OGX, the petroleum exploration and production company founded by the Brazilian entrepreneur Eike Batista, was pushed closer to bankruptcy after it announced Tuesday that it would default on a $44.5 million interest payment.

Luana Helsinger, a petroleum analyst with Grupo Bursátil Mexicano in Rio de Janeiro, said, “The logical next step is for OGX to request a court-supervised reorganization.”

OGX has a 30-day grace period to negotiate with creditors. Should a bankruptcy occur, it would be the largest corporate default in Latin America’s history.

Foreign investors hold most of OGX’s bonds. PIMCO, the largest bond investor, is a major holder of its debt.