2002 Ruling 2002-0167273 - WITHHOLDING EXCEPTION ASSET SALE -- summary under Subparagraph 212(1)(b)(vii)

A favourable ruling given where the issuer was required to make an offer to noteholders out of a specified portion of net after-tax proceeds of asset sales in excess of a stipulated amount to repurchase their notes out of such proceeds for their face amount plus accrued interest and a make-whole amount; and where the issuer was required, if it did not receive majority credit approval for the reinvestment of insurance and expropriation proceeds, to use such proceeds (to the extent not allocated to other facilities) to repurchase, in a specified proportion, the notes.