Business & Banking

Business & Banking

Corporate & Sovereign Strategy

AES Hits Second Default in Brazil The Brazilian subsidiary of global power company AES Corp. in late February defaulted on a $330 million payment due to the government's BNDES development bank. As a result, BNDES may assume AES's stake in Eletropaulo Metropolitana, Latin America's largest utility that distributes power in the city of São Paulo.BNDES has the right to demand immediate payment of $605 million after AES missed a February 28th deadline for payment. The company said that other creditors accepted its offer to wait until April 15th for a $6.5 million payment. Virginia-based AES also missed a $35 million payment in January and still owes BNDES $1.2 billion for loans

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial