Brazil's OSX To Seek Bankruptcy Protection
OGX was the backbone of Batista's empire, which includes steel, mining, energy, infrastructure and real estate companies.
OGX failed to deliver on promises to produce large amounts of offshore oil even though it has reported many finds since 2010, when its market value reached $34 billion. In the first half of this year, the company averaged output of just 8,500 barrels a day and racked up more than $2.5 billion in losses.
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