Canbrás clinches deal with banks to avoid default
sexta-feira, 30 de maio de 2003 , 00h51 | POR REDAÇÃO

Canbrás is out of the woods as far as financial stability is concerned. This month it repaid a debt tranche of almost 10 million US Dollars and clinched a deal with Brazilian banks to finance repayment of the May 2004 portion. That may not sound like a large sum but Canbrás doesn?t have constant financial backing from its main shareholder, Bell Canada, and had warned investors there was a real risk of default.
Together with the debt restructuring program Canbrás announced a new business plan designed to ensure normal operations into the coming year. However, the company gives guarantees of its own, so financial health depends on economic growth and stability (or expansion) of the subscriber base in Brazil.


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