Once the world's 7th richest man is now going bankrupt
Brazilian 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.
Related Articles
New study identifies trade opportunities on both sides of Afghan-Tajik border
By: Ahmad Masoud The results of a field study, recently conducted in the towns of Khorog and Ishkoshim in Tajikistan
Should job-hogging over-50s all resign?
Too few jobs. Rising unemployment, especially for young people. Here’s a radical solution, says commentator on office and workplace life,
Students from Harvard Business School sell Afghan saffron
A group of students from Harvard Business School, also military veterans, have established a company to sell retail-packaged saffron to
