Eike Batista
Media playback is unsupported on your device
Video

How oil billionaire's dreams crumbled

OGX, the Brazilian oil and gas company controlled by the billionaire Eike Batista, has filed for bankruptcy protection in a Rio de Janeiro court.

OGX, the Brazilian oil and gas company controlled by the billionaire Eike Batista, has filed for bankruptcy protection in a Rio de Janeiro court.

The move came after OGX said long-running talks with creditors to restructure some of its $5.1bn (£3.2bn) debt failed on Tuesday.

The company has struggled with large debt and a crisis in investor confidence.

The BBC's Wyre Davies reports from Rio de Janeiro