Former Billionaire Batista to Sell Colombian Coal Assets

The Financial Times reported that Brazil’s Eike Batista, once worth $30 billion, but now nearly bankrupt, has agreed to sell $450 million worth of Colombian coal mining assets in an attempt to hold on to some cash.

As quoted in the market news:

CCX, Mr Batista’s coal mining company, signed a memorandum of understanding to sell its Cañaverales and Papayal open-pit mines to the Turkish group Yildirim for about $50m by the end of December, according to a securities filing late on Tuesday.

The companies also agreed to negotiate the sale of CCX’s San Juan underground mine and its accompanying railway and port facilities for about $400m before the end of April next year.