Crisis-torn Brazilian oil firm OGX posted losses of more than half a billion pounds for the third quarter as it faces Latin America’s largest ever bankruptcy case.
The company, owned by former billionaire tycoon Eike Batista, saw losses stretch to £560million – 2.12billion reals – for the quarter.
The figures come in the wake of the company filing for bankruptcy protection at the end of last month, showed the company had sold £45million worth of oil after tax. Earnings were just £1million.
The company is seeking protection from creditors as it restructures after missing a £28million bond payment in October, with a further £61million due next month.
“Management understands that, given the current economic and financial situation, the request for judicial recovery is the most appropriate measure to preserve the continuity of its business and protect the interests of the stakeholders,” the company said.