Eike Batista Down, But Far From Broke
Post on July 29, 2013, 3:08 pm by the-victoria-law-group 13 Comments
A year ago, Eike Batista was the world’s 8th richest man, worth $34.5 billion, thanks to his EBX holding company and the six companies under its umbrella, which all deal with natural resources and logistics.
Thanks to an overall market slowdown, Brazil’s resource industry has suffered, and his companies lost an overall $10 billion in the last year. Specifically, Batista’s oil and gas company, OGX, failed to deliver on production targets and has lost 86 percent of its stock value, and the company’s bonds, due to mature in 2018, have fallen by up to 20 percent. Batista’s investors have filed an injunction to keep him from selling any company assets.
Read Channtal Fleischfresser’s Smartplanet News article here:
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