DJ Newswires -- Bell Cda Intl Closes Vesper Guarantees Settlement.
[Another boring news item, to help keep alive this boring SI thread ...]
December 2, 2003
Bell Cda Intl Closes Vesper Guarantees Settlement
DOW JONES NEWSWIRES
MONTREAL -- Bell Canada International Inc. (BCICF) has paid $12 million in exchange for the absolute release of its obligation under guarantees provided to the Brazilian banks of Vesper S.A. and Vesper Sao Paulo S.A.
In a news release, BCI said the payment was pursuant to a September agreement among BCI, the Vespers, the Vespers' majority shareholder QUALCOMM Inc. (QCOM), and a syndicate of Brazilian banks.
The company said it has also sold its remaining 1.5% indirect equity stake in the Vespers for nominal consideration, as previously announced, and that it and QUALCOMM provided each other with full releases with respect to all matters related to the Vespers.
BCI noted that, as a result of these transactions, it will record a gain of about C$10 million in the fourth quarter.
As reported, BCI is operating under a court-supervised plan of arrangement, pursuant to which it plans to monetize its assets and resolve outstanding claims against it, with the ultimate objective of distributing the net proceeds to its shareholders and dissolving the company. BCI was a communications company.
Company Web Site: bci.ca
-Carolyn King, Dow Jones Newswires; 416-306-2100
Updated December 2, 2003 4:16 p.m.
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