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PAMPA ENERGIA S.A. Announces Agreement Relating to the Debt Restructuring of Compania de Inversiones en Energia S.A. and the Partial Cancellation of the Indebtedness Incurred at the Time of the Acquisition of Such Assets

2012-07-18 21:44 ET - News Release

BUENOS AIRES, Argentina, July 18, 2012/PRNewswire/ -- Pampa Energia S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), announces today that Compania de Inversiones en Energia S.A. ("CIESA"), Pampa Energia S.A., Pampa Inversiones S.A., EPCA S.A. Inversiones Argentina I LLC (collectively referred to as "PAMPA"), Petrobras Hispano Argentina S.A. and Petrobras Argentina S.A. (collectively referred to as "PESA") have reached an agreement by means of which they have withdrawn all of the respective claims between PESA and AEI (and PAMPA as assginee of a portion of such claims) in connection with the litigation  entitled "Compania de Inversiones de Energia S.A. v. AEI f/k/a Ashmore Energy International f/k/a Prisma Energy International Inc., AEI v. Compania de Inversiones de Energia S.A., Petrobras Hispano Argentina S.A., Petrobras Energia S.A., Hector Daniel Casal, Claudio Fontes Nunes and Rigoberto Mejia Aravena" in the Courts of the State of New York, including the respective claims of damages and losses that had been filed in the year 2009 (the "Settlement Agreement").

Within the context of such Settlement Agreement and as a material condition thereto, the abovementioned parties cancelled in its entirety CIESA's unpaid debt due since 2002 (the "CIESA Due Debt"). As consideration for such cancellation, PAMPA received from CIESA (i) the ownership over 34,133,200 ordinary Class B shares issued by Transportadora Gas del Sur S.A. ("TGS") representing 4.3% of the share capital and votes of TGS, (ii) a payment of US$ 86,997,232 and (iii) was appointed as beneficiary and custodian (fideicomisario) under the Trust Agreement dated August 29, 2005, and under which The Royal Bank of Scotland, Sucursal Argentina, acts as trustee, and holds the fiduciary property over 40% of the shares of CIESA (the "Shares in Trust") and, as a consequence thereto, once the pending governmental approval is obtained, the Shares in Trust will be transferred to PAMPA in accordance with the terms of the Restructuring Agreement, as amended (the "Restructuring Agreement"), previously executed by CIESA and its financial creditors.

Simultaneously, PAMPA had to cancel, with the previously mentioned funds, US$ 70 million of the US$ 90 million loan granted by Citibank N.A. and Standard Bank to finance the acquisition of the abovementioned assets.

For further information, please contact:
Ricardo Torres - Chief Executive Officer
Mariano Batistella – Special Projects Manager and Investor Relations Officer
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autonoma de Buenos Aires, Argentina
Phone: +54 (11) 4809 9500

SOURCE Pampa Energia S.A.

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