ICA Announces Non-Payment of Interest for Senior Notes due 2017 and Management Change
January 20 2016 - 9:09AM
Empresas ICA, S.A.B. de C.V. (BMV: ICA)
(NYSE:ICA)
, the largest infrastructure and
construction company in Mexico, ICA announced today that the
Company’s Board of Directors has decided that ICA will not pay the
approximately US$6 million interest payment that is due on January
25, 2016 on ICA’s 8.375% senior notes due 2017. ICA has made
this decision in order preserve liquidity, prioritize ongoing
operations, and fund projects currently under development.
The Company is exploring various options to help manage its
indebtedness, but currently has no specific transactions planned
other than those previously reported.
Appointment of Financial Restructuring
Officer
ICA also announced that it has retained
Guadalupe Phillips Margain as Financial Restructuring Officer, to
assist with ICA’s restructuring initiatives. Ms. Phillips has
over twenty years of experience in Mexican markets and was most
recently Vice President of Finance and Risk with Grupo Televisa,
S.A.B. She holds a law degree from the Instituto Tecnológico
Autónomo de México (ITAM) and an M.A. and Ph.D. from the Fletcher
School of Law and Diplomacy at Tufts University.
Orlando Loera is no longer with the Company.
This press release contains projections or other
forward-looking statements related to ICA that reflect ICA’s
current expectations or beliefs concerning future events. Such
forward-looking statements are subject to various risks and
uncertainties and may differ materially from actual results or
events due to important factors such as changes in general
economic, business or political or other conditions in Mexico,
Latin America or elsewhere, changes in capital markets in general
that may affect policies or attitudes towards lending to Mexico or
Mexican companies, changes in tax and other laws affecting ICA’s
businesses, increased costs, unanticipated increases in financing
and other costs or the inability to obtain additional debt or
equity financing on attractive terms and other factors set forth in
ICA’s most recent filing on Form 20-F and in any filing or
submission ICA has made with the SEC subsequent to its most recent
filing on Form 20-F. All forward-looking statements are based on
information available to ICA on the date hereof, and ICA assumes no
obligation to update such statements.
Empresas ICA, S.A.B. de C.V. is Mexico's
largest infrastructure company. ICA carries out large-scale civil
and industrial construction projects and operates a portfolio of
long-term assets, including airports, toll roads, water systems,
and real estate. Founded in 1947, ICA is listed on the Mexican and
New York Stock exchanges. For more information, visit
ir.ica.mx.
For more information, please contact:
Elena Garcia
elena.garcia@ica.mx
Gabriela Orozco
gabriela.orozco@ica.mx
relacion.inversionistas@ica.mx
+(5255) 5272 9991 x 3608
Pablo Garcia
Chief Financial Officer
pablo.garcia@ica.mx
In the US:
Daniel Wilson, Zemi Communications
+(1212) 689 9560
dbmwilson@zemi.com