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Colombia orders liquidation of Gas Natural's Electricaribe

Wednesday, March 15, 2017


Colombia's government regulator said it had ordered the liquidation of Electricaribe, an affiliate of Spain's Gas Natural, but the company had asked Colombia to find a way to allow it to keep trading there.

Colombia's government took temporary control of Electricaribe's assets in November, citing risks from lack of payment and quality of service.

"The company is not in a position to provide energy service with the quality and continuity that's required," regulator Jose Miguel Mendoza told reporters in Bogota. "When the assets of the company are sold, creditors will be paid in the order established by law."

Source: Reuters