Brazil's OGX decides to skip $45 million interest payment due Tuesday

By Marisa Wong

Madison, Wis., Oct. 1 - OGX Petroleo e Gas Participacoes SA said it has opted not to pay the roughly $45 million of interest due Tuesday on the senior notes issued by subsidiary OGX Austria GmbH.

The company decided not to make the coupon payment after reviewing its capital structure, according to a press release.

The company said it has asked investment banks Lazard and Blackstone to coordinate discussions with stakeholders, including the holders of OGX Austria's senior notes.

The release noted that the company has 30 days to take the steps needed to avoid acceleration of the debt.

The oil and natural gas company is based in Rio de Janeiro.

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