Empresas ICA, S.A.B. de C.V.: ICA Announces Non-Payment of Interest for Senior Notes due 2017 and Management Change
January 20 2016 - 9:19AM
MEXICO CITY, Jan. 20, 2016 (GLOBE NEWSWIRE)
-- 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
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Empresas ICA, S.A.B. de C.V. via
Globenewswire
HUG#1980216