Brazilian Power Cos. Bid $1.5B For Bankrupt Utility's Units

Law360, New York (June 3, 2013, 6:09 PM EDT) -- Brazilian power firms Energisa SA and Companhia Paranaense de Energia, also known as Copel, said Friday that they had offered 3.2 billion Brazilian reals ($1.5 billion) for several units of Rede Energia SA, a move cheered by a group of the bankrupt utility's creditors.

Energisa and Copel said the offer for nine Rede subsidiaries includes cash payments and debt obligations. In their petition filed with a Brazilian bankruptcy court, the companies requested their proposal be considered at a general meeting for Rede's creditors scheduled for Wednesday....
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