11:29:32 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
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Brookfield Asset Management Inc
Symbol BAM
Shares Issued 987,249,812
Close 2016-07-20 C$ 45.99
Market Cap C$ 45,403,618,854
Recent Sedar Documents

Globe/wire say Brookfield to add Brazilian power lines

2016-07-21 08:24 ET - In the News

The Globe and Mail reports in its Thursday edition that Grupo Isolux Corsan SA, the Spanish engineering company going through a financial restructuring, is close to a sale of some of its Brazilian power lines to Brookfield Asset Management. A Bloomberg dispatch to The Globe says the so-called brownfield portion of the power-line business will be sold pending talks this week between Isolux and its creditors. The company is also close to selling its solar-power business Grupo T-Solar Global SA for about 120 million euros to another bidder. Selling assets is a cornerstone of Isolux's restructuring plans as it seeks to reduce debt, built up after years of international expansion. Last year, Isolux scrapped plans for an initial public offering to help raise funds, saying it would wait for more favourable market conditions. Earlier this month, Isolux signed an agreement with its core creditors that includes the injection of 200 million euros to help it avoid insolvency. The agreement requires the approval of at least 75 per cent of creditors by July 23. The company has 4,703 kilometres of high-voltage electricity lines under concession in Brazil, including 1,191 kilometres in the Amazon.

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