Batista’s OGX said set to file for bankruptcy

Brazilian oil producer OGX Petróleo e Gás Participações, owned by billionaire Eike Batista, is preparing an imminent bankruptcy protection filing to reorganize, The Wall Street Journal reports. OGX’s low oil and gas output were at the heart of the implosion of Batista's EBX group of companies over the past year. “One reason a filing is imminent is that suppliers are growing reluctant about doing business with the company as its woes deepen,” the Journal says. Earlier this month, OGX started to default on a $45 million interest payment to bondholders (it will officially be in default on October 30th).