On Nov. 7, 2002, Standard&Poor's raised its ratings on Eléctrica del Norte Grande S.A's (Edelnor) to 'CC' from 'D', reflecting the termination of Chapter 11 reorganization process that included the refinancing and extension of its financial debt. As a result of the mentioned plan, Edelnor's US$340 million defaulted bank debt due in 2005 and 2006 was replaced by US$217 million 15-year new debt certificates and a US$46 million shareholder loan, resulting in a US$58 million debt reduction and a significant extension on the duration of its financial obligations. In addition, as required by the reorganization plan, on Nov. 5, Inversiones Mejillones S.A (owned by Belgium's Tractebel S.A. and Chilean copper producer Corporacion Nacional del Cobre de Chile) exercised
