BCE privatization buyout delayed

BCE announced today they do not expect to meet a December 11th deadline for its privatization buyout by the Ontarioi Teacher’s Pension Plan. In a statement Bell said ” the company has received a preliminary view from KPMG that, based on current market conditions, its analysis to date and the amount of indebtedness involved in the LBO (Leveraged Buy-Out) financing , it does not expect to be in a position to  deliver on the scheduled effective date of BCE’s privatization, December 11, 2008, an opinion that BCE would meet the solvency tests as defined in the definitive agreement, as amended. The receipt at the effective time of a positive solvency opinion is a condition to the closing of the transaction.” More here