Creditors agree not to execute on OGX DIP financing
SAO PAULO, April 10 (Reuters) - Creditors of Brazil's OGX Petroleo e Gas, the bankrupt oil company created by tycoon Eike Batista, agreed not to execute payments or guarantees stipulated in a debtor-in-possession (DIP) financing secured in 2014 by the company.
In a filing published on Friday, the company said creditors agreed to convert DIP financing into common shares of OGX as stipulated in the financial agreement. Creditors would refrain from any new judicial demands or ask for early repayment, the filing said.
The agreement includes the continued operation and maintenance of the OSX-3 and OSX-1 floating production, storage and offloading vessels and the costs involved in the abandonment of the Tubarão Martelo and Tubarão Azul oil fields. (Reporting by Reese Ewing; Editing by Lisa Shumaker)
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