Aeromexico shares rise more than 3% following restructuring plan submission


Source: Reuters

Shares in Mexican carrier Grupo Aeromexico rose by more than 3% in early trading on Monday after the company said it had presented a restructuring plan to debtors as part of its Chapter 11 bankruptcy process in the United States.

Shares of Aeromexico, which in June last year filed for court protection while it reaches an agreement with its creditors, were up 3.24% to 5.73 pesos, on track to post their fourth straight day of gains.


UPDATE 1-Mexico’s Televisa reports sharply lower fourth-quarter profit

2/22/2019 – Reuters

broadcast-broadcasting-camcorder-66134.jpgMEXICO CITY, Feb 21 (Reuters) – Mexican broadcaster Televisa reported on Thursday that its fourth-quarter net profit fell about 84 percent from the year-earlier quarter, hampered by weaker advertising revenue and a loss for its secondary businesses.

Grupo Televisa, Mexico’s largest broadcaster, posted net profit for the quarter ended Dec. 31 of 56.6 million pesos ($2.9 million), down from 343 million pesos a year before.

Net sales climbed slightly to 26.7 billion pesos ($1.36 billion) from 26 billion pesos in the prior-year period.

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Investor group rejects new Mexico airport bond buyback plan

12/13/2018 – Reuters

11227926_308216752682196_8676740954999549706_o.jpgMEXICO CITY (Reuters) – A group of investors holding bonds issued for a new Mexico City airport that President Andres Manuel Lopez Obrador has canceled said on Wednesday that it cannot support an amended bond buyback because problems still remain despite improvements to the plan.

The Mexico City Airport Trust, which is overseeing the buyback, on Tuesday said it would offer investors a better deal to repurchase bonds issued to finance the project, which Lopez Obrador scrapped to pursue a cheaper alternative.

The bondholder group, which says it represents more than half the $6 billion principal amount issue, also said it still wants to discuss its concerns with the airport trust.

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Mexican Government Under Pressure to Improve Airport Bond Deal

12-06-2018 – Bloomberg

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Photographer: Brett Gundlock/Bloomberg

By Justin Villamil and Pablo Rosendo Gonzalez

Investors in Mexico City’s planned airport project want a lot more from the government before they agree to its buyback offer.

An explicit federal guarantee to honor the debt would go a long way toward resolving concerns, according to chats with more than half a dozen bondholders who asked not to be identified before any formal talks are held. Barring that, the government should agree to buy back a larger portion of the bonds or offer higher compensation for investors who hold onto the notes but agree to waive the terms set forth when the bonds were sold, they said.

President Andres Manuel Lopez Obrador’s administration is struggling to attract support for its proposal to end a standoff with investors who loaned $6 billion to construct a new Mexico City airport, a project that the new president wants to scrap. An offer to buy back about $1.8 billion of the bonds for as little as 90 cents on the dollar and provide less than 1 cent in compensation for investors who agree to waive their right to declare an immediate default when construction ends has been rejected by an ad hoc group of bondholders who say they own more than 50 percent of one of the notes, enough to block the deal from going through.

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Shell sweeps nine of 19 blocks awarded in Mexico oil auction

02/01/2018 Reuters

shell by Azfar Hakim
Photo by Flickr user Azfar Hakim

MEXICO CITY (Reuters) – Royal Dutch Shell snapped up nine of 19 Gulf of Mexico oil and gas blocks awarded in a Mexican auction on Wednesday, as the global oil major raised its big bet on Latin America’s deep waters.

Mexican officials estimated the auction, the most important since the country’s energy sector opened to foreign firms in 2014, could bring $93 billion in investment to the country as oil firms develop the areas they won.

The stakes were high for Mexican President Enrique Pena Nieto and his struggling party, which wants to showcase the results of its energy liberalization ahead of a presidential election in July.

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UPDATE 1-Mexico seeks private sector infrastructure investment as oil slump bites

03/12/15 Reuters 

Road - highway interchangeMexico’s government on Thursday urged the private sector to take a bigger role in billions of dollars worth of planned public works and the opening of the country’s energy sector, weeks after scaling back its own planned spending due to slumping oil prices. Finance Minister Luis Videgaray said he expected low crude prices to continue into next year, a development which has already dealt a major blow to a country that has long relied on oil revenues to fund around a third of the federal budget. The government last year said it planned to raise 7.7 trillion pesos ($498.74 billion) in infrastructure investment through 2018, but in late January cut its 2015 budget by nearly 3 percent and shelved a tainted $3.75 billion high-speed train tender as part of its austerity measures.

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Mexico makes energy reforms more ambitious to lure investment

energy- oil pumps 2The Financial Times, 11/06/2013

The Mexican government is negotiating a more ambitious energy reform than previously expected with the main opposition party, opening up the prospect of market-friendly contracts that could attract billions of dollars into the sector, according to two senior officials familiar with the talks.

Under the discussions between the ruling Institutional Revolutionary Party (PRI) and the National Action Party (PAN), the state would be able to decide the terms of the contracts to be offered for each project, rather than the government’s initial plans for profit-sharing agreements, which had disappointed investors as too tame.

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