Deals
Batista Oil Company Jumps After $5.8 Billion Debt Accord
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Eike Batista’s Oleo & Gas Participacoes SA jumped after saying creditors agreed to convert $5.8 billion of debt into a 90 percent equity stake in the former Brazilian billionaire’s oil company.
Oleo & Gas, formerly known as OGX Petroleo & Gas Participacoes SA, surged as much as 32 percent in Sao Paulo today and closed 16 percent higher at 22 centavos. The benchmark Ibovespa fell 0.3 percent from the previous trading session on Dec. 23.