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Argentine hydro debt restructured

Hydro power generating company, Hidroelectrica Piedra del Aguila, has completed the restructuring of its debt. Around 96.7% of the debenture holders, worth US$195M, have agreed to the restructuring.

Piedra had previously come to an agreement with bank creditors. Among them were Banco Nacion (US$97M) and a group of private banks with credits worth US$125M. As part of the restructuring Piedra will receive a cash injection of US$35M from its major share holders Gener, Duke Energy and TransAlta, to pay off out- standing arrears in interest.