OSX Brasil S.A

What it is

Founded in 2007, OSX Brasil was built around shipbuilding — specifically assembling and integrating offshore oil exploration and production units — alongside operation and maintenance services. After the collapse of the wider EBX group, its surviving purpose shrank to managing a large industrial plot at the Porto do Açu superport on the Rio de Janeiro coast.

The core of its current business model — established under its first court-supervised restructuring — is the commercial exploitation of a roughly 3.2-million-square-metre area at Porto do Açu, leased to tenants connected to the maritime and energy industries. Revenue is real but tiny relative to the debt load.

Who owns it

Eike Batista holds a direct stake of 12.5% in OSX, plus an indirect interest of 36.9% through vehicles called the Centennial funds, giving him effective control of roughly 49% — consistent with the 59.1% insider figure in the structured data, which captures all closely-held shares. The remaining shares trade freely on B3, but with a market value of barely R$3.2M (≈ US$630K), that float is essentially illiquid.

OSX is the last company from the former EBX group that remains in Eike Batista’s hands. At his peak in 2012, Batista was the wealthiest Brazilian alive, with a fortune estimated at US$30 billion.

Who runs it

The names of the current chief executive and board chair are not disclosed in available sources accessible at the time of writing; OSX’s investor-relations pages list governance documents but do not publish individual director names in machine-readable form. The company confirmed in a March 2025 filing that it was evaluating legal implications of a shareholder call to elect new board members, and said it would keep shareholders informed in line with Brazil’s market regulator CVM.

The money, in plain words

Sales have nearly doubled in two years — from R$45.2 (US$9)M in 2023 to R$82.7 (US$16)M in 2025, growth of 83% (our calculation) — but this is a rounding error against the debt. OSX’s total debts stand at approximately R$7.9 billion (≈ US$1.53B), while its total assets are worth only R$691M (≈ US$134M, our calculation): liabilities are more than fifteen times assets.

The company holds just R$9.3M (≈ US$1.8M) in cash — barely ten weeks of operating costs — and its shareholders’ equity is negative R$9.9B (≈ –US$1.92B, our calculation), meaning owners’ claims have been wiped out many times over. There are no earnings, no dividend, and no price-to-earnings ratio to quote; the market cap of ~US$630K reflects a speculative stub, not a going-concern valuation.

What it is doing now

OSX filed a second petition for court-supervised debt restructuring in January 2024, seeking protection from approximately R$7.9 billion (US$1.5 bn) in obligations — what would be its second such process. Batista’s initial restructuring plan was rejected by a Rio de Janeiro appeals court within 24 hours of being filed.

The company blames Porto do Açu’s operator, Prumo, for failing to support its recovery, while Prumo had sent OSX a R$400 million (US$78 mn) bill for unpaid use of the port area. The two sides remain in active litigation, and the outcome of the second restructuring process will define whether OSX survives as a listed entity at all.

What to watch

• The court ruling. Whether a Rio de Janeiro judge approves a second restructuring plan is the single most important event for every stakeholder — creditors, the port operator, and any remaining shareholders.
• The Prumo dispute. The commercial relationship with Porto do Açu is OSX’s only revenue source; a forced eviction or a negotiated settlement would each transform the company’s situation entirely.
• Board renewal. The March 2025 shareholder call for new directors signals internal tension about governance direction — worth tracking for any change in strategy or debt-negotiation approach.
• Revenue trajectory. Sales roughly doubled over two years, small as the base is; whether OSX can attract more tenants to its port plot is the only operational variable that matters for creditors.

This is news, not investment advice.