"There is no guarantee that any transaction will be forthcoming and a further announcement will be made in due course if appropriate, " BA said in a statement.
"There is no guarantee that the proposed transaction will proceed, and neither the Sycamore consortium nor Billabong is under any obligation to proceed, " it added.
As such an absolute taxpayer-underwritten arrangement is now effectively required for the Soviet market, COFACE's decision to guarantee no more than 90 percent of the transaction amount will most likely result in the project's collapse.
No member or person associated with a member shall guarantee a customer against loss in connection with any securities transaction or in any securities account of such customer.
At the time, the companies signed an agreement with CADE to Preserve Reversibility of the Operation in order to guarantee the government that the companies could dissolve the merger if the transaction was not approved by CADE.