Net (ex-Globo Cabo) announced Monday, July 15, that it has successfully completed negotiations to refinance its short-term debt. Fifteen banks, its main creditors, agreed to reschedule until after 2003 95% of debts falling due within the next 18 months, which amount to some 200 million US dollars. On the same day the company also announced full on-schedule repayment this week of 52m USD in commercial paper. When S&P downgraded Net three weeks ago, it blamed the move on these two factors. Suppliers and programmers are part of a separate negotiation process, according to Net?s management.