Paper: Proactiva nearly bankrupt
Bnamericas Published: Wednesday, March 05, 2003
Colombian water and waste company Proactiva is nearly bankrupt and cannot continue as waterworks concessionaire for Cordoba department capital Monteria, mayor Luis Jimenez Espitia was quoted as saying in El Tiempo. As such, the company will not continue to invest in Monteria, meaning the city may lose 600mn pesos (US$202,000) in promised sewerage upgrades, El Universal reported. The company has been publicly quiet on its finances, but municipal officials plan to release a study detailing the causes behind Proactiva's woes. Monteria has about 322,000 residents.
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