The independent is proposing to swap $5.8 billion in debt for 25% of shares in the company, according to a security filing from the recently renamed Oleo e Gas Participacoes (OGP).
That figure includes $4.3 billion owned by OGX to suppliers and $1.5 billion owed by sister vessel company OSX.
OGX would also issue $215 million in "super priority" bonds that would convert immediately into shares representing 65% of the company after the restructuring.
Existing
