Rede, Celpa Bonds Tumble After Restructuring Plan Approved

Bonds issued by Rede Energia SA (REDE4) and its unit Centrais Eletricas do Para SA are falling after the subsidiary’s creditors approved a restructuring plan.

Rede’s perpetual bonds lost 5.89 cents since the plan was approved Sept. 1 to 29.33 cents on the dollar as of 1:09 p.m. in Sao Paulo. Centrais Eletricas do Para bonds due in 2016 dropped 11.5 cents to 16.83 cents on the dollar, according to data compiled by Bloomberg.

To contact the reporter on this story: Veronica Navarro Espinosa in New York at vespinosa@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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