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Wednesday, August 14, 2013

How A Brazilian Oil Billionaire Lost 99% Of His Fortune

Eike Batista, ranked as the world’s eighth-richest person last year, ceased to be a billionaire after Mubadala Development Co. converted an investment in his companies into debt, further eroding the value of his assets.
Batista’s EBX Group Co. owes US$1.5-billion to Mubadala after the Abu Dhabi sovereign-wealth fund restructured a US$2-billion investment, said three people with knowledge of the deal. The fund no longer has equity in EBX, which paid back US$500-million after renegotiating earlier this month, said two of the people, asking not to be named because terms are private.

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