Fall from Grace: Batista Gets 30-Years for Corruption
Eike Batista, the former mining and oil magnate who was once Brazil's richest man, was convicted and sentenced to 30 years in prison for bribing Rio de Janeiro state's disgraced ex-governor, according to a court document published on Tuesday.Batista's conviction and sentencing by federal judge Marcelo Bretas are the latest in a wave of graft investigati
Prumo Sells 20% of Brazil Acu Oil Terminal to Oiltanking
Prumo Logistica SA , the Brazilian port operator controlled by U.S.-based EIG Global Energy Partners, agreed to sell 20 percent of its oil terminal at Brazil's Port of Açu to Germany's Oiltanking for $200 million, Prumo said on Thursday. Under the agreement Oiltanking will also manage the Port of Açu Oil Terminal…
Brazil Regulator:Tycoon Batista Manipulated Market
Brazil's securities regulator said on Wednesday that former billionaire Eike Batista misled the market about shares in power company MPX, now called Eneva SA, as his EBX energy, mining, port and shipbuilding empire collapsed in 2013. The regulator, known as the CVM, fined Batista 300…
Oleo e Gas Reviewing Viability of Oil Production
Oleo e Gas Participações SA, the recently restructured Brazilian oil company, said on Friday it was reviewing the viability of continued output at its only producing field after the fall in oil prices cut it off from finance for expansion. Without new finance, the field will have to remain at current production levels of about 8…
Fallen Brazilian Tycoon Batista Faces the Law
A year after the epic collapse of his industrial empire, Brazilian tycoon Eike Batista's financial and legal troubles appear far from over. Once worth more than $30 billion and listed as the world's eighth-richest man by Forbes Magazine, Batista says his debts now exceed his assets by $1 billion and the value of his remaining stakes in the oil…
Unit of Brazil's OSX Gets Approval to Stop Payments
OSX WHP 1&2, a Netherlands unit of bankrupt Brazilian shipbuilder OSX Brasil SA, received final approval from a Dutch court to suspend payments to creditors until January 2016, OSX said in an e-mailed statement. OSX WHP 1&2 was set up to finance, build and lease well-head oil production platforms to Oleo e Gas Participacoes SA…
Brazil's Óleo e Gas, OSX Renegotiate FPSO Contract
Óleo e Gas Participações SA, the Brazilian oil producer that is under bankruptcy protection, and former sister company OSX Brasil SA completed on Friday a plan to renegotiate contractual terms related to the rental of a ship. In a securities filing, Óleo e Gas said OSX Brasil, a shipbuilder controlled by Brazilian tycoon Eike Batista…
MMX Shares Tumble on Report May File Bankruptcy
Shares in Brazilian tycoon Eike Batista's iron ore miner MMX Mineracao e Metalicos SA fell nearly 6 percent to an all-time low on Tuesday on a report that the company is going to ask a Brazilian court for protection from creditors. Brazilian magazine Veja reported late on Monday that…
OSX Brasil Suspends Creditor Payments
A Netherlands-based subsidiary of Brazilian tycoon Eike Batista's bankrupt shipbuilding and shipleasing unit OSX Brasil SA suspended payments to creditors after being granted protection by a Dutch court. According to a securities filing on Thursday, OSX sought protection for its OSX WHP…
Batista Seeks Mubadala Refinancing
The successful restructuring of bankrupt oil producer Óleo e Gás Participações SA will allow Brazilian tycoon Eike Batista to move forward with plans to cut his own debt, three sources with direct knowledge of the situation said. Batista and his EBX holding company have been in talks…
Creditors Approve Restructuring Of Batista's Oleo E Gas - Update
Creditors of Brazilian tycoon Eike Batista's Oleo e Gas Participacoes SA approved a restructuring plan for the oil company that could lead to a quick resolution of the largest bankruptcy in Latin America's history, lawyers said on Tuesday. The plan was approved by creditors holding 90…
Bankrupt Brazilian Firm to Produce Offshore Oil by 2016
Bankrupt Brazilian oil company Oleo e Gas Participacoes SA expects to produce its first oil from the Atlanta offshore field in the BS-4 block in the Santos Basin in late 2015 or early 2016, company executives said on a conference call on Monday. Oleo e Gas owns 40 percent of an estimated 147 million barrels of proven…
Batista Shipbuilder Proposes 25-Year Payback Plan
OSX Brasil SA, the troubled shipbuilder controlled by former Brazilian billionaire Eike Batista, proposed a 25-year plan to pay back creditors to a Rio de Janeiro bankruptcy court, the company said on Friday in a statement. The proposal includes an initial three-year relief period before OSX would have to start making the payments.
Brazil Opens Bank Records Of Fallen Tycoon Batista
A federal court in Brazil gave police access to the bank records of former billionaire Eike Batista as part of an investigation into alleged financial fraud, a judicial source said on Friday. The latest setback for Batista, who is accused of giving misleading information about the offshore wells of his bankrupt oil company…
Bankrupt Brazil Firm to Start Offshore Production
Oleo e Gas Participações SA, the bankrupt oil company controlled by Brazilian tycoon Eike Batista, said on Monday that it expects to start production at two additional wells in the Tubarão Martelo offshore field within 90 days. The wells would join two others in production, bringing the company's total output to 16…
Oleo e Gas to Add Production at Two Wells
Oleo e Gas Participações SA, the bankrupt oil company controlled by Brazilian tycoon Eike Batista, said on Monday that it expects to start production at two additional wells in the Tubarão Martelo offshore field within 90 days. The wells would join two others in production, bringing the company's total output to 16…
Brazil's Oleo E Gas Gets $44 Mln Offer For Colombian Oil Rights
Oleo e Gas Participacoes SA, the bankrupt oil company controlled by Brazilian tycoon Eike Batista, received a $44 million offer for five oil exploration and production blocks in Colombia, the company said on Friday. The offer involves $30 million in cash and the assumption of $14 million in future exploration obligations in Colombia…
Reports: Brazilian Tycoon Batista Investigated For Financial Crimes
Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering, Brazilian media reported on Friday. If the police probe leads to criminal charges against Batista, it…
OGX lands $73 Mln loan
Bankrupt Brazilian oil company Óleo and Gás Participações SA, formerly known as OGX, has obtained a $73.2 million loan to finance exports and related costs, the company said on Tuesday in a securities filing. The company, the flagship of Brazilian tycoon Eike Batista's EBX energy, mining…
Brazil's oil Company Output rises to 464,538 B/D
Brazilian oil company Óleo and Gás Participações SA, formerly known as OGX, said on Monday that its oil production increased to 464,538 barrels a day in March. The bankrupt company controlled by Brazilian tycoon Eike Batista said in a securities filing that 324,472 barrels a day came from Tubarão Martelo oil field and 140…
