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With debts worth BILLIONS of reais, businessman Eike Batista's OSX shipyard company has filed a new request for judicial recovery. know more
OSX, a shipyard company owned by businessman Eike Batista, filed a new request for judicial recovery, marking the second time that the company has sought this resource to try to restructure its finances. With debts totaling around R$7,9 billion, the shipyard company faces a monumental challenge to recover in the market, According to the Exam website.
Before the fall of Eike Batista's shipyard company
Founded in 2007, OSX Brasil stood out in the shipbuilding market and providing services for the operation and maintenance of naval equipment, in addition to leasing exploration and production units aimed at the sector.
However, Eike Batista's shipyard company faced difficulties after the start of work on the Açu Naval Construction Unit shipyard, at Açu Superport, which had the potential to be the largest shipyard in the Americas.
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The first fall and the direct confrontation with Porto do Açu
The global economic crisis and falling oil prices have significantly affected the plans of Eike Batista's shipyard company OSX, resulting in financial difficulties. This led to the first judicial recovery of Eike's company, which took place between 2013 and 2020. During this process, the shipyard company agreed to use an area of Porto do Açu for the recuperação financial, but the results were not as expected.
OSX, owned by Eike Batista, accuses Porto do Açu of not collaborating in the restructuring of the business, alleging that Porto do Açu did not attract customers to occupy the area assigned to OSX. This lack of cooperation contributed to the company's precarious financial situation.
The Ghost of Eike Batista's Bankruptcy
In the new request for judicial recovery, the shipyard company OSX highlights strategic changes and cost reductions as measures to overcome the crisis. The company also points to a heated and expanding market as a factor that could contribute to its recovery.
The possibility of a company filing for judicial recovery more than once is not uncommon, but it can be viewed with suspicion by the market. This raises questions about the ability of company to stay healthy and fulfill their obligations, which can impact the confidence of creditors and investors.
OSX faces an uphill battle to get back on its feet financially. With a history of difficulties and a new request for judicial recovery, the company will have to demonstrate a solid strategy and concrete results to regain market trust and avoid the imminent risk of bankruptcy.
