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 Brazilian billionaire fights to save empire as economy stalls

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RR Phantom

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Brazilian billionaire fights to save empire as economy stalls Vide
PostSubject: Brazilian billionaire fights to save empire as economy stalls    Brazilian billionaire fights to save empire as economy stalls Icon_minitimeFri Jul 05, 2013 1:44 am
With his playboy lifestyle of private jets, yachts and expensive cars, oil and gas billionaire Eike Batista makes for an unlikely protagonist in the story of Brazil's growing economic crisis.

Brazilian billionaire fights to save empire as economy stalls Art_w_batista_0407-620x349

But just as his country is feeling the impact of a dwindling commodities boom, Mr Batista is fighting to save a business empire which he once boasted would make him the richest man in the world. After borrowing billions in the good times to fund the expansion of his businesses, which range from mining to the redevelopment of Rio's Maracana football stadium, there are doubts that he can repay his creditors.

The scale of the decline reached a new low on Tuesday after his oil company OGX revised expectations on oil production, slashed spending and suspended drilling at three offshore projects, raising the likelihood of restructuring.

Read more: http://www.smh.com.au/business/brazilian-billionaire-fights-to-save-empire-as-economy-stalls-20130703-2pcdn.html#ixzz2Y9BGeQ4W
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