Mexican leasing firm Unifin to miss debt payments, seek restructuring deal
MEXICO CITY — 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.
The decision is effective immediately “and through the period necessary to negotiate definitive agreements with (Unifin’s) shareholders in relation to a strategic restructuring,” it said in the filing late on Monday.
Unifin shares plummeted in early trading on Tuesday, falling more than 65% to an historic low.
The company 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.
The Mexican company 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. (Reporting by Kylie Madry; Editing by Drazen Jorgic, Kirsten Donovan and Paul Simao)