Brazilian billionaire Andre Esteves is now feeling the effects of Eike Batista's reversal of fortune.
Due to his involved with fellow billionaire Eike Batista, Esteves wealth slid US$1.3 billion. Grupo BTG Pactual, Esteves's firm agreed to support OGX Petroleo & Gas Participacoes SA, Batista's flagship in March.
Companies run by Batista are estimated to owe BTG for about US$286 million, according to sources. BTG's 26% drop in market ratings since the March 6 deal with Batista's EBX Group Co., OGX's parent, has really impacted the billionaires fortune.
BTG helped the Batista owned companies, including OGX Petroleo & Gas Participacoes SA and MPX Energia SA to sell assets. The sale of assets failed to prevent a debt downgrade which cut OGX's credit rating this week, which is noticeably eight steps below the investment grade.
From data compiled by Bloomberg, Esteves's net worth of $4.85 billion in March sank to $3.55 billion.
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