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Brazil’s Batista man loses $33 billion in just 16 months Published: July 27, 2013

Eike Batista, ranked as the world’s eighth-richest person last year, ceased to be a billionaire after Mubadala Development Co. converted an investment in his companies into debt, further eroding the value of his assets.

Bloomberg reports Batista’s EBX Group Co. owes $1.5 billion to Mubadala after the Abu Dhabi sovereign-wealth fund restructured a $2 billion investment, said three people with knowledge of the deal. The fund no longer has equity in EBX, which paid back $500 million after renegotiating earlier this month, said two of the people, asking not to be named because terms are private.

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