Wed Dec 10, 2014 3:45am EST
* Bankruptcy protection petition will preserve cash -Eneva
* Process won't impact E.ON's EBITDA, underlying net income
* E.ON shares 1 pct higher (Adds E.ON statement, background)
SAO PAULO/FRANKFURT, Dec 10 (Reuters) - Eneva SA, the Brazilian power producer controlled by Germany's E.ON SE and Eike Batista, filed for creditor protection late on Tuesday, becoming the latest company founded by the tycoon to seek bankruptcy protection.
E.ON, which owns 43 percent of the company, said the plan would not affect its 2014 core earnings or net income.
"Eneva suffers from a lack of liquidity caused by a combination of operational issues, a stressed market environment and high levels of debt and interest," E.ON said in a statement on Wednesday.
E.ON gained control of Eneva, formerly MPX Energia SA, last year after the commodities, energy and logistics empire controlled by the company's founder, Brazilian tycoon Eike Batista, collapsed.
Some of Batista's main companies, including oil producer OGX Petróleo e Gás Participações SA, also sought court protection from creditors. OGX's creditor protection petition was the largest ever bankruptcy plan in Latin America.
Rio de Janeiro-based Eneva sought creditor protection after failing to refinance part of its 2.33 billion reais ($900 million) in debt.
The plan allows a company to suspend debt payments to creditors and present a revamped business plan within 60 days.
E.ON changed MPX's name to Eneva last year and hired Fabio Bicudo to turn around the company by cutting costs. Under Bicudo's tenure, Eneva boosted power production to the equivalent of 2.4 gigawatts, earning around 2 billion reais in revenue over the past 12 months.
Eneva said the bankruptcy protection will allow it to preserve cash and continue its operations.
Eneva will replace CEO Bicudo with Alexandre Americano, according to a separate statement, adding that three board members stepped down in the wake of the bankruptcy petition.
Bicudo was asked to become Eneva's chairman, the company said.
Eneva said it operates seven thermal electricity plants that were not included in the petition. The request for bankruptcy protection encompasses the holding company and its Eneva Particpações SA unit.
Shares of Eneva shed 2.7 percent on Tuesday to 0.71 reais. The stock is down 75 percent this year. (Reporting by Guillermo Parra-Bernal and Christoph Steitz; Editing by Bernard Orr and Louise Heavens)
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