Pampa Energia Announces Agreement With Petrobras for Ciesa Debt
Pampa Energia SA (PAMP), Argentina’s biggest power company, said it reached an agreement with Petrobras Energia SA to end a legal dispute in a New York court over the defaulted debt of Compania de Inversiones SA, or Ciesa.
Settling the dispute will allow Pampa and Petrobras to move ahead with a planned financial restructuring of Buenos Aires- based Transportadora de Gas del Sur SA (TGSU2), in which Ciesa holds a 51 percent stake. Under the new structure, which will require Argentine government approval, Pampa and Petrobras will each have a 50 percent stake in Ciesa.
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