Guadalupe Phillips, ICA chief executive officer. (PHOTO: eleconomista.com)
Guadalupe Phillips, who’s trying to pull Empresas ICA SAB back from Mexico’s biggest corporate-bond default, told Bloomberg News she doesn’t have a lot of cards to play when the company begins negotiations with bondholders.
“There aren’t a lot of formulas,” said Phillips, who was named chief executive officer of ICA last month, in an interview. “We have already presented a business plan and now we have to trust the market’s efficiency.”
Negotiations are likely to be painful for bondholders. The notes are currently trading at about 19 cents on the dollar. “I think the bond prices do reflect what the market believes ICA is worth,” Phillips, 45, said at the company’s offices in Mexico City.
In a way, Phillips was born for this job. Her grandmother, Dolores Olmedo, was a founding partner in a predecessor company to ICA in the 1940s. ICA went on to become the builder of many of Mexico’s most iconic structures, from the Basilica of Our Lady of Guadalupe to the soccer cathedral Azteca Stadium. (Olmedo also became known for being a friend and benefactor of famous muralist Diego Rivera.)
To read complete article click here.
Source: bloomberg.com
Comments
more recommended stories
US and Mexico to create binational commission for the recovery of El Chapo’s assetsThe government of Mexico proposed the.
Quintana Roo Congress bans bullfights and cockfightsAny act that involves suffering or.
U.S and Mexico to launch plan against arms smuggling at borderThe Mexican government said Monday it.
33 destinations along the coast of Quintana Roo register massive arrival of sargassumThe Sargasso Cancun Monitoring Network reported.
Another exhausted carriage horse collapses, this time in IzamalThe image of a carriage horse.
“Pet of the Year” contest to be held in MéridaOn Friday July 19, registrations to.
Yucatan cenotes to be sanitized with biotechnologyMERIDA, Yucatan (Times Media Mexico) –.
The Mexican Caribbean: 2,000 rooms emptier today than a year agoCANCUN Quintana Roo (Agencies) – The.
International Monetary Fund cuts growth forecast for Mexico.AMLO underestimates IMF forecast since, as.
Director Gus Van Sant received the Silver Cross in San Miguel de Allende“It’s a real pleasure to be.
Leave a Comment