees $3.8bn debt -to-equity swap with bondholders

OGX agrees $3.8bn debt -to-equity swap with bondholders

Corporate & Sovereign Strategy

A majority of creditors to Brazilian oil company OGX agreed a restructuring plan which would see them swap $5.8bn of debt for equity, and ultimately own 90% of the company, the firm announced on December 24. The debt includes $3.8bn owed to bondholders, $1.5bn owed to related company OSX for termination fees, and $500m from others. The company is also planning to raise cash to continue exploration, by selling a convertible debenture of $200m to $215m to creditors in January, as Debtor-in-Possess

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