An assembly of creditors in Rio de Janeiro approved on Wednesday a new bankruptcy protection plan put forward by Brazilian shipbuilder OSX Brasil SA in an effort to save the company while refinancing a USD 2.6 billion debt, Reuters reports.
OSX revealed the new bankruptcy protection plan, accompanied by bankruptcy protection plans for its subsidiaries OSX Construção Naval SA and OSX Serviços Operacionais Ltda, a month ago.
According to the securities filing, the plan still needs to be approved by a Rio de Janeiro bankruptcy court and Caixa Econômica Federal, a state-controlled lender with which OSX Construção Naval still has a loan in arrears.
OSX filed for protection from bankruptcy in November of 2013.