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Empresas ICA skips $6 million interest payment on 8 3/8% notes, adds restructuring executive
By Susanna Moon
Chicago, Jan. 20 – Mexico’s Empresas ICA, SAB de CV said it will not pay the $6 million interest payment due Jan. 25 on its 8 3/8% senior notes due 2017.
ICA has made this decision in order to preserve liquidity, to prioritize ongoing operations and to fund projects under development, according to a company news release.
The company said it is exploring options to help manage its debt but has no specific transactions planned other than those already reported.
ICA said it has hired Guadalupe Phillips Margain as financial restructuring officer for its restructuring initiatives. She has more than 20 years of experience in Mexican markets and was most recently vice president of finance and risk with Grupo Televisa, SAB. She holds a law degree from the Instituto Tecnologico Autonomo de Mexico and an M.A. and Ph.D. from the Fletcher School of Law and Diplomacy at Tufts University.
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The company said on Dec. 18 that it will not make the $31 million interest payment due Nov. 30 on its 8 7/8% senior notes due 2024 before the grace period expires on Dec. 29.
The company said it would work on a cost-cutting plan and a restructuring plan over the next 30 to 60 days with the help of financial advisers Rothschild and FTI Consulting. ICA said it had also begun the process of engaging with its creditors and other stakeholders.
In addition, the company said its board of directors approved changes to ICA’s management team at a meeting held Thursday.
“ICA’s focus on carrying out a rapid restructuring of our business profile requires additional management resources with additional skills,” chairman of the board Bernardo Quintana said in the release.
Empresas ICA is a construction company based in Mexico City.
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