STXNEWS LATAM-Brazil's Batista renominated as Oleo e Gas chairman

Fri Apr 4, 2014 5:15pm EDT

Oleo and Gas Participações SA, the bankrupt Brazilian oil company controlled by Eike Batista, will re-nominate the Brazilian businessman as chairman of the board at a May 2 shareholders meeting. They will also propose that the company pay its top executives and directors a total of 21 million reais ($9.21 million) in 2014, an amount equal to about 80 percent of the cash available to the company in December.

The company, formerly known as OGX, lost 17.4 billion reais in 2014. In January, it began pumping crude from its Tubarao Martelo offshore oil field, an asset that bondholders and other creditors hope will repay part of their losses in a restructuring being handled by a Rio de Janeiro court.

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