Oil & Gas - Brazil - Batista vows to honor debt, pledges recovery

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Source: www.bnamericas.com --- Friday, July 19, 2013
Embattled Brazilian tycoon Eike Batista has vowed to pay off "every last cent" of Debt owed by his flagging mining and energy empire. In an open letter published by Brazilian daily O Globo Friday (Jul 19), the 56-year-old entrepreneur said he was a "long way" from renouncing his position as CEO and chairman of the EBX group. "I have a lot of energy to roll up my sleeves and take on new projects," Batista wrote. "Every day my head buzzes with new ideas that spring from nothing and slowly take shape. I will honor all of my commitments and pay every last cent of Debt owed." Batista's comments come as stocks in his EBX subsidiaries continue to reel following missed production targets and reports of looming bankruptcy. Earlier this month risk management consultancy Kamakura rated Batista's oil and gas flagship, OGX, the third most likely to default among 32,000 troubled companies worldwide. According to the consultancy, OGX owes more than US$4bn to creditors. Batista said he was "profoundly sorry" for his failure to deliver on EBX's promises, which he blamed on the "prognoses of renowned auditing agencies approved by equally renowned executives." "Two years ago, I put over a billion dollars out of my own pocket into the company. I lost and I've been losing billions of dollars with OGX," the magnate said. "No one has lost as much as I have and that's the way it should be. It is unfair and unacceptable, however, to hear that I deliberat ...

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