Business Services Industry
Net renegotiates debt.
South American Business Information, August, 2004
Brazil, Aug 30, 2004 (Valor Economico /SABI via COMTEX)
The Brazilian subscription TV operator Net Servicos expects to register, in the US Securities & Exchange Commission SEC, the exchange proposal of Multicanal notes to allow the adhesion of the company's bond holders, integrated to Net in the 90's, to its renegotiation plan. Around 90% of debenture holders and 86% of banks have already adhered to this plan. The company has renegotiated a debt of R$1.38bil. To pay creditors, Net intends to issue 1.8bil stocks, with a price of R$0.35 for common stocks. Meanwhile, in the Q2 2004 (Apr-Jun), the group reported 131,000 subscribers of broadband Internet service, expecting to reach 180,000 in the whole of 2004, the double over 2003. It has been adding 7,000...
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