Venezuela Delays Sale Of Aluminum Firms

For the second time this fall, Venezuela on Monday delayed the sale of four state aluminum companies until February to restructure the companies’ $600 million debt with the national government.

The delay affects plans by Kaiser Aluminum Corp. and 14 other bidders in the sale that could raise $2.5 billion.

The delay is the latest in a string of setbacks. The sale originally was slated for early 1996.

How future owners will pay the debt is a top concern to potential buyers, especially as the companies owe an additional $600 million to foreign banks.

Kaiser in September dispatched former Mead smelter works manager Dave Kjos to Venezuela to help evaluate the Venezuela smelters, alumina refinery and bauxite mine that the government wants to privatize in 1997. , DataTimes