Transpa SA

distressed

The company was partially privatized in June 1994 when the government sold a 51% equity stake for $20.8 million to Aluminio Argentino SAIC (Aluar) (20.4%), Camuzzi Gazometri SpA. (12.75%), Grupo CG Argentina (7.65%%), and seven other groups (each holding less than 4%). Only $1 million was paid in cash and the remaining $19.8 million were paid in debt papers. In 2003, Camuzzi filed a claim against the Argentinean government with an international arbitration tribunal (International Centre for Settlement of Investment Disputes - ICSID). Camuzzi claims compensation for losses in its investments in electricity transmission and distribution in Argentina due to frozen rates and devaluation of the currency. For updates on the international arbitration proceedings, check http://www.worldbank.org/icsid (case # ARB/03/7). The seven other groups consisted of Sociedad Cooperativa Popular Ltda. de Comodoro Rivadivia (2.55%), Cooperativa Electrica de Consumo y Vivienda Ltda. de Trelew (3.76%), Cooperativa Ltda. de Provision de Servicios Pcos. y Vivienda de Puerto Madryn (2%), Cooperativa de de Servicios Pcos. y Vivienda y Consumo de Rawson (1.2%), Cooperativa de Provision de Servicios Pcos. y Vivienda y Consumo 16 de Octubre Ltda. (0.1%), Cooperativa de Provision de Energia Electrica y Otros Servicios Pcos. y Vivienda de Gaiman Ltda. (0.2%), and Cooperativa de Agua Potable y Otros Servicios Publicos de Rada Tilly Ltda. (0.2%).