OGX Petroleo & Gas Participacoes SA failed to reach an agreement with holders of dollar-denominated bonds as former billionaire Eike Batista’s oil company heads toward Latin America’s biggest corporate debt default.
Eike Batista is counting on executive changes at his commodities and energy companies to boost shareholder confidence after earnings disappointments and output delays wiped out $15 billion in market value this year.
BlackRock Inc.’s sale of about 70 percent of its holdings in bonds from billionaire Eike Batista’s oil producer is helping the largest asset manager avoid the losses suffered by Pacific Investment Management Co.
Brazilian billionaire Eike Batista is borrowing credibility from the nation’s most influential businessman to arrest a decline in his commodities and energy companies that wiped out $25 billion of his wealth.
Egyptian companies are delaying expansion plans, driving debt levels to the lowest in almost two years and dimming prospects for the Arab country’s economic recovery as it struggles with a transition to democracy.
Vale SA, the world’s largest iron- ore producer, probably lost money for the first time in a decade in the fourth quarter after Chief Executive Officer Murilo Ferreira dropped unprofitable projects and wrote down assets.
Brazil’s Bovespa stock index rallied, rising the most among the world’s 20 biggest equity markets, as real-estate companies and commodity producers climbed after the measure fell to the cheapest level in more than a year.