The bankruptcy proceedings of Brazilian oil companies OGX and OSX have all the makings of a financial soap opera: one high-profile billionaire filing for bankruptcy on behalf of two related enterprises with a combined debtload of more than $5 billion equals expensive clashes with the U.S.’s largest bondholders and Brazilian financial regulators. As the world has watched OGX and OSX owner Eike Batista fall from grace after his initial October 2013 default, it has also gained an unprecedented view into the topsy-turvy nature of Brazilian bankruptcy and restructuring laws.