Brazil: Sharp and Gradiente have problems in paying foreign debts.

South American Business Information, July, 1999

Brazilian consumer electronics manufacturer Sharp was declared in default by its creditors, which include Kredietbank (KBC), Credit Suisse First Boston, Banque Nationale de Paris and Societe Generale, concerning a US$10mil import financing. Another local consumer electronics manufacturer, Gradiente, despite its delay on import financing payments, has partially paid interests and re-negotiated its debts. Societe Generale also declared 7 Pernambuco-based sugar processing companies in default this year concerning a US$12mil loan. Half of that amount was eventually paid by the state-owned company Perpart, which had guaranteed 50% of the loan.

Source: Gazeta Mercantil Page: B-2 Date: July 27, 1999 Country: Brazil Product: Consumer Electronics Company:...

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