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.
To contact the reporter on this story: Rodrigo Orihuela in Buenos Aires at email@example.com
To contact the editor responsible for this story: Bill Faries at firstname.lastname@example.org