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Batista's OGX Files Bankruptcy: Largest Ever In Latin American History

Submitted by Tyler Durden on 10/30/2013 15:02 -0400

In line with what we discussed last night, once cajillionaire Eike Batista's net wealth has now collapsed to less than -$746.5 Million according to Bloomberg as Veja notes, his "take over the world" company OGX has declared bankruptcy following the breakdown of restructuring talks with bondholders:

*OGX FILES FOR BANKRUPTCY PROTECTION IN RIO, BATISTA LAWYER SAYS
*BATISTA'S OGX EXTENDS DECLINE TO 30% AFTER BANKRUPTCY FILING
*BATISTA LAWYER BERMUDES COMMENTS ON FILING BY PHONE FROM RIO

The filing puts $3.6 billion of bonds into default - the largest corporate debt debacle on record for Latin America.

As of this morning his net worth was already -$745 million..

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Wed, 10/30/2013 - 15:05 | 4105835 Jumbotron

3.6 billion bonds went *POOF*

Well, hell's bells......this is BULLISH......we need more BONDS TO BE PRINTED !

Quick Juan.....to the BAT PRESSES !!!!

Wed, 10/30/2013 - 15:12 | 4105867 buzzsaw99

the fed will buy them

Wed, 10/30/2013 - 15:32 | 4105949 DoChenRollingBearing

It is very difficult to go broke if you do not borrow money.

Wed, 10/30/2013 - 15:35 | 4105967 Vampyroteuthis ...

That nice man on TV told me to sell everything and invest in the BRICs. NOTHING could go wrong!!!

Wed, 10/30/2013 - 15:38 | 4105981 Vampyroteuthis ...

Wasn't Batista once the dictator installed by the CIA over Cuba?

Wed, 10/30/2013 - 15:57 | 4106070 ParkAveFlasher

Didn't Jose Bautista lead MLB in home runs one year?

Wed, 10/30/2013 - 16:53 | 4106389 CPL

The flavour of grape gum really tastes like the colour purple and in no way resembles a grape.

Wed, 10/30/2013 - 21:53 | 4107308 StychoKiller

That flavor is actually lavender-based, no grapes involved!

Thu, 10/31/2013 - 10:41 | 4108501 Scarlett

LITTLE SECRET: See the name Fuhrken? Daddy and MOMMY were top Nazis. Just so you know.

Wed, 10/30/2013 - 18:54 | 4106762 olto

He was the dictator that Fidel ran out of his country along with all his cronies and all of the wealth of Cuba------paid fprever by the mafia non governmentals and mafia governmentals of the USA-----don't know where the CIA fits in except as the bagman.

Wed, 10/30/2013 - 19:19 | 4106844 thestarl

Apart from China its not like the others manufacture much.They either dig stuff up or in Russias case pump oil and gas.

Wed, 10/30/2013 - 21:31 | 4107246 Buck Johnson

This guy is going to be worth a negative 745 million dollars by this time Friday. His company is probably going to take Brazils stock market with it.

Wed, 10/30/2013 - 15:13 | 4105869 Pladizow

Think NSA knew about this early and whether or not they shared info with US oil interests?

Wed, 10/30/2013 - 15:06 | 4105839 TrumpXVI

!Que terrible!

Wed, 10/30/2013 - 15:08 | 4105847 Tortfeasor

Dios mio, putas!

Wed, 10/30/2013 - 15:08 | 4105849 Theta_Burn

Perfect candidate for one of those credit card consolidating services.

Wed, 10/30/2013 - 15:09 | 4105855 thismarketisrigged

i hope 1 day that i can lose so much money to only be worth 745 million, lol.

it is amazing though, i remember this guy was worth 36 billion not to long ago.

this is what will happen to the market. from all time highs to all time lows in a blink of an eye, when SHTF.

Wed, 10/30/2013 - 15:11 | 4105860 Grande Tetons

It is a dream of mine to see Zuckerburg cleaning toilets one day.

Wed, 10/30/2013 - 15:14 | 4105875 thismarketisrigged

i hate that bastard zuckerberg as well.

amen to that.

Wed, 10/30/2013 - 15:37 | 4105971 Vampyroteuthis ...

How about homelessness?

Wed, 10/30/2013 - 15:12 | 4105868 NoDebt

NEGATIVE $745MM. Negative.

And that's why Jamie Dimon is richer than you are.

Wed, 10/30/2013 - 15:10 | 4105858 LetThemEatRand

When you owe $10,000, it's your problem. When you owe $750M dollars, it's someone else's problem.

Wed, 10/30/2013 - 15:14 | 4105870 NDXTrader

Too bad he's not a European sovereign - he could just force bond holders to take a "voluntary" haircut

Wed, 10/30/2013 - 15:14 | 4105871 HUGE_Gamma

Background "Self Made".. that is an error on Bloomberg's part.. forgot to mention his daddy was a bureaucrat and the a the former present of VALE that handed him inside information on mineral deposits and spoon fed him investors from the start.

Wed, 10/30/2013 - 15:18 | 4105872 HUGE_Gamma

dont feel bad for Mr Batista. his future will be similar to Corzine / Spitzer/ Summers/ .. losers who are still respected on the basis of their celebrity status

Wed, 10/30/2013 - 15:34 | 4105961 azzhatter

I saw this assclown on CNBC last year with Maria Bartiromo slobbering all over him. I swear she sucked his cock before the interview. Both were smiling

Wed, 10/30/2013 - 15:15 | 4105874 SheepDog-One

Obviously quite bullish for U.S. markets.

Wed, 10/30/2013 - 15:15 | 4105876 NoDebt

He'll be found dead within a year. Probably some tragic accident or something. I bet a lot of people hated him even before this event.

Wed, 10/30/2013 - 18:50 | 4106751 olto

I don't think so, No Debt.

From what I have heard, he was a very generous guy and helped a lot of people-----he has a lot of friends and this is SOUTH America.

Wed, 10/30/2013 - 15:17 | 4105883 Apocalicious

BULLISH! This removes bonds from supply, automatically making all remaining bonds more valuable.

Wed, 10/30/2013 - 15:32 | 4105950 NoDebt

Damn, I never thought about that!

Wed, 10/30/2013 - 15:17 | 4105887 NoTTD

So, who are the main haircut candidates? Who are the bondholders?

Wed, 10/30/2013 - 15:20 | 4105900 asteroids

The usual suspects, PIMPCO, Blackrock, etc... Fear not, the FED will bail them out. They "must", in order to instill confidence in the market.

Wed, 10/30/2013 - 15:20 | 4105898 NOTaREALmerican

Dudes, bankruptcy? Seriously? Like, epic fail, dudes.

You're supposed to turn yourselves into a bank, and saddle up to the discount windows with the rest of the cowboys.

Wed, 10/30/2013 - 15:24 | 4105917 Father Lucifer

Dead man walking

Wed, 10/30/2013 - 15:38 | 4105980 CheapBastard

EZ Come, EZ Go.

Wed, 10/30/2013 - 16:40 | 4106096 falak pema

this Batista guy is the stuff fallen angels are made off. I have to put him in my novel!

Paradise of Oligarchy lost!

Is it premonatory in Oligarchy Armageddon?

Wed, 10/30/2013 - 18:36 | 4106706 olto

This is how to go out in style.

You have to admire any artist---at least a teeny bit----who plays a role this large----larger-than-life fo all of us here.

I would nominate Batista for chairman of the Fed in a heartbeat, if only I could.

A dude like this is no man's bitch---------------------------------------bitchez!

Wed, 10/30/2013 - 19:15 | 4106833 Rogue Economist

So Eike will be moving into the Favelas soon?

Wed, 10/30/2013 - 19:17 | 4106838 Rogue Economist

So Eike will be moving into the Favelas soon?

Thu, 10/31/2013 - 02:20 | 4107763 omi

Stop fapping to yourself in the mirror. The dude is still richer than you, and government will probably pay him a giant check to be poor on paper.

Batista's OGX Files Bankruptcy: Largest Ever In Latin American History

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