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Shares in iron ore mining company MMX Mineração e Metalicos were falling by almost 8% Tuesday, hitting an all-time low, after a broadly read Brazilian magazine reported the company may file for bankruptcy protection.
According to Veja Magazine (in Portuguese), the company founded in 2005 by mining magnate Eike Batista, once Brazil’s richest businessman, is planning to ask a local court for protection from creditors by the end of August.
Earlier this month the ex-magnate said it would transfer 17.1 million shares, or 10.5% of the iron ore mining company to a fund owned by the government of Abu Dhabi and led by billionaire Mohammed bin Zayed Al Nahyan.
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