Embratel to take BRL101 million charge in Q2

11 Jul 2003

Brazilian long-distance telco Embratel has said it will take a BRL101 million (USD35 million) charge in the second quarter for losses from the purchase of a network from internet provider UOL Inc. The telco bought the network in 2000, and signed a contract to provide data transmission to the company for five years. UOL, however, terminated the contract before it was due to expire and Embratel is currently seeking redress for the resulting losses.