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Batista flagship OGX to be renamed after bankruptcy

November 08, 2013 at 10:13 am EST

MarketScreener.com By The editorial team

SAO PAULO (Reuters) - OGX Petróleo e Gas Participações SA (>> OGX Petroleo e Gas Participacoes SA), the Brazilian oil company controlled by former billionaire Eike Batista that filed for bankruptcy protection last month, will likely be renamed Oleo e Gas Brasil SA, according to a filing release late on Thursday.

Board members will vote on the proposed name change at a meeting on November 26. The new name would remove the trademark letter X that stood for "multiplication of wealth" and branded all the companies in Batista's crumbling industrial empire.

Shareholders will also have to ratify the company's October 30 bankruptcy protection request, the largest ever in Latin America, and approve the sale of unit OGX Maranhão. OGX has a $5.1 billion (3.2 billion pounds) debt load, mostly owed to foreign bondholders.

Batista, who once claimed he would become the world's richest man, has seen his personal fortune reduced by over $30 billion in the last 18 months as the share prices of his listed companies tumbled. OGX was the flagship of Batista's Grupo EBX conglomerate, but it has struggled to produce oil.

Power generator MPX Energia SA was renamed Eneva SA (>> Eneva SA) in September after German utility E.ON SE (>> E.ON SE) increased its stake in the firm.

Batista's shipbuilder OSX Brasil SA (>> OSX BRASIL SA) could file for bankruptcy protection from creditors at any time, according to sources with knowledge of the firm's plans.

(Reporting by Roberta Vilas Boas and Cesar Bianconi; Writing by Caroline Stauffer; Editing by Theodore d'Afflisio)

Stocks treated in this article : E.ON SE, OSX BRASIL SA, OGX Petroleo e Gas Participacoes SA, Eneva SA

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
EON SE	12.41 EUR	-0.32%	+0.24%	34.6B
OSX BRASIL S.A.	4.05 BRL	0.00%	-1.70%	2.49M
ENEVA S.A.	12.83 BRL	+1.34%	+4.56%	3.96B
DOMMO ENERGIA S.A.	- BRL	-.--%	-.--%	0

Eike Batista

Eike Batista is the 8th richest man in the world and the richest man in Brazil with nearly $ 27 billion according to Forbes Magazine.

Son of the captain of industry Eliezer Batista, Eike Batista follows his father in Europe, and lives in Geneva, Dusseldorf and Brussels. In 1974 he began studying engineering at the University of Aachen, Germany. In the early 80s, he returned to Brazil and became an intermediary between producers of gold or other minerals and buyers coming from Brazilian and European metropolises. He speaks fluently in five languages: Portuguese, German, French, English and Spanish.

In the 80s, he founded his company: EBX, whose name is formed from his initials and the sign "X" symbol of the multiplication of wealth ... It is when he is at the head of the Canadian company TVX Gold that begins his long career in the markets. Soon, Batista buys and operates eight gold mines in Brazil and Canada, a silver mine in Chile and three iron ore mines in Brazil. Investments that are effective since he sells in 2007 two of his Brazilian iron ore mines to Anglo American for 3.5 billion euros.

From the 2000s, aware of the enormous needs of his country in natural resources and infrastructure, Eike Batista diversifies his activities creating between 2004 and 2010: MMX (minerals), LLX (logistics), MPX (energy), OSX (sites shipyards) and OGX (oil and gas). With this latest creation, he acquired the rights to operate a dozen oil fields off the Brazilian coast because according to him, within ten years and with the layers located in deep water, his country will produce as much as Saudi Arabia.

Batista has also bought the Hotel Gloria, one of the most famous hotel in Rio for $ 32 million, and he recently becomes the exclusive reseller for tickets for the next World Cup football in 2014 in Brazil.

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Centennial Asset Participações Açu SA Centennial Asset Participações Açu SA MiscellaneousMiscellaneous Centennial Asset Participações Açu SA is engaged in financial investment and shareholding activities. Its interests focus on the shipping and logistics industries. The company was founded on May 7, 2007 and is headquartered in Rio de Janeiro, Brazil.	President
PortX Operações Portuárias SA PortX Operações Portuárias SA Engineering & ConstructionIndustrial Services PortX Operações Portuárias SA provides infrastructure and logistics services. The company constructs, develops and manages port complexes for business trades. It has developed three ports in Brazil which, include Porto Acu, Porto Sudeste in Rio de Janeiro and Porto Brasil in São Paulo. The port terminal will be responsible for handling the iron ore originating from various ships. The company is headquartered in Rio de Janeiro, Brazil.	Chairman

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