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Brazil: Struggling gas firm gets bailout from German peer

By  |  October 31, 2013

Germany’s energy firm E.N SE, along with Brazil-based private equity fund Cambuhy Investimentos, inked a real to invest more than $100 million into struggling oil firm OGX Petroleo e Gas Participacoes, allowing the company to continue operations through its bankruptcy process.

According to a press release, the company will receive a cash payment of $66 million following the deal, which sees the parties acquiring stock in an OGX unit that produces natural gas in Brazil.

The proceeds from the buyout will go to debt settlement as well, according to reports.

The acquisition remains subject to regulatory clearance from competition authority CADE.

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