Image source: The Motley Fool. Comp En De Mn Cemig ADS (NYSE: CIG)Q1 2020 Earnings CallMay 18, 2020, 1:00 p.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorLadies and gentlemen, thank you for waiting.
The executive board of Brazilian power firm Cemig has approved a voluntary buyout program for up to 1,000 employees, according to an internal document seen by Reuters on Monday. The Brazilian state of Minas Gerais is Cemig's majority shareholder.
Brazilian power distributors have asked the government for financial support as falling demand for electricity during the coronavirus pandemic undermines their operations and weakens their balance sheets. In a webinar on Friday, the chief executives of some of Brazil's largest distributors discussed a potential support package that could involve emergency loans, including from the national development bank BNDES, in addition to the use of Treasury financing and industry funds to support the companies during the crisis. The electricity distribution sector was hit hard by the public health crisis, which may put Brazil into a recession, according to some analysts' estimates.
Moody's America Latina ("Moody's") has affirmed the baseline credit assessment (BCA) and global scale corporate family rating (CFR) of Companhia Energetica de Minas Gerais - CEMIG (CEMIG) of b1 and B1, respectively. The national scale CFR was upgraded to Baa1.br from Baa2.br.
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We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
Moody's America Latina ("Moody's") has affirmed the baseline credit assessment (BCA) and global scale corporate family rating (CFR) of Companhia Energetica de Minas Gerais - CEMIG (CEMIG) of b1 and B1, respectively. The national scale CFR was upgraded to Baa1.br from Baa2.br.
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The CFO of Brazilian renewable energy firm Renova Energia SA resigned and a key shareholder gave up its stake after failed talks to sell heavily indebted wind farm projects. Renova Chief Executive Officer Cristiano Corrêa de Barros will temporarily assume the responsibilities of outgoing Chief Financial Officer Claudio Ribeiro, the company said on Monday. Separately on Monday, Renova shareholder Light SA said it had sold its 17.17% stake in the firm to an investment fund for a symbolic value of 1 real.
Two Brazil energy companies tied to groups Cemig and Votorantim Energia have told business partners that the coronavirus outbreak is an event of "force majeure" that could be a reason for breaking energy contracts, according to documents seen by Reuters. Cemig GT and Votener, belonging to Votorantim Energia, have said in documents that they seek a reduction in the energy they are required to buy, because civil restrictions tied to the coronavirus outbreak will lead to a "generalized demand reduction."
Privatization of Brazilian power company Companhia Energetica de Minas Gerais, known as Cemig, may be approved this year, its Chief Executive Officer told journalists on Friday. CEO Cledorvino Belini said in a press conference the government of Minas Gerais expects to send the project to state legislature this month, and have it approved by the end of the year. Belini said the state government may also seek to approve the privatization of other assets.
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