X marks the blot

20 March 2013 By Christopher Swann

The Brazilian entrepreneur needs to sell part of MPX, a $3 bln electricity firm, to calm creditors. He borrowed against ventures that went public too early and have slumped 70 pct in value. The prospect of more margin calls is a gloomy one for his creations’ battered investors.

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Brazilian billionaire Eike Batista is in talks to sell a stake in power company MPX Energia, according to a filing by the company on March 19.
Batista is downsizing his EBX conglomerate of energy, oil, mining and logistics companies after a series of setbacks led some of the group’s listed companies to lose an average 70 percent of their value over the past year.
Batista owns a 53.9 percent stake in Rio de Janeiro-based MPX. The filing said there is no binding agreement on the sale yet and named no potential buyers.

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