AES IHB Cayman, Ltd. and AES Tiete Holdings, Ltd. Announce Consent to Proposed Restructuring.Energy Editors/Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 16, 2003 AES IHB IHB International Hydrographic Bureau IHB International Hospital of Bahrain IHB Indiana Historical Bureau IHB Indiana Harbor Belt Railroad IHB In Het Bijzonder (Dutch) IHB Indian Health Board IHB It's Happy Bunny Cayman, Ltd. ("IHB") and AES Tiete Holdings, Ltd. ("Tiete Holdings") announced today that they have obtained consents from 100% of the holders of the $300,000,000 aggregate principal amount 11.5% Trust Certificates due December 15, 2015 of IHB (the "Certificates") to facilitate a proposed restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of Tiete Holdings's indirect investments in the Brazilian electric power sector. This restructuring contemplates, and the consents will permit, among other things, the transfer of the share capital in Tiete Holdings, currently pledged by AES Corp. and AES Communications Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , Inc. as collateral for the Certificates, to a newly organized Brazilian holding company. The share capital in Tiete Holdings will remain subject to a lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. in favor of the Trustee with respect to the Certificates. Tiete Holdings' Brazilian operating company operating company A business that engages in transactions with outsiders. , AES Tiete S.A. ("Tiete"), is a power generation company which resulted from the reorganization and privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned of certain assets of Companhia Energetica de Sao Paulo, the energy company previously owned by the State of Sao Paulo. Tiete supplies reliable, clean and cost-effective power to the Brazilian market primarily through power purchase agreements with several major distribution companies. Some information included in this press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements can sometimes be identified by our use of forward-looking words such as "may," "will," "anticipate," "estimate," "except," or "intend" and similar expressions. Such forward-looking information may involve important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of IHB or Tiete Holdings. Any forward-looking statements included in this press release are made only as of the date of this release. Neither IHB nor Tiete Holdings undertakes any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. Neither IHB nor Tiete Holdings can assure you that projected results or events will be achieved. |
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