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Batista dismisses OGX Oil chief as bond default woes persist

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(Credit: Reuters) OGX Petroleo e Gas Participacoes SA chief executive Luiz Carneiro would be replaced by the company's chief financial officer Paulo Narcelio Simoes Amaral.OGX Petroleo e Gas Participacoes SA.
October 16
5:12 AM 2013

Former billionaire Eike Batista had fired the chief executive of his OGX Petroleo e Gas Participacoes SA. In a statement made late yesterday, Luiz Carneiro would be replaced by Paulo Narcelio Simoes Amaral, who is also the company's chief financial officer. OGX would be having a shareholders meeting on November 1 to finalize Amaral's appointment and another executive for the company's legal director position.

OGX is the second biggest oil company in Brazil just after Petrobas.

Batista took six of his companies public since 2006 and been divesting off assets in the hopes of stumping the devaluation of his net worth. His net worth was reduced to more than USD30 billion since 2012 due to rising debt and missed targets.

OGX had missed a USD45 million bond payment due October 1, and had engaged talks with its bondholders. According to data gathered by Moody's Investors Service, a default of OGX's USD3.6 billion international bonds would be the biggest in all of Brazil.

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