AOL raises USD541 million from auction

13 Apr 2006

The Brazilian arm of ISP America Online Latin America (AOLA) says it raised BRL1.16 billion (USD541 million) from last week’s auction of assets, far exceeding its initial expectations. According to BNamericas, more than 1,200 bidders took part with AOLA Brasil’s Avanya PABX system proving the most expensive item, selling for BRL177,500. AOLA filed a request for bankruptcy protection in June 2005 and in December asked the US courts to allow it to transfer its Brazilian customers to Terra.