Argentinian Edenor Restuctures Debt

Argentinian electricity distributor Edenor has begun restructuring more than $500 million of its debt and has halted interest payments while it negotiates with creditors. Capital payments were suspended in September 2002 following the country’s economic meltdown. The restructuring announcement follows the signing of a new agreement last week with the government which allows Edenor to raise non-residential tariffs by around 15% from November. These have been frozen since 2002. Control of the company was taken over in June by local group Dolphin, which bought a 65% stake from Electricité de France, EDF.