Although it actively bid to acquire AT&T Latin America in a Chapter 11 bankruptcy auction last week, Embratel no longer expects to acquire the company. Embratel said it actively participated in the auction up to the point where it thought the acquisition price was consistent and accretive to its business. Embratel’s final bid will continue to be valid until a final outcome of the process is determined by the U.S. Bankruptcy court in Miami, Florida. Embratel also said it plans to continue to evaluate organic and M&A opportunities to enhance its value.
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- In September 2003, Embratel signed a purchase agreement with AT&T Latin America to acquire its operating subsidiaries in 5 countries (Argentina, Brasil, Chile, Colombia and Peru). A U.S. bankruptcy court later opened the sale process to competitive bids.
- In April 2003, AT&T Latin America filed for Chapter 11 bankruptcy protection.
- As of September 30, 2002, ATTL’s total debt amounted to $849.1 million versus $662.1 million as of December 31, 2001.