FECSA TO MEET DEBT NEGOTIATING COMMITTEE TUESDAY
Officials of Fuerzas Electricas de
Cataluna S.A. (FECSA), the Spanish electricity company, will
hold the first meeting with members of a new debt negotiating
committee representing its creditors in Barcelona on Tuesday,
senior bankers said.
    The talks will cover a possible rescheduling of the
company's 610.57 billion peseta debt, which includes both
foreign and domestic loans and other debt instruments.
    The committee was formed earlier this month after FECSA
agreed to rescind self-imposed terms for its debt repayments,
which were unacceptable to the banks.
    The negotiating committee is a subcommittee of a broader
creditor steering committee made up of some 22 creditor banks
and leasing companies, which is co-chaired by Bank of America
International Ltd and The Sanwa Bank Ltd.
    Bank of America and Sanwa also will co-chair the
negotiating committee. The other members are Bankers Trust Co,
Caixa de Barcelona, Confederacion Espanola de Cajas de Ahorros,
Chase Manhattan Bank, Deutsche Bank, Long Term Credit Bank of
Japan, Orient Leasing Ltd, Crown Leasing Ltd and Japan Overseas
Leasing Co. These banks also are on the broader steering
committee.
    Bankers said that in addition to the negotiating committee,
there also will be a seven-member sub-committee for
documentation and finance of which Citicorp will be chairman.
Gulf Bank KSC will chair a separate committee within the
committee for the documentation.
    The final list of the creditors participating in the
various committees was formulated this morning, and the
steering committee is now notifying FECSA's approximately some
320 creditors of the results.
 REUTER
