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Court: Celpa to pay US$216mn to former employees

Bnamericas
A Brazilian court ordered power distributor Celpa to pay 600mn reais (US$216mn) to 2,600 former employees, business daily Valor Econômico reported Tuesday. The debt refers to losses incurred during the so-called Bresser anti-inflation plan in 1987 and 1988. The amount corresponds to half Celpa's annual revenue, which totaled 1.2bn reais in 2003. Celpa will appeal the decision at the Federal Supreme Court (STF).

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