Eike Batista
Who is he? Batista is a Brazilian business magnate.
What happened? Not long ago, Batista was one of the world's richest people, with a net worth of approximately $30 billion, according to FORBES estimates—but in October 2013, his oil firm OGX filed for bankruptcy protection in the largest corporate default in Latin American history. My colleague Agustino Fontevecchia reported that OGX is set to run out of cash in December unless it gets $250 million, which will allow it to push operations all the way to April 2014. "Meanwhile," Fontevecchia writes, "Batista is hurting. He is being sued, along with his company, by minority shareholders, while Brazil's SEC, known as CVM, is looking into violations of disclosure rules. His personal fortune has been decimated by the spectacular decline in his companies? stock prices, going from $30 billion to less than $1 billion."
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Who is he? Batista is a Brazilian business magnate.
What happened? Not long ago, Batista was one of the world's richest people, with a net worth of approximately $30 billion, according to FORBES estimates—but in October 2013, his oil firm OGX filed for bankruptcy protection in the largest corporate default in Latin American history. My colleague Agustino Fontevecchia reported that OGX is set to run out of cash in December unless it gets $250 million, which will allow it to push operations all the way to April 2014. "Meanwhile," Fontevecchia writes, "Batista is hurting. He is being sued, along with his company, by minority shareholders, while Brazil's SEC, known as CVM, is looking into violations of disclosure rules. His personal fortune has been decimated by the spectacular decline in his companies? stock prices, going from $30 billion to less than $1 billion."