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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (11188)	1/5/1999 1:33:00 PM
From: David Petty	Read Replies (7) \| Respond to of 22640

Steve, please help me re: post 11186 and my missing step or messed up step... (I changed my plans and ordered lunch in so I did not leave at 1:00)... so if you are still there and have time, please assist me thru the veil. And yes, unless I missed something I thought we were suppose to get dividends like on the old TBR... our dividends on preferred apparently have to be paid whether the common stock owners get any or not... And to the second part, I would assume that the halt has to be in some way related to the interest/dividend announcement (either it really is that bad or they made some kind of calc error... or it is exactly on target re: your 1.25 and something else is up) Thanks

To: Steve Fancy who wrote (11188)	1/5/1999 3:34:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's Unibanco Says Arapua Close to Deal With Creditors Brazil's Unibanco Says Arapua Close to Deal With Creditors Tue, 5 Jan 1999, 6:31pm EDT Sao Paulo, Jan. 5 (Bloomberg) -- Lojas Arapua SA, Brazil's largest electronics retailer, is close to an agreement with creditors to renegotiate 900 million reais ($750 million) in debt, an official managing the talks said. Arapua, which has 244 shops in 25 Brazilians states, sought court protection from its creditors in June as high interest rates made it difficult for consumers to repay loans, crippling the company's finances. Arapua is now close to an agreement with its 450 creditors, said the bank managing the discussions. ''This process has been long and complex, but I'm confident we'll reach a deal within two weeks,'' said Murilo Kammer, executive director at Uniao de Banco Brasileiros SA, Brazil's third largest private bank, which is acting for Arapua. Under the terms of the agreement, creditors such as Brasmotor SA will receive debentures issued by Arapua, Kammer said. The exact number to be issued and their unit price have not been decided, he added. The terms of the agreement have already been accepted in principle by the 40 companies to which Arapua owes more than 1 million reais. A meeting with some of the 370 smaller creditors - - owed less than 100,000 reais -- is planned for tomorrow. Arapua's creditors include some of the biggest companies in Brazil's consumer industry, including Brasmotor SA, Gradiente Eletronica SA and Semp Toshiba SA. Interest rates as high as 175 percent on electronics goods have curbed consumer demand, with retail sales expected to decline 6 percent this year, an industry group said this week. Arapua shares have been suspended from trading since June. -------------------------------------------------------------------------------- © Copyright 1998, Bloomberg L.P. All Rights Reserved.