EBR - Eletrobras wins court order allowing bondholder meeting to advance share sale

Eletrobras (NYSE:EBR) said Monday that it obtained a court ruling that will allow a key meeting of bondholders of its Furnas unit, overturning a previous decision reached by a lower court that had suspended the meeting. At the meeting, Furnas debenture holders are expected to vote on a waiver to make an additional investment in the Santo Antonio hydropower plant in Brazil, a step that must be completed before the share offering that would privatize the utility. The process to permit the sale has been slowed by disagreements between the Bolsonaro administration and lawmakers, and more legal challenges could delay the planned share sale. In what may be President Bolsonaro's last chance for a major privatization before October elections, Brazil's government plans to price an offering on June 9 of mainly new shares that would dilute its stake to 45%.

For further details see:

Eletrobras wins court order allowing bondholder meeting to advance share sale