Correo Argentino starts its process of calling in the receivers
Argentina: Correo Argentino starts its process of calling in the receivers
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Story Filed: Friday, October 12, 2001 10:22 AM EST
Argentina, Oct 11, 2001 (El Cronista/SABI via COMTEX) — The postal company Correo Argentino called in the receivers 3 weeks ago, and now this process was approved by a judge. The company controlled by the Macri group declared a debt of US$737mil of which around US$260mil corresponds to unpaid levies to the State since 1999. Franco Macri, President of Sideco, company which controls 68.5% of the shares of Correo, blamed the Government and the disloyal competition for the economic crisis of the company. The Ministry of Infrastructure admitted a debt of the National State to the company of US$34mil for unpaid services in 1999. The Government does not recognise the around US$800mil that Correo claims for non-fulfilment of the contract of the concession.
Copyright (c) 2001, South American Business Information, All rights reserved.
INDUSTRY KEYWORD: Mail & Express Services
Services
EVENT: Debt Management
Contract Dispute
Copyright © 2001, SABI, all rights reserved.
