Brazil’s OSX sees bondholders accepting delayed interest payment

OSX Brasil SA expects a deal in the coming days to delay an interest payment on bonds sold to finance an oil production ship, a move that will help the ailing Brazilian shipbuilder move ahead with a restructuring plan, a senior executive said on Wednesday. A deal will allow OSX, controlled by tycoon Eike Batista, to put off a December 20 interest payment on $500 million of 9.25 percent bonds due in 2015, Chief Financial Officer Claudio Antonio da Silva Zucker said at the sidelines of an event in Rio de Janeiro. One of the conditions is that OSX give up control, but not ownership, of the OSX-3 ship that secured the bonds to a captain and crew under the control of creditors, sources said at the time. OSX (OSXB3.SA), which operates a shipyard north of Rio de Janeiro, last month filed for protection from creditors on liabilities of 5.34 billion reais ($2.30 billion).

    

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