Eike Batista, one of the major shareholders at Brazilian holding company MMX, might lose as much as $400 million in a 2008 bond issued by Anglo American, according to a media report by O Globo.
The bond would pay bondholders a percentage of the company’s Minas-Rio iron ore output, effectively from 2025. The media report estimated the bond Eike owns might be worth between $200 million to $400 million, however the former billionaire might lose the asset as the legal administrator of MMX’s bankruptcy process will likely seize it from him.
O Globo’s media report also noted the bond Batista’s “only” valuable asset.