Brazil's OGX Petróleo e Gas Participações, owned by one-time billionaire Eike Batista, did not deposit $45 million of interest payments in bondholders' accounts, moving the firm closer to what could become the biggest corporate default in Latin American history. OGX has a 30-day grace period during which it could remain current, but the company said in a securities filing that it doesn't plan to make the payment.

Full Story:
Reuters, Forbes

Related Summaries