Arab Today, arab today brazil\s debtridden ogx firm to lay off staff
Last Updated : GMT 02:26:33
Arab Today, arab today
Arab Today, arab today

Brazil\'s debt-ridden OGX firm: To lay off staff

Arab Today, arab today

Arab Today, arab today Brazil\'s debt-ridden OGX firm: To lay off staff

Sao Paulo - AFP

Brazilian tycoon Eike Batista\'s debt-ridden oil firm OGX laid off 20 percent of its 300 employees, the daily Folha de Sao Paulo reported Tuesday. In a brief statement sent to AFP, the company would only say that it \"is involved in a process of financial restructuring.\" A week ago, OGX, once the jewel in the crown of Batista\'s flagging EBX empire, skipped a key 44.5 million interest payment as it scrambled to avoid debt default. It then said it had 30 days to take necessary measures before the debt matures. In December, the company must also pay interest on $110 million in notes due in 2018. Media reports put OGX\'s debt at $3.6 billion. If negotiations with creditors fail, OGX is expected to file for bankruptcy protection. The Economatica consultancy estimated OGX was worth $14.2 billion at the end of last year but put the figure at $1.3 billion at the start of September. The company has been the worst-hit in the Batista group, forcing him to cast around for new investment to keep his oil projects afloat. Batista\'s recent market woes have cut an estimated $30 billion of value from his empire and the man who was once Brazil\'s richest is now said to be worth only around $900 million. Batista\'s EBX has interests in oil, energy, mining, logistics, coal mining and offshore industries.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today brazil\s debtridden ogx firm to lay off staff Arab Today, arab today brazil\s debtridden ogx firm to lay off staff

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today brazil\s debtridden ogx firm to lay off staff Arab Today, arab today brazil\s debtridden ogx firm to lay off staff

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday