August 16, 2016 / 5:42 PM / 2 years ago

BRIEF-Brazil to reschedule privatization of Eletrobras' Celg unit

Aug 16 (Reuters) -

* Brazil’s Mines and Energy Ministry said on Tuesday it would have to reschedule the privatization of Celg, a distribution asset controlled by the state-run electricity holding company Eletrobras

* In a statement, the ministry said interested investors failed to present the financial guarantees needed to participate in the privatization auction for Celg by deadline

* Investors said in early August that Celg’s heavy debts and a high minimum price for the asset set by the government would likely dampen interest in the auction

* Celg, which serves the agricultural-rich center-west state of Goiás, is the first power distributor to be sold by Eletrobras, as holding company Centrais Elétricas Brasileiras SA ELET6.SAis known Further company coverage: (Reporting by Leonardo Goy; Writing by Reese Ewing)

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