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Technology Stocks : BCICF
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To: DRRISK who wrote (2)4/24/2002 6:31:00 AM
From: Al Collard  Read Replies (1) of 13
 
Globe says Anderson warns BCI facing debt challenges


Wed 24 Apr 2002

In the News

The Globe and Mail reports in its Wednesday edition that Bell Canada
International, controlled by BCE, says it will need to raise between
$225-million (U.S.) and $275-million (U.S.) to complete its financing needs
through 2002. The Globe's Bertrand Marotte writes that BCI president and
chief executive officer William Anderson says BCI, which recently
reorganized its Latin American wireless telephone operations to focus on
the Brazilian market through subsidiary Telecom Americas, faces
"significant short-term debt levels." Mr. Anderson says it will be a
challenge for Telecom Americas to roll over its short-term debt and arrange
the financing required for its 2002 business plan. Telecom Americas is
carrying about $3-billion (Canadian) in total debt, about $1.1-billion
(Canadian) of that short term, says BCI chief financial officer Howard
Hendrick. "We're cautiously optimistic we'll be able to roll that stuff
over," he says, while also cautioning that "the climate down there isn't
particularly favourable." BCI shares fell two Canadian cents or 17.4 per
cent to close at 9.5 Canadian cents on a massive volume of 22.3 million
shares traded on the Toronto Stock Exchange Tuesday.
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