November 5, 2013 / 12:32 AM / 5 years ago

After bondholders, OSX, Schlumberger, Ensco top OGX creditor list

RIO DE JANEIRO (Reuters) - Bondholders, followed by oilfield-service companies, are the biggest creditors of Brazilian tycoon Eike Batista’s oil company OGX, which made Latin America’s biggest-ever bankruptcy filing last week, according to a list obtained by Reuters.

The headquarters of OGX Petroleo e Gas Participacoes SA, the cash-strapped Brazilian oil company controlled by former billionaire Eike Batista, is pictured in downtown Rio de Janeiro October 29, 2013. REUTERS/Sergio Moraes

The No. 2 creditor after bondholders is OSX Brasil SA (OSXB3.SA), the Batista-controlled shipyard and ship-leasing company that built three offshore oil production platforms for OGX. OSX is owed at least 2.45 billion reais ($1.1 billion) or about 21 percent of the oil company’s obligations.

The next largest creditor is Schlumberger NV (SLB.N), the world’s largest oilfield service company, which is owed at least 214.7 million reais or 1.9 percent of obligations, according to Reuters analysis of the list.

The 8.17 billion reais ($3.6 billion) owed to holders of OGX’s bonds, which expire in 2018 and 2022, accounts for about 72 percent of the company’s consolidated obligations.

The creditor list was part of the bankruptcy petition filed on October 30 in a Rio de Janeiro court by OGX Petróleo e Gas SA (OGXP3.SA), as the company is formally known.

OGX’s bankruptcy filing, the latest major development in one of the biggest corporate meltdowns in recent history, stemmed from the company’s inability to meet ambitious production targets set by Batista, who hailed OGX as the flagship of his once high-flying energy, commodities and logistics empire.

With little revenue and a share price that plunged more than 98 percent in the last 16 months, OGX ran out of cash to pay debt, suppliers and other companies in his EBX group. Some EBX companies, including a port operator and a shipbuilder, depended on each other for revenue and the value of their shares also plummeted during the selloff.

Batista, who was once worth about $30 billion and was the world’s seventh-richest man, in the process saw his fortune dry up, leaving him without the assets or credit necessary to keep financing his companies. He was unable, for instance, to fulfill a promise to bolster OGX by buying as much as $1 billion worth of new stock.

Now, OGX hopes the bankruptcy can help it restructure.

The top-five creditors after the bondholders is rounded out by Houston-based drill-rig operator Diamond Offshore Inc (DO.N), owed 91.4 million reais; London-based drill-rig operator Ensco Plc (ESV.N), owed 63.9 million reais; and Fairfield, Connecticut-based General Electric Co (GE.N), owed 54.1 million reais.

Together, Schlumberger, Diamond, Ensco and GE hold about 4 percent of OGX’s obligations.

The list contains nearly 250 specific creditors, including major companies such as Brazilian state-run oil company Petroleo Brasileiro SA (PETR4.SA), also known as Petrobras, which is owed 40.9 million reais.

Thomson Reuters Corp (TRI.TO), the parent company of Reuters News, is owed 26,189 reais.

Smaller creditors include a downtown Rio de Janeiro deli, several taxi cooperatives and FedEx Corp. (FDX.N) each being owed several hundred or several thousand reais. OGX’s smallest creditor, Rosario Placas e Carimbos, a sign and rubber-stamp company, is owed 0.50 reais, or about 22 U.S. cents.

Below is a list of OGX’s largest creditors, according to its bankruptcy petition. Company/Creditor Debt Blns of R$(Brazilian Reais) % of OGX Total 1. Bondholders R$ 8.166 71.7% 2. OSX Brasil R$ 2.445 21.1% 3. Schlumberger R$ 0.214 1.9% 4. Diamond Offshore R$ 0.091 0.8% 5. Ensco R$ 0.064 0.6% 6. GE R$ 0.054 0.5% 7. Petrobras R$ 0.041 0.4% 8. Baker Hughes R$ 0.036 0.3%


The bankruptcy petition is part of case No. 0377620-56.2013.8.19.0001, in the Justice Tribunal of Rio de Janeiro State.

($1 = 2.25 Brazilian reais)

Reporting by Jeb Blount; Editing by Lisa Shumaker

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