DOCSLIB.ORG

Latin American Restructuring Mandates

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Latin American Restructuring Mandates 2014-April 2019 Latin American Restructuring Mandates Restructuring Mandates in Latin America 1 REDD aims to provide subscribers with an accurate record of Latin American restructurings. We would like to thank the advisers who have submitted data for this project and to encourage those who have missed the opportunity to contact us so we may register your deals for our next issue. This record is also available online for REDD subscribers with search and filter capabilities. Valeria Girimonte CEO REDD Intelligence For more information about this report please contact: Research: Ramiro Russo Senior Analyst [email protected] Sales: Flavia Cesar Head of Global Sales [email protected] Deal submissions: [email protected] 2 Restructuring Mandates in Latin America Argentina Industrias Metalurgicas Pescarmona S.A.I.C. y F. (IMPSA) Sector Industry Total Debt Advisor Type of Advisor/ Appointed by General Notes from Appointment Team Involved Advisors and Releases Date & Notes Energy | Capital Construction & USD 1bn Cleary Gottlieb Steen & Hamilton LLP Legal Advisor / Lead Partner: Andres de la Cruz, Company Counsel to IMPSA, WPE and WPE International in the current restructuring of over $1 billion of bank and bond 9/1/2014 Goods Engineering Richard Cooper indebtedness. Quantum Finanzas Financial Advisor Company G5 Evercore Financial Advisor Company Nicholson & Cano Abogados Legal Advisor Bondholders (local) Akin Gump Strauss Hauer & Feld LLP Legal Advisor Bondholders Estudio Garrido Abogados Legal Advisor Bondholders (local) USD 1.14bn Lazard Financial Advisor Bondholders Industrias Metalurgicas Pescarmona SAIC y F (IMPSA), a Godoy Cruz- based an electric utility Company, 8/24/2016 agreed a debt restructuring transaction with Creditors (CRs). CRs were to receive new par debt for up to ARS 2.163 bil (USD 146 mil) with maturity in 2031, new discount debt ARS 4. 771 bil (USD 322 mil) with maturity in 2025, secured debt for ARS 59.272 mil (USD 4 mil) with maturity in 2018, along with 65% interest of the Company’s equity will be transferred to a Trust for the benefit of the CRs, in exchange for outstanding debt. Upon completion, CRs were to hold a 65% interest in the restructured IMPSA. The book value of the existing debt that will be exchanged under the terms of the offer is ARS 16.833 bil (USD 1.136 bil). BRL 2.3bn Pinheiro Guimaraes Advogados Legal Advisor Bondholders Pinheiro Guimaraes has assisted the ad hoc steering committee of noteholders in the restructuring (judicial Partners: Eduardo Augusto Mattar and Renata Machado reorganization) of Wind Power Energia S.A., subsidiary of the Argentine Group IMPSA, involving financial debt Veloso / Associates: Guilherme Bergamin de Barros, Victor in the amount of BRL 2.3 billion. Dias Vieira Clementino and Leticia Telo Kitzberger, Morais & Xavier Advogados Legal Advisor Company Associados Escritorio de Advocacia Sergio Bermudes Legal Advisor Company (former) Transaction Synopsis: IMPSA missed a payment of principal and interest on its 2020 10.375% notes that was due in September 2014. Timeline - August 2014 - A Pernambuco state court declares IMPSA’s Brazilian sister company Wind Power Energia (WPE) bankrupt. November 2015 - IMPSA reached a preliminary consensus with a group of creditors to restructure its debt under an Acuerdo Preventivo Extrajudicial (APE), Argentina’s prepack agreement. IMPSA planned to exchange its defaulted bonds for new notes under the plan, and cede a stake to creditors. March 2015 - WPE submitted a plan of reorganization to restructure debt of USD 790m. The plan included negotiating a BRL 50m-BRL 70m post-petition bridge loan to resume operations. The company was also considering selling its 55% stake in Energimp. WPE’s bankruptcy proceedings will be moved to Sao Paulo courts following a successful challenge by creditor BIC Banco. April 2016 - Under the terms of a new prepack agreement, IMPSA would increase the equity stake on offer to creditors from the 40% it had originally been considering to 65%. Creditors plan to look for a buyer if they succeed in closing the prepack agreement. The plan would also include selling Enrique Pescarmona’s stake in the operation. Amendments to WPE’s plan of reorganization also involve selling its wind factory based in Cabo do Santo Agostinho for BRL 400m (USD 108m), although lenders have estimated a price tag of BRL 250m. May 2016 - IMPSA reached an agreement with the Inter-American Development Bank (IDB) to support its plan to restructure USD 1bn. The new offer includes an increase in the equity stake to creditors from 40% to 65%, while the other major aspects—regarding the two Par bonds and Discount bonds—remain unchanged. June 2016 - A court supervised meeting of creditors of IMPSA’s Brazilian sister company Wind Power Energia (WPE) failed to reach quorum. Creditor BIC Banco continued to push for a move in the bankruptcy jurisdiction from the state of Pernambuco to the state of Sao Paulo. July 2016 - IMPSA said it had reached “”consensus”” with its main creditors on restructuring USD 1bn in debt, including their receiving 65% of equity. But by late August, it had yet to file its restructuring plan with the court. September 2016 - The company said it had notified an Argentine court that creditors representing 51.51% of its debt have endorsed its USD 1bn debt-restructuring plan. December 2016 - Mendoza’s Second Court ruled in favor of the company’s petition to have a single meeting with all the holders of its various domestic bonds. These investors will now meet with the company on 20 February 2017 to vote on IMPSA’s Acuerdo Preventivo Extrajudicial (APE), which requires approval from holders of more than 66% of the company’s unsecured debt. - CEO Juan Carlos Fernandez resigned and COO Sergio Carobene became the new head. - The company said its restructuring plan had received support from creditors holding 59.6% of its debt. January 2017 - IMPSA amended the terms of the bonds that will be issued as part of the restructuring. The company plans to issue up to USD 146m in two Par bonds—one in ARS and another in USD—and up to USD 322m in two Discount bonds, also split between currency denominations. February 2017 - IMPSA received approval for its prepack restructuring agreement from creditors holding 91.7% of the debt represented at meetings on 20 and 21 February. The company needed 66% support of unsecured creditors to implement the APE. - As of February, Brazil’s Superior Court of Justice had ruled that WPE’s restructuring process should continue in Cabo de Santo Agostinho, in the state of Pernambuco, rejecting BIC Banco’s request to move it to Sao Paulo. March 2017 - As of March, WPE’s proposed plan of restructuring called for the sale of assets to pay creditors, including a wind-turbine factory in Cabo de Santo Agostinho and the company’s 55% stake in subsidiary Energimp. WPE was seeking to restructure over BRL 3bn in debt. - WPE planned to convene creditors on 13 June in Cabo do Santo Agostinho in Pernambuco state. May 2017 - IMPSA said creditors holding 69.5% of its debt approved the company’s USD 1.05bn debt-restructuring plan. Among these creditors were the Inter-American Development Bank (IDB), Bradesco and Raiffeisenbank. June 2017 - IMPSA pushed back the deadline for its USD 1.05bn debt-restructuring plan to 12 June. - A majority of creditors approved IMPSA’s USD 1.05bn debt-restructuring plan. Among creditors backing the plan were Banco de La Nacion Argentina, Banco de Inversion y Comercio Exterior, Badesul and Export-Import Bank of the United States. July 2017 - IMPSA said shareholders had approved the sale of its 30.7% stake in consortium Empresas Mendocinas para Potrerillos (CEMPPSA) to local company Abrasur for about ARS 64.9m. Creditors had also okayed the sale. August 2017 - IMPSA said shareholders had ok’d its USD 1.05bn out-of-court debt restructuring. The debt consisted of USD 250m in ARS-denominated bonds; USD 700m in cross-guaranteed liabilities with sister company WPE; and a USD 150m loan with the IDB. - WPE’s creditors agreed to postpone a meeting to 17 Octobers. The delay was designed to give WPE more time to negotiate tax liabilities blocking the sale of its industrial facility in Brazilian city of Cabo de Santo Agostinho. - IMPSA named Daniel Rivera its CFO. He will guide the Argentine company through the final steps of its USD 1.05bn restructuring. September 2017 - As of late September, IMPSA’s Brazilian sister company WPE filed an amended reorg plan that details the sale of assets, including a wind-turbine factory, a unit manufacturing parts for hydro-electric plants and shares of parent Venti. Under the plan, 90% of the proceeds from the Venti stake would be allocated to paying creditors holding secured debt as well as those with out-of-court claims that had agreed to restructure under bankruptcy-court supervision. - IMPSA said a bankruptcy court in Argentina had approved its USD 1.05bn, out-of-court restructuring agreement. January 2018 - Lenders of IMPSA’s Brazilian sister company WPE agreed to postpone their court-supervised meeting to discuss the company’s restructuring until 19 March. The adjournment came at the request of savings bank Caixa Economica Federal, which is owed money by WPE subsidiary Energimp. The parent guarantees the subsidiary’s debt, which means Caixa needs WPE creditors to approve a deal it had reached with Energimp. The bank was seeking that approval prior to a creditors meeting. March 2018 - WPE lenders approved the company’s plan of reorganization, with 78.83% voting in favor. Under the plan, proceeds from the sale of assets will be used to repay secured and unsecured lenders. Divestments included parent company Venti’s controlling stake in WPE, the company’s wind-power plant and its 55% stake in subsidiary Energimp.
Load more

Recommended publications
  • Underwriting; Development of the Restructuring Plan
    Chapter 5 Underwriting; Development of the Restructuring Plan Executive Summary Section 5-1 This chapter describes the PAEs actions for financial underwriting of the M2M transaction and the development of the Restructuring Plan. The PAE will determine the project’s rents, expenses, and deposits to the reserves under various scenarios. The PAE will then size the first and second mortgages, and third mortgage, if needed, and determine the amount of claim payable by FHA, as well as the sources and uses in the transaction, and the owner’s financial return. The results of this underwriting, the due diligence described in Chapter 4, the tenant comments, and owner negotiations are consolidated in the draft Restructuring Plan Package submitted to the OAHP Preservation Office. The PAE should work cooperatively with the owner and lender as needed throughout this process. Underwriting Model Section 5-2 A. General. OAHP has provided an Underwriting Model for use in completing the financial underwriting of M2M transactions. A copy of the Model is available on OAHP’s Web site or can be obtained through the OAHP Preservation Office. Use of the Model is required and helps meet the unique requirements of this program that will not be present in other underwriting models. However, the Model is only an aid and may not be appropriate or complete for every case; the PAE remains responsible for its own conclusions, and for appropriately addressing unusual conditions that may not be fully considered by the model or this Guide. B. Using the Model. PAEs are responsible for using the most recent, appropriate model and generally following the procedures reflected therein.
    [Show full text]
  • Policy Brief 13-3: Debt Restructuring and Economic Prospects in Greece
    Policy Brief NUMBER PB13-3 FEBRUARY 2013 a significant part of even the reduction for private holdings. A Debt Restructuring and December package of official sector relief (in the form of lower interest rates and support for a buyback of about half of the Economic Prospects restructured privately held debt) set the stage for resumption of IMF and euro area program disbursements and restored the conditions for managing the remaining debt over the next few in Greece years if reasonable growth and fiscal expectations are achieved. Over the longer term, however, it is unclear that Greece William R. Cline will be able to reenter private capital markets by 2020 even if its debt level is down to the range of about 120 percent of William R. Cline, senior fellow, has been associated with the Peterson GDP. The damage to its credit reputation from restructuring Institute for International Economics since its inception in 1981. His with a large haircut seems likely to leave it in a more difficult numerous publications include Resolving the European Debt Crisis (coed- borrowing position than other euro area sovereigns even if itor, 2012), Financial Globalization, Economic Growth, and the Crisis it achieves comparable debt levels. Further relief on official of 2007–09 (2010), and The United States as a Debtor Nation (2005). sector claims thus seems likely to be needed in the future, Note: I thank Jared Nolan for research assistance. For comments on an but is not urgent at present because almost all of Greece’s earlier draft, I thank without implicating Joseph Gagnon and Edwin borrowing needs should already be covered for the next few Truman.
    [Show full text]
  • Creating a Framework for Sovereign Debt Restructuring That Works 1
    Creating a Framework for Sovereign Debt Restructuring that Works 1 Martin Guzman2 and Joseph E. Stiglitz3 Abstract Recent controversies surrounding sovereign debt restructurings show the weaknesses of the current market-based system in achieving efficient and fair solutions to sovereign debt crises. This article reviews the existing problems and proposes solutions. It argues that improvements in the language of contracts, although beneficial, cannot provide a comprehensive, efficient, and equitable solution to the problems faced in restructurings—but there are improvements within the contractual approach that should be implemented. Ultimately, the contractual approach must be complemented by a multinational legal framework that facilitates restructurings based on principles of efficiency and equity. Given the current geopolitical constraints, in the short-run we advocate the implementation of a “soft law” approach, built on the recognition of the limitations of the private contractual approach and on a set of principles – most importantly, the restoration of sovereign immunity – over which there may be consensus. We suggest that in a context of political economy tensions it should be impossible for a government to sign away the sovereign immunity either for itself or successor governments. The framework could be implemented through the United Nations, or it could prompt the creation of a new institution. Keywords: Sovereign Debt Crises, Sovereign Debt Restructuring, Debt Contracts, International Lending 1 We are indebted to Sebastian
    [Show full text]
  • TATIANE ANTONOVZ.Pdf
    UNIVERSIDADE FEDERAL DO PARANÁ TATIANE ANTONOVZ COMPORTAMENTO ANTIÉTICO EM GESTORES ENVOLVIDOS EM ESCÂNDALOS CORPORATIVOS: O CASO EIKE BATISTA SOB A LENTE DA GROUNDED THEORY CURITIBA 2020 TATIANE ANTONOVZ COMPORTAMENTO ANTIÉTICO EM GESTORES ENVOLVIDOS EM ESCÂNDALOS CORPORATIVOS: O CASO EIKE BATISTA SOB A LENTE DA GROUNDED THEORY Tese apresentada ao curso de Pós-Graduação em Contabilidade, Setor de Ciências Sociais Aplicadas, Universidade Federal do Paraná, como requisito parcial à obtenção do título de Doutor em Contabilidade. Orientadora: Profa. Dra. Mayla Cristina Costa CURITIBA 2020 FICHA CATALOGRÁFICA ELABORADA PELA BIBLIOTECA DE CIÊNCIAS SOCIAIS APLICADAS – SIBI/UFPR COM DADOS FORNECIDOS PELO(A) AUTOR(A) Bibliotecário: Eduardo Silveira – CRB 9/1921 Antonovz, Tatiane Comportamento antiético em gestores envolvidos em escândalos corporativos: o caso Eike Batista sob a lente da Grounded Theory / Tatiane Antonovz .- 2020. 89 p. Tese (Doutorado) - Universidade Federal do Paraná. Programa de Pós-Graduação em Contabilidade, do Setor de Ciências Sociais Aplicadas. Orientadora: Mayla Cristina Costa. Defesa: Curitiba, 2020. 1. Contabilidade. 2. Fraude. 3. Comportamento. 4. Ética. 5. Teoria Gounded. I. Universidade Federal do Paraná. Setor de Ciências Sociais Aplicadas. Programa de Pós-Graduação em Contabilidade. II. Costa, Mayla Cristina. III. Título. CDD 657 MINISTÉRIO DA EDUCAÇÃO SETOR DE CIENCIAS SOCIAIS E APLICADAS UNIVERSIDADE FEDERAL DO PARANÁ PRÓ-REITORIA DE PESQUISA E PÓS-GRADUAÇÃO PROGRAMA DE PÓS-GRADUAÇÃO CONTABILIDADE - 40001016050P0 TERMO DE APROVAÇÃO Os membros da Banca Examinadora designada pelo Colegiado do Programa de Pós-Graduação em CONTABILIDADE da Universidade Federal do Paraná foram convocados para realizar a arguição da tese de Doutorado de TATIANE ANTONOVZ intitulada: COMPORTAMENTO ANTIÉTICO EM GESTORES ENVOLVIDOS EM ESCÂNDALOS CORPORATIVOS: O CASO EIKE BATISTA SOB A LENTE DA GROUNDED THEORY, sob orientação da Profa.
    [Show full text]
  • Siemens Secures Major Order for Integrated LNG-To-Power Project in Brazil
    Press Houston, April 3, 2019 Siemens secures major order for integrated LNG-to-Power project in Brazil · 1.3-gigawatt turnkey combined cycle power plant · Long-term service program and operation & maintenance (O&M) services included · Largest LNG-to-power development in Latin America · Total project volume of €1 billion Siemens has secured an order for the turnkey construction of a new combined cycle power plant for the integrated LNG-to-Power project GNA 1 of Gás Natural Açu in the Port of Açu in the state of Rio de Janeiro, Brazil. Siemens is providing an equity investment and owns one-third of the project company Gás Natural Açu (GNA) together with Brazil logistics company Prumo Logística S.A. and BP. In addition, Siemens signed a long-term service agreement and will operate and maintain the plant to help ensure reliability, availability and operational performance. The order is the first application for the highly efficient and proven Siemens H-class gas turbine in Brazil. With a capacity of approximately 1.3 gigawatts (GW), the power plant will provide affordable and clean energy for Brazil. Total project volume for GNA 1 is approximately €1 billion (R$4.5 billion). Construction of the project already started in 2018. Slated for operation at the beginning of 2021, GNA 1 will be capable of supplying power for a city with up to four million inhabitants. “Our participation in GNA demonstrates Siemens commitment to new commercial strategies that address the evolving challenges of an increasingly demanding energy market,” said Lisa Davis, CEO Siemens Gas and Power and Member of the Siemens AG Managing Board.
    [Show full text]
  • Foreign Corrupt Practices Act Alert Latin America Anti-Bribery Year-In-Review: 2019 Developments and Predictions for 2020
    February 28, 2020 Foreign Corrupt Practices Act Alert Latin America Anti-Bribery Year-in-Review: 2019 Developments and Predictions for 2020 By Tico Almeida, Lillian Howard Potter, and John F. Walsh1 I. INTRODUCTION Foreign Corrupt Practices Act (FCPA) enforcement activity reached new heights in 2019. Corporate penalties paid to US enforcement agencies topped last year’s record levels, and individuals were charged at a pace matching last year’s near-record level.2 As discussed in detail below, Latin American citizens from Ecuador to Venezuela have recently found themselves facing criminal anti-corruption charges in federal courts in the US. These trends are critically important both to Latin American companies and to US companies doing business in Latin America. As recent enforcement trends show, foreign companies are a perennial target of US enforcement agencies. Nine of the top 10 all-time largest FCPA enforcement actions have been brought against companies based outside the US, including several Brazilian companies. Similarly, US companies with operations in Latin America have good reason to ensure that they have strong anti-corruption controls in place because, as discussed below, US enforcement agencies are investigating corruption by US companies operating across the region, from Mexico to Peru. This alert summarizes key Latin America 2019 anti-bribery enforcement developments and concludes with predictions for 2020. For a comprehensive global review of enforcement and policy developments, please refer to WilmerHale’s FCPA Alert: Global Anti-Bribery Year-in-Review for 2019. II. KEY INVESTIGATION-RELATED DEVELOPMENTS IN LATIN AMERICA A. Notable Features of 2019 Corporate Resolutions in Latin American Cases 1.
    [Show full text]
  • 223(A)(7) Underwriting Standards Comparison Between Normal Housing Processing and OMHAR Debt Restructuring Transactions*
    223(a)(7) Underwriting Standards Comparison Between Normal Housing Processing and OMHAR Debt Restructuring Transactions* HUD Multifamily Hub or Program Center OMHAR To refinance existing loan to reduce interest rate To refinance existing loan, re-underwrite at market Purpose of program and/or extend amortization period in order to rents/expenses/interest rates and restructure debt in reduce risk of default. order to prevent default upon reduction of rents. 2530 Required for new or proposed principal partners. Required for all restructurings. Debt Service 1.11 Generally 1.2 to 1.4 to determine supportable debt. Coverage Ratio Loan-to-Value Ratio LTV not relevant. Less than or equal to 100% LTV. Lesser of original principal balance, or current Lesser of current UPB, or DS coverage or LTV Loan Ceiling UPB plus rehab and transaction costs, or DS criterion. coverage criterion. Loan Term Remaining term + 12 years. Remaining term + 12 years. 100% financeable, to the extent it can be Owner/borrower responsible for 50% of transaction Transaction Costs supported in mortgage. Refund half of fees costs for new takeout. Appraisal Standards Not required for A7. PAE obtains limited-scope appraisal for restructuring. Inspection Owner is required to submit their work write-up and Standards/ Owner/mortgagee is required to submit work estimates for 20-year reserve for Replacement write-up and estimates for 12-year reserve for replacements/repairs. PAE obtains independent Reserve replacement. HUD Field Office reviews. inspection (PCA), OMHAR reviews. OCAF applied Requirement annually to required deposit. PAE prepares draft environmental review for all Environmental HUD Field Office performs environmental review projects undergoing restructuring.
    [Show full text]
  • Hydro Dams and Environmental Justice for Indigenous People. a Comparison of Environmental Decision-Making in Canada and Brazil
    Hydro Dams and Environmental Justice for Indigenous People. A Comparison of Environmental Decision-Making in Canada and Brazil by Rebeca Macias Gimenez LL.B, Universidade Federal de Minas Gerais, 2005 LL.M, University of Calgary, 2010 A Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of DOCTOR OF PHILOSOPHY in the Department of Law ã Rebeca Macias Gimenez, 2021 University of Victoria All rights reserved. This Dissertation may not be reproduced in whole or in part, by photocopy or other means, without the permission of the author. We acknowledge with respect the Lekwungen peoples on whose traditional territory the university stands and the Songhees, Esquimalt and WSÁNEĆ peoples whose historical relationships with the land continue to this day. ii Supervisory Committee Hydro Dams and Environmental Justice for Indigenous People. A Comparison of Environmental Decision-Making in Canada and Brazil by Rebeca Macias Gimenez LL.B, Universidade Federal de Minas Gerais, 2005 LL.M, University of Calgary, 2010 Supervisory Committee Professor Deborah Curran, Department of Law Supervisor Dr. Pooja Parmar, Department of Law Departmental Member Dr. Michele-Lee Moore, Department of Geography Outside Member iii Abstract This research project focuses on decision-making about large hydropower dams, particularly the process and outcomes of impact assessment, involving state, corporations, and local Indigenous communities. The objective of the study is to investigate whether state-led impact assessment, as one tool of regulatory decision-making, can be a way to address environmental justice concerns for Indigenous peoples affected by natural resource infrastructure. The core of this research is a case study comparison between the Belo Monte dam (Brazil) and Site C dam (Canada) to examine the effectiveness of environmental impact assessment (EIA) and decision-making.
    [Show full text]
  • Shareholders Debentures 2H16
    SHAREHOLDERS DEBENTURES 2H16 1 www.vale.com [email protected] Tel.: (55 21) 3485-3900 Investor Relations Department André Figueiredo Carla Albano Miller Fernando Mascarenhas Andrea Gutman Bruno Siqueira Claudia Rodrigues Denise Caruncho Mariano Szachtman Renata Capanema Ticker codes: CVRDA6, CVRDB6, CVRDC6, CVRDD6 Any additional information about the shareholders debentures, including the Prospectus for Pub lic Trading of Shareholders Debentures, can be obtained on our website, www.vale.com/Investors/Equity and Debt/Shareholders debentures, from GDC Partners Serviços Fiduciários DTVM Ltda. as fiiduciary agent for the debentures, www.gdcdtvm.com.br, and from the CVM (Brazilian Securities and Exchange Commission). 2 Second half of 2016 (2H16) Rio de Janeiro, March 31st, 2017 – Vale will pay today, R$ 240,956,330.55, equivalent to R$ 0.620127949 per shareholder debenture, related to the total remuneration for the period between July and December of 2016 (2H16). The financial settlement will occur on April 3rd, 2017. The total remuneration for 2H16 refers to (i) 1.25% of the net revenues from the sale of copper concentrate from the Sossego mine; (ii) 1.80% of the net revenues from the sale of iron ore from the Northern System; and (iii) R$ 17,000.00 related to the participation of 1% on the disposal of mining rights held by Vale, located in Cachoeiro do Itapemirim/ES, Brazil. Shareholders debentures remuneration 6 month period ending December 30, 2016 (R$) Remuneration on copper concentrate 10,130,940.07 Remuneration on iron ore from the Northern System¹ 230,808,390.48 Remuneration on disposal of mining rights 17,000.00 Total remuneration 240,956,330.55 Remuneration per debenture 0.620127949 ¹ include R$ 8,643,576.72 related to the retroactive remuneration of Serra Leste mine from April 2015 to June 2016 and R$ 6,417,372 of delayed payment charges.
    [Show full text]
  • Report Sustainability 2010 Annual Sustainability Report
    CEMIG’SCEMIG’S MAIN MAININDICATORS INDICATORS Financial dataFinancial (Economic data Dimension(Economic –Dimension in R$) are –consolidated in R$) are consolidated according to according the IFRS. toThe the other IFRS. data The refer other to data the controllingrefer to the company controlling company (holding) Cemig(holding) – Companhia Cemig – CompanhiaEnergética deEnergética Minas Gerais de Minas S.A. andGerais its S.A.whole and subsidiaries: its whole subsidiaries: Cemig Distribuição Cemig Distribuição S.A. (Cemig S.A.D) and (Cemig Cemig D) and Cemig Geração e TransmissãoGeração e Transmissão (Cemig GT) (Cemigin accordance GT) in accordancewith the GRI with – Global the GRI Reporting – Global Initiative Reporting methodology. Initiative methodology.1 1 2008 20082009 20092010 2010 GeneralGeneral Data Data Number of ConsumersNumber of Consumers– thousand 2– thousand2 6,602 6,6026,833 6,8337,065 7,065 Number of employeesNumber of employees 10,422 10,4229,746 9,7468,859 8,859 MunicipalitiesMunicipalities serviced serviced 774 774774 774774 774 Concession ConcessionArea – Km2 3Area – Km2 3 567,478 567,478567,478 567,478567,740 567,740 Saifi – NumberSaifi of– outgagesNumber of(EU28) outgages (EU28) 6.53 6.536.76 6.766.56 6.56 Saidi – HoursSaidi of outgages – Hours of (EU29) outgages (EU29) 13.65 13.6514.09 14.0913.00 13.00 Number of plantsNumber in ofoperation plants in4 operation4 63 63 65 65 66 66 Installed capacityInstalled – MW capacity (EU1) 5– MW (EU1)5 6,691 6,6916,716 6,7166,896 6,896 TransmissionTransmission lines – Km (EU4)lines
    [Show full text]
  • 1 Andrade Gutierrez International S.A. Announces Expiration and Receipt of Requisite Consents with Respect to Consent Solicitati
    Andrade Gutierrez International S.A. Announces Expiration and Receipt of Requisite Consents with respect to Consent Solicitation for Senior Secured Notes due 2024 Rio de Janeiro, Brazil, December 29, 2020 — Andrade Gutierrez International S.A. (the “Issuer”) announced today the expiration of its previously announced solicitation (the “Consent Solicitation”) of consents (the “Consents”) and receipt of Requisite Consents from holders (the “Holders”) necessary to effect the proposed amendments (the “Proposed Amendments”) to the indenture (as amended, the “Indenture”) governing the U.S.$480,000,000 aggregate principal amount of 9.500% Senior Secured Notes due 2024 (the “Notes”), issued by the Issuer and guaranteed by Andrade Gutierrez Engenharia S.A. (the “Company”) and certain of its subsidiaries, as described in the Consent Solicitation Statement, dated December 15, 2020, as amended on December 22, 2020 and December 24, 2020 (the “Consent Solicitation Statement”). In connection with the Consent Solicitation, the Issuer, the Company, the other guarantors of the Notes, the collateral agent and the trustee will enter into a supplemental indenture (the “Supplemental Indenture”) to the Indenture to effect the Proposed Amendments. The Consent Solicitation expired at 5:00 p.m. New York City time, on December 29, 2020 (the “Expiration Date”). The Company received the requisite consents from Holders, and such consents had not been validly revoked, prior to the Expiration Date. The Company will pay the consent fee payable to Holders who delivered valid and unrevoked consents to the Proposed Amendments on or prior to the Expiration Date (the “Consenting Holders”) in an amount equal to U.S.$2.50 per U.S.$1,000 aggregate principal amount of the Notes (the “Consent Fee”) to The Depository Trust Company (“DTC”) for the benefit of the Consenting Holders, subject to the terms and conditions set forth in the Consent Solicitation Statement.
    [Show full text]
  • BRAZIL BULLETIN INTERVIEW: Guido Mantega, Brazilian Finance Minister
    Brazil-U.S. Business Council, Brazil Bulletin, Vol. XXI, No. 11 March 14, 2011 BRAZIL BULLETIN INTERVIEW: Guido Mantega, Brazilian Finance Minister. –“Our main challenge is to boost exports of manufactured products, despite the trade war that’s brewing.” Brazilian economic policies in 2011 will focus on the increasingly evident problems associated with sustainable growth, according to Finance Minister Guido Mantega. Problems include rising inflation and a burgeoning current account deficit. Mantega discussed aspects of the government’s strategy at a recent meeting with business executives in São Paulo. Excerpts follow: On sustaining growth: “I think we can say, at this point, that the phase of combating the international crisis is now over. Our goal now is to guarantee sustainable growth. We need to look at ways of stimulating gains in productivity among manufacturers. We also need to make sure there is enough qualified labor available as the economy continues to expand and diversify.” On budget cutting measures: “Brazil’s government will make every effort to cut its own operating costs and avoid creating new sources of spending. Our aim is to use spending cuts to hold back on monetary tightening. We are one of the best fiscally positioned countries in the world. We expect to continue as such in 2011.” On budget cuts and interest rates: “Cuts in spending should eventually result in lower interest rates. They also open the door to timely use of tax incentives.” On the current account deficit: “Another challenge for Brazil in 2011 will be reduction in the current account deficit. We have to find ways to make exports grow faster than imports this year.
    [Show full text]