AES Tiete obtains consents to investment restructuring

New York, Dec. 16 - AES Tiete Holdings, Ltd. and AES IHB Cayman, Ltd. said they obtained consents from holders of all of the IHB's $300 million 11.5% trust certificates due Dec. 15, 2015 to facilitate a proposed restructuring of Tiete Holdings' indirect investments in the Brazilian electric power sector.

The restructuring includes the transfer of the share capital in Tiete Holdings, currently pledged by AES Corp. and AES Communications Latin America, Inc. as collateral for the certificates, to a newly organized Brazilian holding company. The share capital in Tiete Holdings will remain subject to a lien in favor of the trustee for the certificates.

Tiete Holdings' Brazilian operating company, AES Tiete SA, is a power generation company which resulted from the reorganization and privatization of certain assets of Companhia Energetica de Sao Paulo, the energy company previously owned by the State of Sao Paulo.

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