Brazil´s Batista says he wants to do business again

Luciana Magalhaes – The Wall Street Journal, 11/17/2015

After losing about $30 billion in the past few years amid the collapse of his industrial group, embattled Brazilian entrepreneur Eike Batista told a congressional panel Tuesday that he has nearly paid off or renegotiated all his debts and wants to do business again.

“I am not bankrupt,” Mr. Batista told a commission formed to investigate possible irregularities in loans given by Brazil´s development bank, or BNDES, to some large local conglomerates.

BNDES signed agreements to loan Mr. Batista’s firms around 10 billion reais (about $2.62 billion). Mr. Batista paid off some of that debt. The rest was assumed by investors who purchased the businessman’s companies out of bankruptcy. Mr. Batista denied receiving any special favors from the development bank and said he paid the same rates as other borrowers.

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