Shares in AOL Latin America had their biggest one-day decline in four months after just one of the controlling partners put up cash to continue funding the unprofitable Internet service provider.
Shares in the Fort Lauderdale, Fla.-based company fell 13% to $2.64, 10 cents above its all-time low.
AOL Time Warner Inc. said it will lend up to $160 million to its Latin American joint venture in exchange for bonds convertible into stocks to finance the money-losing unit through 2002. Venezuela's Cisneros Group and Brazil's Banco Itau, the other two partners, did not put up any of the cash.
