Suspension of Seizure of Net Revenue from Sales of Oil and OGX Income

Source: www.gulfoilandgas.com 11/23/2015, Location: South America

Ogpar & OGX inform their shareholders and the market in general that, due to appeal filed the Companies, the decision was obtained, resu lting in the suspension of the seizure effects of (i) the net revenue generated from OGX sales of oil, and (ii) 5% of the monthly net revenue generated by the Companies, requested by Nordic Trustee ASA ("Nordic"), as representative of bondholders issued by OSX 3 Leasing BV. The suspensive effect will remain valid until the 4th Bankruptcy Court of Rio de Janeiro State Judicial District responds the order to be remitted by the Judge of the 45th Civil Court of Rio de Janeiro State Judicial District, with information regarding the essentiality of the objects included in the seizure, in accordance to the Judicial Recovery of the Companies. With the response, the aforementioned decision can, or not, remain valid until the appeal final judgement.

The Companies will keep its shareholders and the market informed on the development of this matter.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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