OGX files for bankruptcy

Posted on Tuesday, November 5th, 2013 at 8:54 pm    

An oil exploration firm under the leadership of Brazilian billionaire, Eike Batista, recently went bankrupt after failing to meet the required interest payment.

According to reports, the OGX oil exploration company in Acu, based near Rio de Janeiro, filed for bankruptcy after failing to pay a required interest worth $45 million.

The OGX company was expected to become a catalyst that would attract other firms to develop the Acu port region. However, the project, which promised to create more jobs in the area, failed to materialize. As a consequence of this corporate failing, Batista slid from the ranks of billionaires after losing more than $30 billion.

The legal team at Bradford Law Offices, PLLC, works for business owners in Raleigh who are facing financial woes in their businesses. If you are considering bankruptcy, contact us at (919) 758-8879 to learn more about your options.