Brazilian billionaire Eike Batista's EBX Group energy, mining and shipbuilding conglomerate...

|By:, SA News Editor

Brazilian billionaire Eike Batista's EBX Group energy, mining and shipbuilding conglomerate begins breaking up, as he steps down as chairman of MPX Energia (MPXEY.PK). The restructuring should take months, with reorganizing OGX Petroleum (OGXPY.PK) considered the biggest challenge. Batista reportedly will be left with $1.7B of long-term debt and $1B-$2B of assets; his empire once was valued at $60B-plus.