Batista Sells More OGX Shares

Brazilian billionaire Eike Batista raised BRL75.4m ($34m) from the sale of 56.2m shares of OGX Petroleo e Gas, according to regulatory documents. The move cuts his stake to 57.18%, and is the second such move this year. In May the billionaire sold 70.5m shares to raise BRL121.8m, and called it a minimal portfolio adjustment that he didn’t plan to repeat. The EBX group oil company faces a liquidity crunch after failing to meet production goals. Its shares are 90% down in the last 12 months, and the price of its 2018 bonds has dipped below 20 cents on the dollar and has creditors bracing for a restructuring.