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Text File  |  1994-03-25  |  1KB  |  41 lines
  1. <text id=90TT0580>
  2. <title>
  3. Mar. 05, 1990: Business Notes:Privatization
  4. </title>
  5. <history>
  6. TIME--The Weekly Newsmagazine--1990               
  7. Mar. 05, 1990  Gossip                                
  8. </history>
  9. <article>
  10. <source>Time Magazine</source>
  11. <hdr>
  12. BUSINESS, Page 45
  13. Business Notes
  14. PRIVATIZATION
  15. Opportunity Rings
  16. </hdr>
  17. <body>
  18. <p>     Like much of the U.S. mainland, Puerto Rico is strapped for
  19. funds that it sorely needs to overhaul its schools and other
  20. public facilities. But the commonwealth does own a thriving
  21. telephone company that has a total value of more than $2
  22. billion. So last week Governor Rafael Hernandez Colon proposed
  23. that Puerto Rico sell the phone company and invest the proceeds
  24. in two $1 billion funds. The commonwealth would use the
  25. interest from the funds to upgrade Puerto Rico's schools and
  26. rebuild its crumbling infrastructure, including its water and
  27. sewerage systems.
  28. </p>
  29. <p>     Prospective bidders include GTE, BellSouth and the Spanish
  30. national telephone company. But Puerto Rican labor leaders said
  31. they oppose the deal because a new owner might lay off workers.
  32. Deja vu? In 1978 the commonwealth proposed selling the phone
  33. company but canceled its plans when prospective buyers refused
  34. to guarantee job security.
  35. </p>
  36.  
  37. </body>
  38. </article>
  39. </text>
  40.  
  41.