Billionaire Batista Sells 5% of OSX for Shipbuilder Cash

Eike Batista, the Brazilian entrepreneur whose fortune declined by more than $30 billion since last year, sold a 5.4 percent stake in OSX Brasil SA after it said he would inject capital into the cash-strapped ship company.

The sale “doesn’t modify the controlling or administrative structure of the company,” OSX said in a regulatory filing today. Batista sold the stake in two batches on Aug. 27 and yesterday, according to the filing. The company based in Rio de Janeiro said two days ago that it would exercise a portion of a put option pledged by controlling shareholder Batista.

OSX is seeking to sell assets, close projects and cut debt amid a restructuring overseen by Marcelo Gomes, who took over as chief executive officer Aug. 23. The restructuring started in May after its main client, Batista’s OGX Petroleo & Gas Participacoes SA, missed financial and production targets that have dragged down Batista’s interlinked commodities and energy empire.

Batista sold 6.4 million OSX shares on Aug. 27 and 10.4 million yesterday, according to the filing, which didn’t disclose how much he raised. OSX shares, which dropped a total of 31 percent over the past three days, closed at 87 centavos yesterday in Sao Paulo. Today’s filing was released before the market opened for regular trading.

OSX slid as much as 20 percent and traded down 13 percent at 77 centavos at 11:13 a.m. in Sao Paulo. The stock has plunged 93 percent this year.

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