Ogden Announces Transaction With Partner in Argentine Aviation Consortium.Business Editors NEW YORK--(BUSINESS WIRE)--April 4, 2000 -- Company to Receive $30 Million - -- Company Also Sells Interest in Dominican Republic Dominican Republic (dəmĭn`ĭkən), republic (2005 est. pop. 8,950,000), 18,700 sq mi (48,442 sq km), West Indies, on the eastern two thirds of the island of Hispaniola. The capital and largest city is Santo Domingo. Airport 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 -- Transactions Are Part of Ogden's Strategy to Create Platform for Energy Business and Deliver Value to Shareholders -- Ogden Corporation (NYSE NYSE See: New York Stock Exchange : OG) announced today that its usufruct A Civil Law term referring to the right of one individual to use and enjoy the property of another, provided its substance is neither impaired nor altered. For example, a usufructuary right and option arrangement with a principal of Corporacion America Sudamericana, S.A., one of Ogden's local partners in the Aeropuertos Argentina 2000 (AA2000) consortium, has been completed. Under the terms of the agreement, Ogden received $27.5 million and will receive an additional $2.5 million at a later date. Under the usufruct arrangement, the principal will have the right to control Ogden's shares until such time as he is permitted to purchase them. AA2000 is the private consortium that manages Ezeiza and Aeroparque Airports in Buenos Aires Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. , Argentina, as well as other Argentine airports, as part of that nation's airport privatization program. In addition, Ogden announced that it has sold its interest in the Dominican Republic airport privatization for approximately $3 million, while avoiding capital commitments of approximately $16.6 million. "We're very pleased to reach these agreements," said Ogden President and Chief Executive Officer Scott G. Mackin. "Ogden's non-core asset sales process A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. continues to make progress. These are the first announcements we've made with respect to the disposition of our Aviation privatization assets. We are currently exploring transfers of our interest in our other airport privatization project, and will make an announcement when we have signed a definitive agreement." As previously announced, Ogden is pursuing the disposition of its non-core Aviation and Entertainment assets, as well as certain other non-core businesses, to ensure a solid financial platform for its Energy business. The Aviation and Entertainment business segments are being reported as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . On September 17, 1999, Ogden announced its intent to sell its Entertainment and Aviation businesses to focus exclusively on its role as a leading energy company. Ogden Energy group is a global developer/owner and operator of independent power projects and provides related infrastructure services. Additional information about Ogden can be obtained via the Internet at www.ogdencorp.com, or through its automated information system The term automated information system means an assembly of computer hardware, software, firmware, or any combination of these, configured to accomplish specific information-handling operations, such as communication, computation, dissemination, processing, and storage of at (888) 643-3612. |
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