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Brazil's OGX files for bankruptcy protection -source

Wednesday, 30 Oct 2013 | 2:54 PM ET

RIO DE JANEIRO, Oct 30 (Reuters) - OGX Petróleo e Gas Participações SA, the Brazilian oil company controlled by former billionaire Eike Batista, sought court protection from creditors on Wednesday in Latin America's largest-ever corporate bankruptcy filing, a source with direct knowledge of the situation told Reuters.

If a bankruptcy court approved the request, OGX would have 60 days to come up with a corporate restructuring plan. The company's creditors - which include Pacific Investment Management Co, the California-based bond fund known as Pimco, and U.S.-based investment fund BlackRock Inc, among others - would then have 30 days to endorse or reject the plan.

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