OSX Brasil: Five directors resign after recovery plan ratification

By Kali Hays

New York, Feb. 6 – OSX Brasil SA said five members of its board of directors resigned after the approval and ratification of its judicial recovery plan.

The resigned board members are Euchério Lerner Rodrigues, Julio Alfredo Klein Junior, Francisco Borges de Souza Dantas, Luiz Guilherme Tinoco Aboim Costa and Agnaldo Santos Pereira, according to a Friday news release from the company.

OSX said it will “take the necessary measures” to appoint the minimum number of board members required under law and the company’s bylaws.

As previously reported, the judicial recovery plans of OSX and its subsidiaries, OSX Construcao Naval SA and OSX Servicos Operacionais Ltda., were approved on Jan. 30 by bank lender Caixa Economica Federal.

Caixa’s approval was a condition to the effectiveness and implementation of the recovery plans.

OSX Brasil is a Rio de Janeiro-based oil and gas holding company.

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