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 Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Deltamarin to Designs First LNG Handysize Bulk Carriers

Deltamarin Ltd proudly announces that it has signed a contract to design the world’s first LNG handysize bulk carriers, which will point the way towards greener shipping of commodities.

Shipping to See Further Consolidation

The CMA CGM's move to buy Singapore’s Neptune Orient Lines (NOL), could lead to one of the biggest acquisitions in the shipping container industry in years.   If it goes through,

Idling Fleet Continues to Surge

Owners are rapidly laying up containerships as the market slows. The size of the idle fleet will get bigger while rates and profits slide, says Drewry Shipping Consultants Limited.

Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.0804 sec (12 req/sec)