JD..some more on GTR.......
Mexico's Tribasa converts Enron loan to shares
MONTERREY, Mexico, June 25 (Reuters) - Mexican construction firm Grupo Tribasa (NYSE:GTR - news) said on Friday it has converted a $27 million loan from a unit of Enron Corp. (NYSE:ENE - news), to 37.75 million Tribasa shares that Enron has an option to take over.
''On October 31, 1999, Enron will decide whether to receive the Tribasa shares from a trust or to receive approximately $28.3 million from the trust or a third aprty,'' Tribasa said in a news release issued through the Mexican stock exchange.
Through other options, Enron has the right to acquire an additional 72.15 million Tribasa shares.
The Enron subsidiary, Enron Engineering, loaned $27 million to Tribasa in March of this year, in exchange for the share option as well as the right to participate in engineering and construction projects in Latin America.
Tribasa, which saw its sales slump 10.8 percent in the first quarter compared with the first three months of 1998, announced in April that it hoped the association with Enron, one of the biggest power companies in the world, would help it increase its backlog by $400 million in 1999.
In April of this year, Tribasa shareholders approved a $180 million capitalization through the issue of 254.7 million shares. April 28 was the deadline to take part in the offering, but Tribasa has not said whether it placed all of the shares.
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