Batista Pledged Personal Wealth for $1 Billion BNDES Loan
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Brazilian billionaire Eike Batista, who bond investors say is edging closer to a debt restructuring, used his wealth to personally guarantee 2.3 billion reais ($1 billion) in loans from the nation’s development bank, according to information obtained by Bloomberg News.
The loans are part of the 10.4 billion reais that Batista’s companies contracted with the state-run lender, known as BNDES, since 2007. BNDES provided the tally of the loans and their respective guarantees in response to a request by Bloomberg under Brazil’s freedom of information law. The bank didn’t say how much is outstanding.