December 17, 2014 / 11:12 PM / 3 years ago

Creditors approve Brazil shipbuilder OSX's bankruptcy plan

SAO PAULO, Dec 17 (Reuters) - Creditors approved Brazilian shipbuilder OSX Brasil SA’s revamped plan to emerge from bankruptcy late on Wednesday, giving a boost to efforts by controlling shareholder Eike Batista to keep the company afloat while refinancing over $2.6 billion in debt.

OSX’s own bankruptcy protection plan, as well as those from subsidiaries OSX Construção Naval SA and OSX Serviços Operacionais Ltda, were approved by an assembly of creditors in Rio de Janeiro, according to a securities filing. OSX had introduced a revamped plan a month ago.

The plan still requires approval from a Rio bankruptcy court and from state-controlled lender Caixa Econômica Federal, with which OSX Construção Naval still has a loan in arrears, the filing said.

The company is one of the four firms founded by Batista that sought protection from creditors in the wake of the collapse of Grupo EBX, the former billionaire’ s commodities, energy and logistics empire. OSX first requested bankruptcy protection in November of last year. (Reporting by Guillermo Parra-Bernal; Editing by Grant McCool)

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