By Juan Pablo Spinetto (Bloomberg) -- Out in the Atlantic Ocean, 130 miles off the coast of Brazil, an oil ship the length of New York City’s Chrysler building is at the center of an escalating legal war. This battle pits the crude producer founded by Eike Batista, Brazil’s most notorious ex-billionaire, against bondholders who loaned another of his companies … [Read more...]
Ex-Billionaire Batista Charged with Financial Crimes in Brazil
By David Biller and Jonathan Levin Sept. 15 (Bloomberg) -- Brazil’s criminal case against former billionaire Eike Batista will be a complex one that may take a year to come to trial and as long as 10 years to be fully resolved, lawyers said. Brazilian federal prosecutors accused Batista of financial- market crimes and are seeking to freeze his assets valued at as much as … [Read more...]
Batista Shipbuilder OSX Offers To Pay Debt In 25 Years
RIO DE JANEIRO, May 16 (Reuters) - Brazil's OSX Brasil SA , the bankrupt shipbuilder controlled by former billionaire Eike Batista, presented a plan to a Brazilian judge on Friday to pay $2.6 billion ($1.2 billion) in debt over 25 years. Under the plan, OSX will start repaying the bulk of its debts after three years, the company said in a statement. It also allows the … [Read more...]
OSX Brasil Board Elects Euchério Rodrigues Chief Executive
RIO DE JANEIRO, Nov 26 (Reuters) - OSX Brazil SA, the shipbuilding company controlled by Brazilian tycoon Eike Batista, said on Tuesday that its board of directors elected Euchério Lerner Rodrigues chief executive officer, a move that comes a day after a judge approved the company's bankruptcy-protection plan. OSX, which operates a shipyard under construction at the Port of … [Read more...]
OSX Brasil Plans Bankruptcy Filing
By Sabrina Lorenzi RIO DE JANEIRO, Nov 8 (Reuters) - Brazilian shipbuilder OSX Brasil SA said on Friday it will file for bankruptcy protection, another step in the decline of former billionaire Eike Batista's empire. The company said in a securities filing its shareholders approved the bankruptcy filing, which is expected to take place next week in a Rio de Janeiro court. … [Read more...]
Mubadala, Trafigura Win Control Of Batista Port In $996 Million Deal
By Guillermo Parra-Bernal SAO PAULO, Oct 15 (Reuters) - Brazilian businessman Eike Batista ceded control of an iron ore port to Dutch energy firm Trafigura Beheer BV and an Abu Dhabi sovereign wealth fund in a $996 million deal that takes debt off his hands and secures new investment for the port. The former billionaire's latest effort to stave off the collapse of his … [Read more...]
Six Lessons From Blowing $30 Billion in Brazil
By Raul Gallegos Oct. 2 (Bloomberg) -- Brazil’s OGX Petroleo & Gas Participacoes SA, the flawed jewel of ex-billionaire Eike Batista’s EBX conglomerate, is one step closer to bankruptcy after missing a $45 million dollar debt payment that was due yesterday. If OGX goes under, its largest U.S. creditors, Pacific Investment Management Co. and BlackRock Inc., … [Read more...]