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The Last Assets Of MMX, Mining Company Of Eike Batista, Will Be Auctioned In August, In Another Chapter Of The Demolition Of The Former Empire Of The Businessman Who Was Once The Richest Man In Brazil.
The assets that the bankrupt estate of MMX, the mining company founded by Eike Batista, still holds at the Porto do Sudeste, in Itaguaí (RJ), will be auctioned on August 19. The minimum bid for the bonds and shares has been set at R$ 60 million, in a process that represents one of the last chapters in the dismantling of the former Empire X.
According to a report published by Agência O Globo, the auction is part of the bankruptcy process of MMX, declared in 2021. While the court sells the “leftovers” of its former empire, Eike Batista is already working on a new venture, this time focused on green fuels and cryptocurrencies.
What Is Being Auctioned? The “Leftovers” Of The MMX Mining Company
The auction, which will be conducted by auctioneer Erick Soares Teles, encompasses the stake that MMX, Eike Batista’s mining company, still had at the Porto do Sudeste.
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The assets include 9,519,226 debentures (debt securities that can be converted into shares) and 6,336,766 shares of the port. Together, these assets were valued at R$ 57.88 million, but the minimum bid in the auction was set at R$ 60 million.
The History Of Porto Do Sudeste: The Project That Sank With Empire X
Porto do Sudeste, located in the Bay of Sepetiba, was an ambitious project designed to export iron ore production from MMX in Minas Gerais.
However, with the collapse of the EBX group, Eike Batista’s holding company, the mining company entered judicial recovery. In 2014, control of the port was sold to the Dutch commodities giant Trafigura and to the Abu Dhabi sovereign wealth fund, Mubadala. The bankruptcy of MMX was declared in 2021.
The Details Of The Auction: How Will The Sale Work?
The auction of Eike Batista’s assets will be held in person on August 19, at the 4th Business Court of the State of Rio de Janeiro.
The process will use a system known as “stalking horse offer”. The fund Planck Investimentos em Infraestrutura has already been designated as the primary proposer and has the preference to acquire the assets at the minimum price. Other interested parties will have to submit higher bids, and Planck will have the right to cover the best offer.
Where Is Eike Batista? The Bet On Green Fuel And Cryptocurrencies
While his former empire is being auctioned, Eike Batista is already working to return to the realm of big business. Convicted in court and by the CVM, the businessman is now betting on green fuel.
His new project aims to produce ethanol from a “super sugar cane,” which would also be used to manufacture sustainable aviation fuel (SAF) and biodegradable packaging. To finance the venture, Eike Batista plans to raise US$ 100 million through the sale of a cryptocurrency, the “Eike token”, which has been barred from commercialization by the CVM in Brazil.
The Legacy Of Eike Batista: From Peak To Fall
The auction of MMX’s assets is yet another step in the long process of dismantling what was once one of Brazil’s largest business conglomerates. For Eike Batista, who was once the seventh richest man in the world, the event represents the end of a cycle and an attempt at a fresh start in a completely new area.
What do you think of Eike Batista’s new bet on green fuels? Leave your opinion in the comments.
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