The sale of 60% of the northern half of Empresa Nacional de Telecommunicacciones, the Argentine national phone company, to Bell Atlantic Corp in consortium with New York bank Manufacturers Hanover Trust Co is close to collapse according to the Independent on Sunday. The deal involved the bidders in assuming a significant part of Argentina’s national debt and they have failed to syndicate the debt by the deadline. If they fail to come up with the necessary signatures this week, Argentina has put the consortium of France Telecom with STET SpA of Italy on standby to step in and buy the stake.
