OGX Shuffles Leadership amid Negotiations

OGX Petroleo e Gas Participacoes has replaced CEO Luiz Carneiro with CFO Paulo Amaral, it says, as it meets with creditors ahead of default deadline at the end of this month. Amaral will retain his CFO and IR director roles. Angra Partners, already advisor to controller Eike Batista at the EBX level, has been appointed to take over OGX’s restructuring. With little cash to pay interest or fund operations, OGX is discussing restructuring options with holders of its $3.6bn face value of international bonds, which may involve the contribution of fresh equity funds to keep the Tubarao Martelo field operating. OGX missed an interest payment October 1, and would officially become LatAm’s largest ever corporate default once the 30-day grace period expires. Blackstone and Lazard are also advising OGX.