OGX Minority Bondholders Look to Push Creditor Meeting

Overview


Timothy Walsh, on behalf of minority bondholders of a bankrupt Brazilian oil and gas company, said that because the debtor’s amended reorganization plan was not submitted 15 days before the meeting, as required by Brazilian law he will ask the court to delay the meeting of creditors to give minority bondholders time to consider the plan and its financing. “We just got a copy of the amended plan a couple of days ago,” Mr. Walsh said. “It has to be filed 15 days before the meeting of creditors. They made changes to the plan and just filed it a couple of days ago.”