Justice decrees end of OGX’s judicial recovery and shares surge more than 9%

 

The company filed the recovery process on October 30, 2013, with debts in excess of R $ 13.8 billion

OGPAR ( OGXP3 ), formerly OGX Petróleo, reported on Wednesday that the 4th Business Court of the District of Rio de Janeiro has ordered the closure of the company’s judicial recovery process.

The company filed the recovery process on October 30, 2013, with debts in excess of R $ 13.8 billion.

Soon after the release of the news, the company’s shares soared more than 9%, entering the auction. The shares of the oil company closed with gains of 8.52%, to R $ 4.46.

According to OGPar, “the closure of the judicial phase of recovery will comply with legal requirements, without prejudice to the continuity of the judicial recovery plans and the resolution of incidents pending judgment, which will continue to run before the judicial recovery court” .

The company also reported that “there are pending appeals against the decision that approved the judicial recovery plans,” but that have no impact that prevents the end of the judicial recovery process. “With the closing of the judicial recovery process, companies are able to start a new phase, focusing on the development of their activities,” OGX said in a statement.

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