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Mexican court lifts Ahmsa suspension of payments

Bnamericas Published: Tuesday, May 17, 2016
Mexican court lifts Ahmsa suspension of payments

Mexican steelmaker Ahmsa announced the lifting of a long-standing suspension of payments, a procedure similar to bankruptcy protection.

A court issued an order ending the suspension on Monday. The court also approved a US$1.70bn repayment plan which was accepted by creditors in April.

The suspension of payments is aimed at giving companies time to restructure and pay off debts rather than be forced to sell assets in bankruptcy proceedings, was granted in 1999 after the steelmaker failed to meet certain financial requirements related to debts.

"Following creditor approval of our repayment plan and the court order lifting the suspension of payments, Ahmsa is in a position to increase its commercial potential over the long-term," the company said in a filing with the Mexican stock market.

Ahmsa aims to increase financial flexibility and build commercial relations to help meet its strategic priorities, it added.

The company recorded a 595mn-peso (US$34.6mn) consolidated loss in Q1, with steel sales of 990,653t.

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