File photo of Eike Batista, CEO of EBX Group, gesturing to the audience during a ceremony in celebration of the start of oil production of OGX in Sao Joao da Barra

Mike Schuler
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August 30, 2013

Brazilian billionaire Eike Batista, CEO of EBX Group, gestures to the audience during a ceremony in celebration of the start of oil production of OGX, his oil and gas company, at the Superport Industrial Complex of Acu in Sao Joao da Barra in Rio de Janeiro in this April 26, 2012 file photo. Debt-ridden Brazilian tycoon Batista is accelerating the breakup of his tottering energy, port and mining empire, ceding control to new investors as some of the companies he founded scramble for fresh capital. With cash holdings plunging and Batista’s own fortune largely earmarked to guarantee Grupo EBX’s estimated $11 billion in debt, the companies in his group face the choice of trimming capital spending or reducing their size to stay afloat. REUTERS/Ricardo Moraes/Files (BRAZIL – Tags: ENERGY POLITICS BUSINESS)

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