Bio Bio sells assets worth $73.95m
Chilean cement producer Cementos Bio Bio (CBB), controlled by industrial group Briones, announced on July 3, 2006, that it had sold the assets of some of its subsidiaries for a total of $73.95m.
CBB said that it had sold the assets of its forestry subsidiaries CBB Forestal, CBB Bosques Limitada, CBB Maderas and CBB Millwork & Sawmilling. The company did not disclose the buyers or its plans for the further restructuring of its operations. The forestry assets of CBB are located mainly in the Chilean regions VI and IX.
Recently the company has managed to restructure its debts with some of its creditors, as BancoEstado and Citibank. CBB board of directors has approved a US$200m investment plan for the period from 2005 to 2009, but have not disclosed yet the sources of the funding.
Published under Cement News
