Mexico offers to buy debt of canceled airport, but work continues

12/04/2018 – Reuters

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(REUTERS/Alexandre Meneghini)

By Anthony Esposito

TEXCOCO, Mexico (Reuters) – Mexico said on Monday it would repurchase some of the debt used to fund a partly-built airport canceled by the new president, even as work at the site continued for the time being.

Veteran leftist Andres Manuel Lopez Obrador said in October that he would scrap the $13 billion Mexico City airport, arguing that the project was tainted by corruption and would be expensive to maintain.

On the first weekday of his new administration, the Mexico City Airport Trust said it would buy back up to $1.8 billion of $6 billion in debt issued to fund the airport, in an offer that runs through the start of January.

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