English | دری

Once the world's 7th richest man is now going bankrupt

in Featured Articles

Once the world's 7th richest man is now going bankrupt

eike batistaBrazilian former billionaire Eike Batista has filed for a second bankruptcy protection this year.

His shipbuilding firm, OSX Brasil, has filed for bankruptcy protection, with an estimated debt of about USD 2.3bn.

This comes only two weeks after its sister oil company, OGX, declared its bankruptcy.

Batista was once ranked as the 7th richest man in the world and boasted a fortune estimated at USD 30bn.

Analysts said Batista secured large loans and promised payments through his oil firm that had not yet begun pumping.

It was last year when OGX announced that its oil production would be a quarter of its initial forecast that resulted in the loss of confidence of investors in Batista’s business empire and in drastic falling of share prices.


Tags assigned to this article:
BrazilBrazilian billionaireEike BatistaOGXOSX

Related Articles

Why Fiscal Cliff Deal Fails To Neutralize Debt Ceiling Hostage

What is Fiscal Cliff Deal? The term fiscal cliff has been used at various occasions in the past to refer to fiscal issues. It is already known to

Transforming ‘Aid to Africa’ into ‘Made in Africa’

David Sengeh-Graduate Student- MIT Media Lab As a Sierra Leonean living in the country during and after the decade-long civil war,

iLabs in Afghanistan

By: Said Marjan Zazai The concept of technology innovation lab was first introduced in Afghanistan in 2012 by Internews. They

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.