The board of BCP has voted to defer payment of interest on the A-band cellular carrier?s debentures from July 31 to October 31, 2003. The debentures, worth 500 million Brazilian Reals, were issued at the start of 2000. The company is obliged to give holders regular advance warning of deferrals.
The board also voted to schedule a third period for interest payment starting July 31 and ending October 31 (the first two were in August 2002 and last February). According to a statement issued by management, interest will be paid at the end of October. Investors have until July 28 to notify refusal of the new terms and put their debentures on sale.