ICE comes to the rescue of the CNFL so that it can meet its debts

Agreement allowed the Company to meet creditors, acknowledges manager

Company has limited ability to cover short-term liabilities, says CGR

January 19th,2015

The Instituto Costarricense de Electricidad (ICE) came to the rescue of the Compañía Nacional de Fuerza y ​​Luz (CNFL), last year, so that the company could face paying debts with creditors.

The ICE allowed its subsidiary postpone, for this year, the settlement of a bill of ¢ 19,000 million energy purchases made last November.

So they recognized the Nation Victor Solis, general manager of the CNFL; and Marvin Céspedes, administrative and financial director of the state firm.

"It was agreed, together with ICE, November move the bill to be paid during 2015. And thus allowing the attention of all the commitments that the Company has with its creditors," Solis said.

For its part, the administrative and financial officer said on other occasions, had arrears in payments to ICE; but never such a high amount. The CNFL canceled a month, on average, ¢ 20,000 million to the Institute for the purchase of energy.

The Company is responsible for supplying 520,000 subscribers among households and businesses in the Greater Metropolitan Area (GAM). 90% of that purchase electricity to ICE.

The CNFL was obliged to inform the agreement with the Institute through a relevant fact, due to a request from the operator pension Vida Plena.

The company has placed debentures in the local market, amounting to ¢ 52,300 million. 43% is held by pension operators, as recorded by the Pensions (SUPEN).

Solis said that, last year, made a round of meetings with its main creditors to inform them about the financial situation of the company.

"The risk evaluators maintain our positive rating and have the support of ICE Group," said the chief.

The CNFL, along with Radiographic Costarricense (RACSA) are the two main subsidiaries of ICE. In the latter, the Institute has had to transferring resources, in recent years, for their financial problems.

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