23 April 2013

BRASIL: Media Claim Batista's OGX...Running Out Of Money.

     Billionaire Eike Batista is said to be literally dialing for dollars/reais...because some experts say his energy company OGX...will run out of $1.65 billion in cash by year's end.
     OGX's high interest bonds shot up yesterday...after media speculation that Russian giant Lukoil might be buying 40% of the languishing company.
     There was also a rumor that Malaysia was buying part of OGX's fields for $1 billion.
     Recently...OGX has been shutting down wells...to save cash.
     OGX stocks and bonds hit new lows last week after reports that its total crude production fell 26%...to just 8,300 bbl daily.
    Batista...who once proudly boasted of being Brasil's #2 richest man...and eventually overtaking the globe's wealthiest man...Mexican telecom mogul Carlos Slim...lost a staggering $24.6 billion in worth last year.
    But Eike is not poor...still worth $6.9 billion...on paper.