Wednesday, August 8, 2012

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

Reuters: Bankruptcy News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
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.

You are receiving this email because you subscribed to this feed at blogtrottr.com.

If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

0 comments:

Post a Comment

 
Great HTML Templates from easytemplates.com.