Creditors approved Brazilian shipbuilder OSX Brasil SA's revamped plan to emerge from bankruptcy yesterday, giving a boost to efforts by controlling shareholder Eike Batista to keep the company afloat while refinancing over $2.6 billion in debt, Reuters reported yesterday. OSX's own bankruptcy protection plan, as well as those from subsidiaries OSX Construção Naval SA and OSX Serviços Operacionais Ltda, were approved by an assembly of creditors in Rio de Janeiro, according to a securities filing. OSX had introduced a revamped plan a month ago. The plan still requires approval from a Rio bankruptcy court and from state-controlled lender Caixa Econômica Federal, with which OSX Construção Naval still has a loan in arrears, the filing said.
