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Auction of R$ 1.6 Billion That Could Get Eike Out of Trouble Has Been Authorized; Money Will Be to Pay the Creditors of MMX Southeast
The universe seems to conspire again in favor of former billionaire Eike Batista, according to journalist Lauro Jardim in his column in O Globo. In the coming days, Eike, the man who once had his moment of glory and was considered the seventh richest man in the world, has the chance to leave behind his nearly ten years of misfortune, which, according to the publication, was a period that sums from a time in prison to the bankruptcy of almost all his companies.
The debentures estimated at up to half a billion dollars were issued by the mining company Anglo American. Estimated at over US$ 500 million, the minimum bid will be US$ 350 million, equivalent to just over R$ 1.6 billion.
If the debentures are sold at the minimum value, the former billionaire could lift MMX’s bankruptcy, pay the fine of R$ 850 million to the courts, and still have cash left.
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The president of BR Partners, Ricardo Lacerda, told Valor Econômico that some interested parties in the auctioned assets include strategic investors from the mining sector, investment funds, sovereign funds, funds that invest in royalties, and special situation funds.
However, so far, the only actual offer has come from Renato da Cruz Costa, owner of RC Group, who offered US$ 350 million in cash for Eike Batista’s debentures. The company has the right of first refusal as it was the first to express interest.
This means it can cover the bid from another interested party within 24 hours. If it wins the bidding, Costa will have to deposit the amount within five days.
Businessman Interested in Buying Debentures Is Target of Lawsuits and Fraud in Brazil
But not everything is rosy: Renato da Cruz Costa is the target of at least 18 legal proceedings in Brazil, accused of fraud and failing to pay various debts.
According to O Globo, of the 18 lawsuits found by the newspaper in the TJ-SP systems against Renato Cruz and his former company, RC Prime Operações e Negócios, 7 are active and another 11 are suspended because the court cannot locate him for formal notification. There are also six labor lawsuits against RC Prime.
“There is everything from an execution suit to collect a bounced check of R$ 6,500.00 from the owner of RC Group to a ruling requiring him to pay R$ 272,000 to a rental agency. In a 2019 case, a car rental company in Belo Horizonte accused RC Prime of wrongfully taking two rented cars – a Mercedes Benz C250 and an Audi Q5 2.0. According to the lawsuit, RC Prime rented the vehicles, did not return them on the due date, and also failed to pay the daily rates,” the report states.
With an estimated fortune of US$ 30 billion, Eike Batista was once the seventh richest man in the world in 2012 but lost the title the following year. Within twelve months, his fortune fell to R$ 2.95 billion.
While OSX of Eike Batista Gets New Contract and Continues Operating at Porto do Açu, the Former Billionaire Enters Battle to Save His Last Billion That Could Pay MMX Creditors
According to information from the newspaper Terceira Via, OSX – which never left Porto do Açu and continues to be controlled by Eike Batista, the project’s mentor – is still moving the port complex. This past Friday (20), the start of the installation works for Go Tratch and Alíseo (Consórcio 3T) in OSX’s area at Porto do Açu was officially announced. Alíseo will build a flexible base, while Go Tratch is involved in environmental activities.
The two companies are investing over R$ 425 million and generating about 2,000 direct and indirect jobs, which will add to the current 7,000 workers at Porto do Açu. Definitively, in a more modest way, it is a return to the project he conceived in São João da Barra. In parallel, Eike Batista enters a battle with a former OGX director to save his last billion. The conflict arose over a fund that holds debentures given as a guarantee for the whistleblower agreement and that can pay creditors of MMX.
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