CTLLL’s agreement with insurance companies
Pampa Energía announces CTLLL’s agreement with insurance companies
Buenos Aires, June 8, 2012. Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP) announces that its subsidiary Central Térmica Loma de la Lata S.A. (“CTLLL”) has reached an agreement with insurance companies regarding the accident that took place on February 8, 2011 during the installed capacity expansion of CTLLL’s power plant (the “Accident”).
In that sense, CTLLL and all the insurance companies of the expansion project (La Meridional Cía. Argentina de Seguros S.A., Alliance Argentina Cía. De Seguros S.A. and Liberty Seguros Argentina S.A.) have subscribed an agreement in which these insurance companies recognized a total amount of US$30.5 million payable to CTLLL as a compensation for the Accident.
Moreover, CTLLL has already collected from the insurance companies US$13.0 million as advance payment of the mentioned insurance, therefore the total remaining amount to be collected by CTLLL is US$17.5 million. Insurance companies have committed to make their best efforts in order to pay the remaining balance during the next 30 days.
Finally, all proceeds arising from the collection of insurances of CTLLL’s expansion project will be used to cancel financial commitments which had to be incurred as a consequence of the delays related to the Accident.
For further information, contact:
Ricardo Torres – Chief Executive Officer
Mariano Batistella – Special Projects Manager and Investor Relations Officer
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autónoma de Buenos Aires, Argentina
Phone: +54 (11) 4809 9500