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Will México cut BEL for non-payment? #408764
05/27/11 11:20 AM
05/27/11 11:20 AM
Joined: Oct 1999
Posts: 58,611
oregon, spr
Marty Offline OP

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Marty  Offline OP
In mid-May at its Annual General Meeting, the Belize Electricity Limited declared that its profits had plunged by five million dollars for the 2010 financial year and that it made only three point four million dollars. At that juncture, B.E.L. declared that because of the declining profits, it has not been able to meet loan obligations or pay dividends. Well, tonight there is a strong belief that B.E.L. might not meet its payments to the Comision Federal de Electricidad, the Mexican power supplier from whom it buys most of its electricity. If the country’s sole provider of electricity can’t pay its bill, then the government is obligated to step in as a guarantor for a credit line with the C.F.E. If that fails and C.F.E. cuts power supply, then B.E.L. could be forced to initiate a rotation system to meet the power supply for the country. The Public Utilities Commission, we understand, is attempting to broker a deal to stave off the blackouts. B.E.L.’s C.E.O., Lyn Young, is away and could not be reached for comment.

Channel 5

Re: Will México cut BEL for non-payment? [Re: Marty] #408776
05/27/11 12:47 PM
05/27/11 12:47 PM
Joined: Nov 2000
Posts: 5,496
San Pedro Town - Ambergris Cay...
ScubaLdy Offline
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ScubaLdy  Offline
QUOTE: it made only three point four million dollars. . .

So . . . Since they did not pay their loan, nor dividents - who got the $3.4 Million???? Doesn't anyone ask that question?


Harriette
Take only pictures leave only bubbles
Re: Will México cut BEL for non-payment? [Re: ScubaLdy] #408777
05/27/11 12:56 PM
05/27/11 12:56 PM
Joined: Aug 2007
Posts: 65
B
blat Offline
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blat  Offline
B
not sure if your question is in jest sometimes hard to tell when the words are written instead of spoken.

If you owe $400,000,000 in debt and your payments are 20,000,000/year and you make a profit of $3,400,000 then you can not meet your payments, you are 16,600,000 short. So while making a profit you can not meet your cash flow obligations.

Re: Will México cut BEL for non-payment? [Re: Marty] #408791
05/27/11 05:13 PM
05/27/11 05:13 PM

C
C2C
Unregistered
C2C
C
$3.4M would only be "profit" if all liabilities are accounted for. So the $20M should already be factored in.

Any other use of the term requires clarification, such as PBT - Profit before Taxes.

At least, that's the way I understand it.

Re: Will México cut BEL for non-payment? [Re: Marty] #408813
05/28/11 08:35 AM
05/28/11 08:35 AM
Joined: Oct 2003
Posts: 2,459
Belize City
K
Katie Valk Offline

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Katie Valk  Offline
K
The PUC went to court with BEL over their accounting practices, as some inputs BEL put in the debt column, are not, and won the case against the utility company. So the numbers do not truely reflect debt/profit.


Belize based travel specialist
www.belize-trips.com
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Re: Will México cut BEL for non-payment? [Re: Marty] #408867
05/28/11 10:45 PM
05/28/11 10:45 PM
Joined: Nov 2002
Posts: 2,443
Belize
Short Offline
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Short  Offline
Originally Posted by Marty
If the country’s sole provider of electricity can’t pay its bill, then the government is obligated to step in as a guarantor for a credit line with the C.F.E.

I think the GOB is silently waiting for BEL to fail and then nationalize them.


Live and let live
Re: Will México cut BEL for non-payment? [Re: Marty] #408887
05/29/11 11:58 AM
05/29/11 11:58 AM
Joined: Jun 2003
Posts: 981
Keighley
Inplub Offline
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Inplub  Offline
Why in Hell would you want to nationalize BEL when they have a $400,000,000 debt?

Re: Will México cut BEL for non-payment? [Re: Marty] #408891
05/29/11 12:34 PM
05/29/11 12:34 PM
Joined: Jan 2011
Posts: 259
P
PROBUS Offline
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PROBUS  Offline
P
BEL is part of a giant multi-national corporation, and I am sure has all sorts of "creative accounting" schemes up their sleeves. I should imagine they see their Belize operation as an easy way to make money.

Re: Will México cut BEL for non-payment? [Re: Marty] #408894
05/29/11 02:41 PM
05/29/11 02:41 PM
Joined: Dec 2006
Posts: 12,278
San Pedro Belize
elbert Offline
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elbert  Offline
Time to buy a good generator!


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