RIO DE JANEIRO, Nov 26 (Reuters) – OSX Brazil SA, the shipbuilding company controlled by Brazilian tycoon Eike Batista, said on Tuesday that its board of directors elected EuchÃ©rio Lerner Rodrigues chief executive officer, a move that comes a day after a judge approved the company’s bankruptcy-protection plan.
OSX, which operates a shipyard under construction at the Port of AÃ§u north of Rio de Janeiro, has 180 days to present the court with a plan to restructure the company and reorganize some or all of its 5.34 billion reais ($2.33 billion) of debt.
Rio de Janeiro-based OSX filed for bankruptcy protection shortly after OGX PetrÃ³leo e Gas ParticipaÃ§Ãµes SA, the flagship oil company of Batista’s EBX industrial group, sought protection from creditors seeking to collect 11.2 billion reais of debt. The OGX bankruptcy petition is the largest in Latin America.
OSX receives nearly all of its current revenue and most of its expected future revenue from OGX, whose shares have fallen more than 90 percent in the last year after its first offshore oil fields produced far less than expected.
OSX on Monday said it lost 1.84 billion reais in the third quarter compared with a 6.92 million reais profit in the same quarter a year earlier.
OSX also named Claudio Zuicker chief financial officer and head of investor relations.
Rodrigues has a doctorate in financial administration and was a managing partner at Metrika Consultoria e Pesquisa Ltda in Rio de Janeiro. The former operations director of the old Rio de Janeiro stock exchange he was also derivatives market superintendent for Brazil’s securities regulator, the CVM.
Zuicker is an economist.
Judge Gilberto Clovis Farias Matos of the Rio de Janeiro-State Justice Tribunal approved the OSX bankruptcy-protection petition on Monday.
According to a statement from the court, OSX covers “a market niche with heavy investments from international creditors, hundreds of jobs, suppliers and service providers that carry out an important function in the economy,” criteria that helped OSX’s petition to meet the terms of the country’s bankruptcy legislation.
The case is before the 4th Corporate Division of the Rio de Janeiro State Justice Tribunal in Rio de Janeiro, case number 0392571-55.2013.8.19.0001.
($1 = 2.2941 Brazilian reais) (Reporting by Jeb Blount; Editing by Leslie Gevirtz)
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