Bloomberg News

Billionaire Eike Batista Selling Jet as Fortune Shrinks

May 20, 2013

Billionaire Eike Batista

Billionaire Eike Batista is selling stakes in his companies and scaling back projects after missed operational and financial targets triggered a selloff that cost him the mantle of Brazil’s richest person. Photographer: Patrick Fallon/Bloomberg

Eike Batista, the Brazilian billionaire whose wealth shrank more than $27 billion since early last year, put one of his private jets on sale as the tycoon cuts costs and divests assets.

The Embraer Legacy 600, registration number PR-AVX, is listed for sale on aviation publication Controller. The plane’s interior features antique nickel plating and taupe carpets, wicker-colored leather seats and cabinetry finished in satin, according to the listing, which didn’t give an asking price.

Batista is selling stakes in his companies and scaling back projects after missed operational and financial targets triggered a selloff that cost him the mantle of Brazil’s richest person. Oil unit OGX Petroleo & Gas Participacoes SA may need to raise $1 billion from Batista through a put option to cover spending next year, Standard & Poor’s said last month while cutting the company’s credit rating to B- from B.

EBX Group Co., the holding company for most of Batista’s assets, and Avjet Trading Inc., the company given as contact on the posting, both declined to comment.

The plane, manufactured in 2008, totaled 1,419 hours of flying, according to Controller’s website. The aircraft seats 13 passengers and includes a conference and dining area, a three-place divan and a fully equipped galley, it said.

Embraer SA (EMBR3), Brazil’s biggest aircraft maker, delivered over 200 Legacy 600 and 650 planes, which can fly non-stop from Hamburg to Dubai. The plane has a listing price of $26 million, according to Embraer. Batista wants to sell the jet quickly and has an asking price of $14 million, Veja magazine reported May 18, without saying where it got the information.

Brazil’s richest person when his wealth peaked at $34.5 billion in March last year, Batista is now worth $6.8 billion on the Bloomberg Billionaires Index, making him the world’s 191st richest individual.

To contact the reporter on this story: Juan Pablo Spinetto in Rio de Janeiro at jspinetto@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net


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