A new loan from the Instituto Costarricense de Electricidad will allow its subsidiary Racsa to stay afloat despite its finances continuing to deteriorate.

This is how things are reflected in its assets, which decreased between 28% and 29% over a period of one year, from October 2011 to October 2012.

Racsa (Radiographic Costarricense) will close in the red, although with slightly better figures than expected. Estimates were for losses of $25 million, but it will be about $11 million, said CEO Orlando Cascante, for whom this is an achievement”, reports Nacion.

Racsa’s CEO, Orlando Cascante said that initially they had appealed to the banks for financing, but in the end the loan came from ICE.

Source: Nacion.com