ICA's Board of Directors Approves Additional Management Changes
March 10 2016 - 7:00AM
MEXICO CITY, March 10, 2016 (GLOBE
NEWSWIRE) -- Empresas ICA, S.AB. de
C.V. (BMV:ICA) (NYSE:ICA), the largest infrastructure
and construction company in Mexico, announced that its Board of
Directors has accepted the resignation of Alfonso González Migoya
as Deputy CEO and as a member of the Board of Directors. The
Board also ratified the executive management team led by Luis
Zarate Rocha as Chief Executive Officer and Guadalupe Phillips
Margain as Chief Restructuring Officer.
"My work at ICA has concluded,"
Mr. González Migoya stated. "My commitment with ICA was to prepare
the foundations, organize the team, and make the initial
undertaking to restructure ICA's operations and finances into order
to restore its economic viability. I am pleased to have been able
to serve the Company during these past several
months."
The Board of Directors today was
also presented with the general parameters of the restructuring
plan. ICA expects to approach its creditors over the next
several weeks with its proposed plan.
Bernardo Quintana, the Chairman of
the Board, said, "On behalf of the Board of Directors, I want to
thank Alfonso for his dedicated service during this crucial period
in ICA's history."
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, lCA is
listed on the Mexican and New York Stock exchanges. For more
information, visit ir.ica.mx.
For more information, please contact:
Gabriela Orozco
gabriela.orozco@ica.mx
Christianne Ibánez
christianne.ibanez@ica.mx
relacion.inversionistas@ica.mx
+(5255) 5272 9991 x 3012
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#1993274