Brazil's Light Strikes Preliminary Agreement with Creditors [Financial Post (Toronto, Ontario, Canada)]
LIGHT SA S/ADR (LGSXY)
NASDAQ:AMEX Investor Relations:
ri.light.com.br/en
Company Research
Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Light SA will receive fresh cash and convert debt to equity under a preliminary restructuring deal it reached with creditors. The troubled Rio de Janeiro utility said in a filing released Monday the agreement in principal includes a capital injection of as much as 1.5 billion reais, the issuance of new notes and converting as much as 2.2 billion reais of existing debt into equity. Article content Article content The new capital is likely to come from major shareholders, Nelson Tanure, Ronaldo Cezar Coelho and Carlos Alberto Da Veiga Sicupira, who own a combined 65% of the company, Bloomberg News previously reported, citing people familiar with the negotiations. Light, which has about 11 billion reais ($2.2 billion) in total debt, filed for bankruptcy protection last year, after warning that government regulators weren't authorizing it to charge customers enough to pay
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