Mexico’s Unifin to miss debt repayments, and seeking a restructuring agreement.
Mexican leasing firm Unifin will miss capital and interest payments on its debt because of limited sources of financing, the company said in a filing to Mexico’s main stock exchange late on Monday, August 8th.
The decision is effective immediately “and through the period necessary to negotiate definitive agreements with (Unifin’s) shareholders in relation to a strategic restructuring,” according to the filing.
Unifin said it hopes to come to an agreement “in the short term” to continue the restructuring process.
Earlier this year, Unifin reached an agreement with Credit Suisse for a $500 million credit line to be used for corporate purposes, including debt refinancing.
It also said earlier that it had agreed with holders of a $200 million international bond to extend its maturity from August 2022 to May 2024.
Source: El Economista