SAO PAULO: Brazilian businessman Eike Batista ceded control of an iron ore port to Dutch energy firm Trafigura Beheer BV and an Abu Dhabi sovereign wealth fund in a $996 million deal that takes debt off his hands and secures new investment for the port.
The former billionaire's latest effort to stave off the collapse of his once high-flying Grupo EBX conglomerate follows the sale of other key assets and comes amid talks with creditors of OGX Petróleo e Gas Participações SA. The oil producer missed a $44.5 million bond interest payment this month and, analysts say, risks going bankrupt within weeks.
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