10 Jul 2006
The Power Sector Assets and Liabilities Management Corporation served the notice of contract termination to YNN Pacific Consortium last Friday, July 7.
“In accordance with the (Asset Purchase) Agreement, since YNN was not able to pay the upfront payment, rentals and option price to (PSALM) on or before June 30, 2006, we are hereby notifying YNN that PSALM is terminating the Agreement,” PSALM President Nieves L. Osorio wrote YNN. The effective date of the termination of the agreement is August 6, 2006.
Strategic Communications and Partnership Division |