Even billions in oil may not save this Brazil company

Even with billions of dollars in oil reserves, Brazil billionaire Eike Batista’s OGX may not be able to pay its debts to stay clear of bankruptcy. The company owes $45 million in short term debt that will become due this October. However, there is another $3.6 billion owed that will be payable over the next 10 years. Moody’s delivered another crashing blow as it lowered OGX’s bond rate last week. The struggling company may be looking at a potential bankruptcy if Batista cannot pay the millions of dollars due in the next few months.

For the full story and more details read, “Bankruptcy Concerns Grow Over Brazil Billionaire’s Oil Company.”

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