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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