Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.170

+6.4%

Nov 12 3:59 PM EST

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To: coyote who wrote (7033)	8/21/1998 11:22:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Brazil Seeks Telebras Liquidation Plan By Aug. 1999 Dow Jones Newswires NEW YORK -- Telecomunicacoes Brasileiras SA (TBR), known as Telebras, said Friday that the Brazilian Ministry of Communications has ordered its liquidation as a result of its recent breakup and privatization. In a press release, Telebras said that the ministry ordered the company to submit a detailed plan of liquidation for approval by the company's board of directors no later than August 1999, and for subsequent submission to a special meeting of Telebras shareholders. Telebras was spun off into 12 new holding companies in May, and the government's controlling stakes were sold July 29 for a combined $19 billion. The press release reiterated that trading in the 12 new companies is expected to begin both in Brazil and Sao Paulo during the month of September, pending approvals by the U.S. Securities and Exchange Commission and by the CVM, its Brazilian counterpart.

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