Brazil Bourse Removes OGX from Indices

Source: Reuters 10/30/2013, Location: South America

Brazil's BM&F Bovespa, operator of the Sao Paulo stock exchange, said that it would remove oil company OGX Petroleo e Gas Participacoes SA from its various stock indices but that the shares, after a brief suspension on Thursday, would continue to trade.

The move follows a filing by OGX, which is controlled by former billionaire Eike Batista, to seek protection from creditors in a Rio de Janeiro court in Latin America's largest-ever corporate bankruptcy case.

The stock exchange operator said in a statement OGX shares would be suspended until 11 a.m. local time on Thursday, but resume trading normally afterward. OGX will be removed from the benchmark Ibovespa and the other local indices it belongs to as of Friday, the statement said.

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