(Bloomberg) -- Pacific Investment Management Co. and BlackRock Inc. are set to take over Eike Batista’s failed oil ambitions as creditors accept losses as deep as 99% on $5.8 billion of debt in return for ownership stakes.

The firms were among the main creditors that negotiated the deal announced by Batista’s Oleo & Gas Participacoes SA on Dec. 24, said a person with direct knowledge of the talks, who asked not to be identified as the discussions were private. Under the accord, creditors of the Rio de Janeiro-based company previously known as OGX, including holders of $3.6 billion of this year’s worst-performing bonds, will get a 90% equity stake.

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