Regions

A regulatory filing revealed that Eike Batista would be selling coal projects located in Colombia to Yildirm Holding in a deal valued at USD 450 million. Batista's latest divestment involved the sale of the open pit mines in Canaverales and Papayal operated by his coal unit CCX Carvao da Colombia. The mines would be sold to the Turkish firm for USD 50 million. Meanwhile, CCX said it was negotiating the sale of its underground mine and logistics operations in San Juan for a price tag of USD 400 million. The deals were expected to be completed by the end of 2013 and April 2014, respectively.

According to a Bloomberg report, Batista stopped being a billionaire in July this year. The Brazilian tycoon had sold the stakes he held in various ventures as he looked to gather cash to pay back debt. A person with direct knowledge of the matter also told Bloomberg that Batista's oil firm OGX Petroleo & Gas Participacoes could seek bankruptcy protection as early as today.