RIO DE JANEIRO, March 18 (Reuters) - Brazil’s bankrupt ship-leasing company OSX Brasil SA said on Wednesday it had been notified by Nordic Trustee that its subsidiary OSX 3 had failed to pay a debt of $560.1 million on time.
Nordic Trustee works on behalf of OSX creditors to make sure corporate debts are honored. Creditors approved OSX’s bankruptcy plan in December.
OSX-3 is a floating production, storage and offloading ship (FPSO) that Brazilian oil company Oleo e Gas uses to manage production at its Tubarão Martelo oil field northeast of Rio de Janeiro in the offshore Campos Basin.
Oleo e Gas depends on Tubarão Martelo to keep the company’s plans for production alive after filing the biggest bankruptcy protection petition in Latin American history in October 2013. Its only other producing field, Tubarão Azul, has seen output fall to about 2,800 barrels a day from more than 4,000.
But Oleo e Gas said on Monday it had suspended payments for OSX-3 for six months because it had failed to come to an agreement with OSX over future payments to use the vessel.
Oleo e Gas, formerly known as OGX Petroleo e Gas Participações SA, and OSX were once controlled by Brazilian tycoon Eike Batista and his EBX group.
Brazil’s securities regulator fined Batista 1.4 million reais ($432,000) on Wednesday for failing to promptly let investors know about a takeover and the delisting of parts of his once-giant EBX group.
OSX said in a Wednesday filing it was considering what options to take in light of the notification and would take appropriate measures to protect its rights. (Reporting by Luciana Bruno, Writing by Caroline Stauffer; Editing by Cynthia Osterman)