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 February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Scorpio Takes Delivery of STI Veneto

Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction 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: 0.1208 sec (8 req/sec)