Oceanografia Bondholders Suffer Collateral Damage

By Ben Bain (Bloomberg) -- When Mexico seized oil contractor Oceanografia SA a year ago over loan-fraud allegations, at least one class of creditors took solace: those with claims to Goliath, a ship worth about $245 million, or 53 percent more than what they were owed. Now, the collapse in oil prices has all but dashed their prospects of getting repaid in full. Producers … [Read more...]

Mexico’s Alemans Plans Investment for Controlling Stake of Oceanografia

By Ben Bain Oct. 9 (Bloomberg) -- Mexico’s Aleman family, owner of the airline Interjet, said it reached agreement to make a capital injection into bankrupt oil-services provider Oceanografia SA to obtain a controlling stake. The agreement was reached with Oceanografia’s shareholders, according to Gabriela Jimenez, Grupo Aleman’s director of institutional relations. She … [Read more...]

Oceanografia Ships Sit Idle Amid Losses -Source

By Ben Bain Aug. 21 (Bloomberg) -- Mexico’s takeover of Oceanografia SA is proving anything but a rescue for the oil services provider. Oceanografia, the provider of offshore services to the oil industry through a fleet of at least 50 ships, is spending more money each month than it’s bringing in, according to a company official who asked not to be named because the … [Read more...]

Amid Oceanographia Fraud Scandal, Grupo Pegaso Partners with POSH in Mexico

PACC Offshore Services Holdings Ltd (POSH), Asia's largest operator of offshore supply vessels announced today that Mexican conglomerate Grupo Pegaso has signed a term sheet for a position with their company's joint ventures in Mexico which are involved in the owning and chartering of offshore support vessels. Joint ventures in Mexico have been a huge thorn in the side of … [Read more...]

Oceanografia CEO Said to Post Bail After Citigroup Fraud Arrest

By Ben Bain and Nacha Cattan June 4 (Bloomberg) -- Oceanografia SA Chief Executive Officer Amado Yanez posted bail after his arrest on charges related to a fraud alleged by Citigroup Inc. against his Mexican oil-services company, two people with knowledge of the matter said. Yanez, 49, posted bail last night of at least 80 million pesos ($6 million), said the people, who … [Read more...]