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Empresas ICA, S.A.B. de C.V.: ICA Announces Non-Payment of Interest for Senior Notes due 2017 and Management Change
MEXICO CITY, Jan. 20, 2016 (GLOBE NEWSWIRE) -- (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.
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.
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
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