TMM: Financial House In Order

Monday, August 14, 2000
Mexico's Transportacion Maritima Mexicana SA said it is in a solid financial position and would have no problem paying off $142 million in senior unsecured notes due Oct. 16. Responding to a downgrade in its local and foreign currency corporate debt and unsecured senior debt to B plus from BB minus by Standard & Poor's, TMM said it could reassure debt holders and stock holders it would continue to post improved cash flow. "We have full confidence that we can comply with all our commitments," TMM President Jose Serrano said in a statement. "We think it was bad timing for this (S&P's) announcement." S&P's said its downgrade reflected "the continued deterioration of TMM's financial profile." TMM said it believed S&P's had not taken into account $86.3 million it recently received from asset sales and the securitization of its assets. "Cash payments, guaranteed or prospective, have given us as well as our investors a high degree of security and have enriched our ability to generate constant growth in cash flow," Serrano said.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Shipbuilding Regulations: Cents and Sensibility

Addressing the Jones Act is just one aspect of an increasingly complicated boatbuilding environment. Stovepiped, poorly conceived regulations is another. The sting of the recession is fading,

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1327 sec (8 req/sec)