This week, Altos Hornos de Mexico S.A.B. de C.V. (AHMSA) presented a civil court request in Monclova, Coahuila, to lift the suspension of payments to creditors.
The application is supported by a general agreement with the required majority of its creditors, including various suppliers and financial institutions, said the company in a statement Wednesday.
The agreement provides for the payment of US$1.7 billion in debts within three years, once the suspension is presented. It states that creditors can capitalize the recognized part of the debt into shares of AHMSA.
The order provides that the court in charge of the procedure must officially invite creditors to a general meeting, in which the acceptance of the proposal is checked before initiating the legal process of lifting.
The application of this law allowed AHMSA to sustain its industrial operation, keep a fundamental source of 23,000 jobs for the country's economy, and maintain its position as a highly competitive producer in domestic and international markets.
