OCA up for auction

The 10 banks that started administrating the postal company OCA just a few weeks ago are to put the company up for auction.
These banks are the main creditors of the Exxel Group, owner of OCA. Credit Suisse, First Boston, Deutsche bank of America, UBS, Citibank, Rio, Bisel, ING and JP Morgan Chase Manhattan lent US$195million to the Exxel Groupin 1997 for the acquisition of OCA which provides clearing services with a nearly 80 percent market share. The turnover of the postal turnover of the postal sector fell by 4o per cent in 2002, while OCA registered a reduction in sales of 20 per cent only to Pesos$211 million.
However, this firm reached Pesos$270 million in 2000. OCA has accumulated other debts of Pesos$30 million.