UPDATE 5-Batista's OGX ends bondholder talks as bankruptcy looms
* OGX may seek bankruptcy protection Tuesday - sources
* Oil producer faces end of grace period for bond payment
* Creditors' committee formed by Pimco, BlackRock, others
* Price on 2022 bond slides to 9 cents, near all-time low (Adds company's naming new director of exploration, updates share price)
By Jeb Blount and Guillermo Parra-Bernal
RIO DE JANEIRO/SAO PAULO, Oct 29 (Reuters) - OGX Petróleo e Gas Participações SA, the cash-strapped Brazilian oil company controlled by former billionaire Eike Batista, said on Tuesday that debt restructuring talks with holders of $3.6 billion in bonds ended with no agreement.
The announcement, made in a predawn securities filing, came just hours after Reuters reported that OGX was preparing to file for bankruptcy protection in a Rio de Janeiro court as early as Tuesday, according to three sources with direct knowledge of the situation.
The company did not say why the talks collapsed. But sources close to the negotiations told Reuters in recent days that areas of disagreement between Batista, management and creditors ranged from the scope of a potential capital injection to the terms of a Batista departure from OGX, which has total debt of over $5 billion.
OGX needs about $250 million of new funding to keep operating through April 2014, the company said in a presentation to bond holders during negotiations and in a posting on its website. Without new funding, the Rio de Janeiro-based company said it expects to run out of cash in the last week of December. Continuación...