EBX Loses CFO, Tweaks Mubadala Deal

Otavio Lazcano has resigned as CFO of Brazil’s EBX, the company says. CEO Eike Batista will step in to assume his duties. The move comes as several of the group’s operating companies face liquidity concerns and falling share and bond prices. Separately, EBX announced that has cut the exposure Abu Dhabi sovereign wealth fund Mubadala Development Company has to EBX. “EBX has redeemed a significant portion of Mubadala’s initial investment. EBX and Mubadala have also entered into new agreements ensuring enhanced protection vis-a-vis the remaining portion of the investment from Mubadala,” EBX says. The company did not respond to a request for clarification on the nature of the adjustment. Mubadala paid $2bn for a 5.63% stake in EBX in March 2012, one of a string of high-profile investments in Batista’s group from large players outside LatAm. OGX, the EBX unit in the weakest position, saw its 2018 bonds fall 3-5 points to around 19-20 Wednesday, according to a trader.