On Air Now

Listen

Listen Live Now » 100.3 FM Green Bay, WI

Weather

Current Conditions(Green Bay,WI 54303)

More Weather »
71° Feels Like: 71°
Wind: W 9 mph Past 24 hrs - Precip: 0.27”
Current Radar for Zip

Today

Scattered Thunderstorms 76°

Tonight

Mostly Clear 56°

Tomorrow

PM Thunderstorms 77°

Alerts

EBX restructuring to leave $1.7 billion debt, $2 billion in assets: source

RIO DE JANEIRO (Reuters) - The restructuring of Brazil's EBX industrial conglomerate will likely leave its controlling shareholder Eike Batista with about $1.7 billion of debt and up to $2 billion of assets, a source with direct knowledge of the situation told Reuters on Thursday.

The sale of assets in EBX companies such as utility MPX Energia SA and iron ore miner MMX Mineração e Metálicos SA will allow Batista to retire his debts with Brazilian banks.

The restructuring will also cut his debt with Abu Dhabi sovereign wealth fund Mubadala by more than 25 percent to between $1.6 billion and $1.7 billion, the source, who declined to be identified because he is not authorized to speak to the media, said.

EBX Group was not immediately available for comment.

(Reporting by Jeb Blount in Rio de Janeiro and Cesar Bianconi and Todd Benson in Sao Paulo; Editing by Dale Hudson)

Comments