Argentina-based investment group Corporacion America reached an agreement to buy the stake of entrepreneur Eike Batista in SIX Semicondutores, a Brazil-based billion-dollar semiconductor project, for an undisclosed sum.
Oleo e Gas Participacoes, controlled by Brazilian investor Eike Batista, promised to repay its $31.2 million debt in two oil fields located south of Rio de Janeiro. Oleo e Gas could lose its 40% stake in the said oil fields if it fails to repay its joint venture partners.
Investors seemed to be positive with regard to news from former Brazilian billionaire Eike Batista about Oleo & Gas Participacoes SA's creditors agreeing to convert $5.8 billion worth of company debt into equity stakes.
Multinational conglomerate General Electric Co. intends to proceed with its project to construct a manufacturing site near a port in Rio de Janeiro. The port is being built by LLX Logistica, which was formerly run by Brazilian petroleum titan Eike Batista.
OGX Petróleo e Gás Participações SA, the Brazilian oil producer that filed for bankruptcy protection, is reviewing legal options after Malaysia's Petroliam Nasional Bhd canceled its agreed purchase of a stake in two OGX oil blocks.
A new CEO was recently installed for billionaire Eike Batista's OSX as it prepares itself for bankruptcy and other legal processes, according to its lawyers.
Amidst rumors of a pending bankruptcy filing, secured bonds of OSX Brazil now trade at a two month high.
Former billionaire Eike Batista would be selling his coal mines in Colombia to Yildirim Holding for USD 450 million.
OGX would be filing for bankruptcy should it not be able to meet interest payments to bondholders amounting to USD44.5 million.
At his financial mightiest, Eike bankrolled social services in Rio de Janeiro.
Luiz Carneiro was fired as chief executive of his OGX Petroleo e Gas Participacoes SA by Eike Batista, whose commodity group owned the oil and gas company.
OGX Petroleo, Eike Batista's flagship company, may seek more financial assistance from bondholders to avoid seeking bankruptcy protection.
Eike Batista's OSX Brasil SA engaged the services of Bingham McCutchen LLP for its restructuring efforts.
This week, BlackRock Inc. had bought shares in OGX Petroleo & Gas Participacoes after its increased presence in Brazil's benchmark index.
State-owned Mubadala Development Co and Amsterdam-based Trafigura Beheer submitted joint bids for Eike Batista's MMX Mineracao & Metalicos.
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