Argentina post office to seek protection from creditors
Argentina post office to seek protection from creditors – report
From RBC NEWS, September 19th, 2001
Section: COMPANY NEWS BUENOS AIRES (AFX) – Post office concession holder Correo Argentino SA will
seek protection from creditors, newspaper Clarin reported, citing unnamed
sources. Correo Argentino is controlled by Macri group’s Sideco SA and Banco Galicia
SA. Its main creditor is the Argentine state. Clarin said that Francisco Macri, the head of Sideco’s parent Socma
Americana SA, told President Fernando de la Rua that “the company is not viable
under current conditions,” a participant at the meeting is quoted as saying. The state owes Correo 250 mln usd, according to the report. Clarin quoted government sources as saying that, despite being under
bankruptcy protection, Correo Argentino will continue its activities. jmp/jms
For more information and to contact AFX: www.afxnews.com and www.afxpress.comRBC NEWS, 19th September 2001
