By Luciana Magalhaes 

SÃO PAULO--Investment management firm BlackRock, Inc. said Wednesday it is no longer part of a creditors group set to participate in the restructuring plan of Brazilian oil firm Oleo e Gas Participacoes SA, controlled by businessman Eike Batista.

A BlackRock unit that owned OGP debt at distressed levels and was a member of the ad hoc bondholder group sold the debt and is no longer a member of the group, a spokesman for BlackRock said in an email. The spokesman declined provide additional details on when and to whom the assets were sold.

OGP, formerly known as OGX Petroleo e Gas Participacoes, filed for bankruptcy protection in October with more than $4 billion in debts.

The company, once the backbone of Mr. Batista's industrial group, said last week that its creditors agreed to extend a deadline to complete a restructuring deal until next Friday.

OGP and the creditors had originally set Jan. 24 as the deadline for the agreement, which is expected to include an injection of around $200 million in fresh cash.

Write to Luciana Magalhaes at luciana.magalhaes@wsj.com

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