INC settles foreign debts

INC settles foreign debts
Published: 05 April 2004

The state owned cement major INC (Industria Nacional del Cemento) in Paraguay has settled the payment of US$800,000 with French banks, reducing its debt to US$2.65m. Prior to that on 1993, and to avoid the company bankruptcy with the auction of its assets, the Treasury has taken over responsibility on its debts of US$132m, exchanged for assets of INC over the last years. Recently, part of the remainder debts of INC with the Treasury, is to be paid with the supply of 150,000t of cement over four years for the capping of the Vallemi - Concepcion roadway.