Brazil's EBX: No Conflict Between Angra and OGX Executives
SAO PAULO--Brazilian businessman Eike Batista confirmed Friday he hired Angra Partners to advise his EBX Group as the conglomerate with oil, mining and shipping interests weathers financial difficulties. But he denied there were conflicts between Angra and company executives.
In a letter signed by Mr. Batista, he confirmed recent reports that he had hired local advisory group Angra to help during the restructuring of flagship oil company OGX Petroleo e Gas Participacoes SA (OGXPY, OGXP3.BR). However, he denied press reports of conflicts between Angra and OGX executives and that Angra was seeking to force out company executives.
Mr. Bastista said OGX operations are still being managed by company executives and said he, along with OGX's board, have "total confidence" in OGX executives. He said there are no plans to remove any company directors.
The executive confirmed that Blackstone Group LP (BX) also is advising OGX during its restructuring process.
Mr. Batista is trying to avoid a financial collapse of his companies amid a crisis triggered by OGX last year after the company failed to meet production targets. Since then, OGX has discontinued production at most of its oil fields.
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(END) Dow Jones Newswires 09-13-131236ET Copyright (c) 2013 Dow Jones & Company, Inc.