Argentina’s Manzano Is Said to Buy Power Generator Stoneway

Argentine businessman Jose Luis Manzano has acquired power generator Stoneway Group LP from the Nores family in a move seen to protect the assets from takeover from creditors led by Gramercy Funds Management LLC.

Through Integra Investment, Manzano, a former interior minister who has interests in other businesses from energy to media, has acquired the company for an undisclosed sum as the company was bracing to be taken over by creditors after failing to make an interest payment due March 1, said the people, who asked not to be named discussing a private transaction.

Stoneway has roughly $1 billion in ...