Reuters: Bankruptcy News: Brazilian power company Energisa inks deal to acquire rival Rede

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Brazilian power company Energisa inks deal to acquire rival Rede Jul 11th 2013, 22:00 SAO PAULO, July 11 | Thu Jul 11, 2013 6:00pm EDT SAO PAULO, July 11 (Reuters) - Brazilian power company Energisa SA on Thursday agreed to acquire control of Grupo Rede Energia SA, sealing a deal aimed at steering the former rival out of bankruptcy protection. Energisa has offered to pay creditors 1.95 billion reais ($862 million) and pump an additional 1.1 billion reais of fresh investments into the company. Rede Energia has been struggling since energy regulator Aneel seized eight of its units last August in an effort to prevent it from halting electricity service in six states. The units, power distributors in different parts of Brazil, are all experiencing financial and operational problems. ($1 = 2.26 Brazilian reais) (Reporting by Juliana Schincariol; Editing by Leslie Adler)

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