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SAO PAULO, May 16 (Reuters) - Centrais Elétricas Brasileiras SA, Brazil’s state-controlled electricity holding company, said on Monday it has no clauses requiring early debt repayment in case of failure to comply with U.S. Securities and Exchange Commission (SEC) filings.
Eletrobras, as the company is known, said during a conference call with investors and analysts that it has a high risk of missing the an SEC deadline of May 18 for turning in the so called 20-F form and could see its shares delisted in New York as a result.
Brazil’s new Planning Minister Romero Juca said last week he was concerned that Eletrobras could be obliged to pay earlier as much as 40 billion reais ($11.4 billion) in debt due to its possible delisting in New York, where it trades American Depository Receipts (ADRs).
“All of our covenants are linked to filings in Brazil,” said Eletrobras Chief Financial Officer Armando Casado de Araújo.
“It is a bit reassuring that we don’t expect impacts such as early repayments,” said Araújo.
Eletrobras announced last week a $1.12 billion loss in the first quarter, saying losses from some of its power distribution companies and smaller power prices in Brazil’s spot market hurt its performance.
The company controls 15 subsidiaries in Brazil and has a 50-percent stake in the country’s largest hydroelectric dam Itaipu.
The 20-F form is required by SEC for every foreign issuer in the United States.
Eletrobras said on Thursday it has been unable to publish the document due to uncompleted investigations into alleged corruption in the massive 11.2-gigawatt Belo Monte hydroelectric project in the Amazon and the Angra 3 thermonuclear plant in Rio de Janeiro state, which prevent it from knowing the eventual impact on its financial results.
Its preferred shares were down 3.5 percent in Sao Paulo in mid-afternoon trade, while its ADRs in New York were down 7 percent.
$1 = 3.505 reais Reporting by Marcelo Teixeira and Luciano Costa; Editing by Chris Reese and Marguerita Choy