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Fast Money & Foreign Objects
Batista oil firm OGX files for bankruptcy
What now for some of Eike Batista's empire?
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OGX, the Brazilian oil and gas company controlled by the billionaire tyc00n Eike Batista, has filed for bankruptcy protection in a Rio de Janeiro court.
The move came after OGX said long-running talks with creditors to restructure some of its $5.1bn (£3.2bn) debt failed on Tuesday.
The company has struggled with large debt and a crisis in investor confidence.
It is believed to be Brazil's biggest corporate bankruptcy.
Eike Batista is one of Brazil's best-known business figures
The failure of OGX is seen as a significant chapter in the demise of the vast business empire controlled by Mr Batista, a colourful and well-known business figure in Brazil who once boasted of ambitions to become the world's richest man.
His personal fortune was estimated by Forbes magazine at $30bn in 2012, but analysts suggest that troubles at OGX have seen all but wiped out his wealth.
The company has suffered poor output from its oil fields in Brazil, which has led to a loss of confidence among investors and creditors.
There were signs of trouble earlier in October when OGX missed a $44.5m interest payment owed to bondholders.
Analysts say the business model was based on securing loans to be paid back with oil that had not yet been produced.
http://www.bbc.co.uk/news/business-24751586
we were just talking about this guy a few weeks ago
video in link is just
What now for some of Eike Batista's empire?
Continue reading the main story
Related Stories
OGX, the Brazilian oil and gas company controlled by the billionaire tyc00n Eike Batista, has filed for bankruptcy protection in a Rio de Janeiro court.
The move came after OGX said long-running talks with creditors to restructure some of its $5.1bn (£3.2bn) debt failed on Tuesday.
The company has struggled with large debt and a crisis in investor confidence.
It is believed to be Brazil's biggest corporate bankruptcy.
The failure of OGX is seen as a significant chapter in the demise of the vast business empire controlled by Mr Batista, a colourful and well-known business figure in Brazil who once boasted of ambitions to become the world's richest man.
His personal fortune was estimated by Forbes magazine at $30bn in 2012, but analysts suggest that troubles at OGX have seen all but wiped out his wealth.
The company has suffered poor output from its oil fields in Brazil, which has led to a loss of confidence among investors and creditors.
There were signs of trouble earlier in October when OGX missed a $44.5m interest payment owed to bondholders.
Analysts say the business model was based on securing loans to be paid back with oil that had not yet been produced.
http://www.bbc.co.uk/news/business-24751586
we were just talking about this guy a few weeks ago
video in link is just
