Net rebuts report that creditors will take control of cashflow
quinta-feira, 10 de outubro de 2002 , 17h21 | POR REDAÇÃO

Net Serviços de Comunicação SA denies that 21 creditor banks will take control of its cashflow or investment decisions as reported by the Rio de Janeiro newspaper O Dia on Friday, October 4. Management at Brazil?s leading pay-TV company, which belongs to the Globo group, also said there was no truth in the newspaper?s claim that it proposes to issue more convertible debentures. Guarantees given as part of the debt restructuring agreed in the first half, whereby most of the company?s debt was rolled over until after 2003, include a pledge of receivables from 295,000 subscribers (20% of total revenue at the time the deal was closed) and a lien on 35,000 kilometers of Net?s cable network. The debt was equivalent to 948 million Brazilian Reals at June 31 and would now be equivalent to 1.36bn BRL owing to currency depreciation if it weren?t for the recent timely repayment of 50m US Dollars. The debt was also reduced by the capitalization process concluded in August.


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