STXNWS LATAM-Brazil bourse removes OGX from indices, shares to continue trading

Wednesday, 30 Oct 2013 | 7:30 PM ET


RIO DE JANEIRO, Oct 30 (Reuters) - Brazil's BM&F Bovespa, operator of the São Paulo stock exchange, said late on Wednesday that it would remove oil company OGX Petróleo e Gas Participações SA from its various stock indices but that the shares, after a brief suspension on Thursday, would continue to trade.

The move follows a Wednesday 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.