Reuters: Bankruptcy News: Equatorial bid for Brazil's Celpa may come up short -source

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Equatorial bid for Brazil's Celpa may come up short -source Aug 8th 2012, 23:10 Wed Aug 8, 2012 7:10pm EDT BELEM, Brazil Aug 8 (Reuters) - Brazilian electricity utility Equatorial Energia's potential capital injection in debt-laden rival Celpa may come up short, a source told Reuters on Wednesday. Equatorial only has 500 million reais ($248 million) available to invest in Celpa, a power distribution company that serves the northern state of Pará, said the source, who declined to be quoted because of the sensitivity of the issue. Celpa, a unit of cash-strapped power holding company Rede Energia, filed for bankruptcy protection in February. Equatorial declined to comment. Creditors and the court overseeing the process set the minimum amount for any capital injection into Celpa at 650 million reais, the source said. Meeting that threshold would be key to allow a takeover of Celpa.

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