UPDATE 2-Creditors OK Brazil's Oleo e Gas restructuring plan

(Adds quotes from lawyers and implications for Brazil's bankruptcy laws)

RIO DE JANEIRO, June 3 (Reuters) - Creditors of tycoon Eike Batista's Oleo e Gas Participacoes SA approved a restructuring plan of the Brazilian oil company that could lead to a quick resolution of the largest bankruptcy in Latin America's history, lawyers said on Tuesday.

The plan was approved by creditors holding 90 percent of the debt. Creditors holding a minority of the company's debt may challenge the plan because they say they were not given equal opportunity to invest new capital in the company.

If a judge approves the plan in coming weeks, it will give roughly 90 percent of the company's stock to creditors that are owed nearly 12 billion reais ($5 billion), said Ricardo Knoepfelmacher, a partner in Angra Partners, the law firm that Batista hired to handle the restructuring. Creditors include Newport Beach, California-based bond fund company, Pacific Investment Management Co, or Pimco; Batista's shipbuilding company, OSX Brasil SA, and suppliers such as oil services company Schlumberger NV.

"This is one of the first Brazilian cases to be solved in a coherent way, using solutions that are common in developed countries," said Eduardo Munhoz, a lawyer with Mattos Filho Advogados, another law firm representing the company.

Munhoz said that stock investors would come away from the restructuring with almost nothing, which is not always the case in Brazilian bankruptcy cases.

Batista, who controls about 51 percent of the company's stock, will see his stake drop to about 5 percent once the restructuring is implemented, lawyers said. Last year, Batista lost almost all of his estimated $30 billion fortune after shares of the listed oil, shipbuilding, mining and logistics companies of his Grupo EBX plunged.

Transfer of ownership from Batista and other shareholders in the company to creditors is likely to occur by September or October, Knoepfelmacher said.

The company's shares closed on Tuesday at 0.20 real before the vote took place.

The restructuring plan comes seven months after OGX Petróleo e Gás Participações SA, as the company was formerly known, filed for bankruptcy court protection from creditors.

Investor confidence in Brazil's corporate bankruptcy legislation may be strengthened by the restructuring plan as the relatively quick approval of restructuring and dilution of stockholders' stake give priority to creditors over shareholders, lawyers said.

The restructuring will make the company debt free, helping it move ahead with plans to increase output from offshore oil wells near Brazil.

Sergio Bermudes, a founder and principal partner of Sergio Bermudes Advogados, which represents the company with Mattos Filho, said, "The challenge now is for the company to operate as a going concern."

(Reporting by Jeb Blount; Writing by Reese Ewing; Editing by Andre Grenon, Eric Walsh and Jan Paschal)