August 6, 2019
Brazilian power company uses funds from a May debenture sale to settle some of its debts with the state-owned energy company
Brazil's Eletrobras said it has paid BRL1.28bn ($322m) in debt it owed to the state-owned energy company Petrobras, using the money it raised from the sale of debentures in May this year.
Eletrobras said it still owed BRL9.56bn to Petrobras after the sale of its distribution businesses.
The company said last week that President Jair Bolsonaro had authorized studies on the possible privatization of Eletrobras. Congress would first have to approve the sale of the state-owned company.
Shares in Eletrobras dropped 2.11% to close at BRL41.79 on Monday.