Eike Batista is currently listed as the richest man in Brazil. He is the chairman of Brazilian conglomerate EBX Group. The group includes five companies that trade on the BOVESPA´s Novo Mercado, a special segment of the São Paulo stock market where enterprises with the highest standards of corporate governance are listed. These five companies are: OGX(oil and gas), MPX (energy), LLX (logistics), MMX (mining) and OSX (offshore services and equipment). In early 2012, Batista had a net worth of $30.0 billion, making him the seventh wealthiest person in the world and the richest in Brazil.
SÃO PAULO— Oléo e Gás Participações SA, OGXP3.BR +5.26% Brazilian businessman Eike Batista's oil company, announced late Friday changes to its restructuring plan, placing in the spotlight a $1 billion put option that the former billionaire never repaid.
Bargain hunters and souvenir seekers who had hoped to buy a piece of bankruptcy history at an auction in Brazil this week will have to wait for a judge to make up his mind before they can get their hands on any items they successfully bid on.
A white-knuckle ride
ON OCTOBER 30th OGX, the oil-and-gas firm at the heart of the business empire of Eike Batista, a flamboyant entrepreneur who was until recently Brazil’s richest man, filed for bankruptcy protection. One month earlier it had missed a $45m payment to bondholders, and attempts to negotiate a debt restructuring during a 30-day grace period failed. With $3.6 billion in bonds and another $500m owed to suppliers, it is Latin America’s largest corporate failure. OGX now has two months, extendable for a further three, to agree a recovery plan with investors. Without fresh funding it will run out of cash by the end of the year and risk losing its most valuable remaining assets, stakes in two offshore oilfields close to production. That would leave investors with little or nothing.OGX was listed in 2008 on the basis of promising exploration prospects. Industry specialists understood that without fields in production OGX was a high-risk proposition, says Mark McHugh of OFSCap, an energy-investment firm. But they were impressed by the “dream team” put together by Mr Batista: a group of ex-employees of Petrobras, Brazil’s...
* OGX says has enough cash to meet mid-term obligations (Adds regulator statement, details of filing)
Once worth $34.5 billion, Eike Batista’s holdings are now estimated at $4.8 billion and falling. With Brazil’s streets churning in protest, the markets — and Mr. Batista’s fortune — is on uncertain terrain.
By Lucy Jordan, Senior Contributing Reporter RIO DE JANEIRO, BRAZIL – Brazil’s 11th oil and gas auction, held Tuesday in Rio de Janeiro, raised a record R$2.8 billion, the industry’s regulatory agency said, with Petrobras winning the most blocks, and oil giants, BP, Total, Chevron and ExxonMobil also gaining rights to explore new areas. The [...]
Petrobras, Galp, OGX, Total, Chevron among winning bidders
A judge suspends a deal giving control of Brazil's biggest stadium to a private consortium, saying there were irregularities in the bidding process.
* BG Group, OGX, Total, BP among big winners at Brazil auction
By Anna Kaiser, Contributing Reporter RIO DE JANEIRO, BRAZIL – The bid for the private ownership of the Maracanã football (soccer) stadium for the next 35 years appeared to have been settled Thursday, May 9th. Yet after public outcry, a court order injunction prevented the state government from concluding the contract until the merits of [...]
By Maria Lopez Conde, Contributing Reporter RIO DE JANEIRO, BRAZIL – Sixty-four out of the 71 national and international companies that filed requests with the Brazil’s National Petroleum Agency (ANP) will be allowed to bid for Brazilian exploration blocks this May, the oil regulator announced. This represents a modest increase from the 61 firms that [...]
DUBAI, April 15 (Reuters) - Khaled Eldabag, a senior investment banker at Goldman Sachs Group Inc who handled some of the Wall Street firm's biggest clients in the Middle East, has resigned, two sources familiar with the matter said.
Looking for new growth markets, executives at German electrical utility company E.on saw what they thought could be a golden opportunity in Brazil. Now their local partner is threatened with major financial problems and the joint venture MPX may face billions in potential losses.
* Blockade by OSX shipyard workers lead to wider LLX protest