Bell Atlantic Corp’s partner Manufacturers Hanover Corpt failed to swap the necessary Argentine debt for equity in the phone company, a crucial element in the financing for their joint bid for the northern end of Empresa Nacional de Telecommunicacciones SA, and 60% of the phone company that will serve half the Argentine territory will now go to the Stet SpA consortium, which includes France Telecom’s France Cables et Radio, the Perez Companc Co conglomerate of Argentina, and banker J P Morgan & Co.
