Grupo TMM Initiates Discussions with Bondholders

Grupo TMM has initiated discussions with holders of its outstanding 9½ percent Notes due 2003 and 10¼ percent Notes due 2006 (the Notes) and their representatives (the Bondholders) in order to encourage the formation by the Bondholders of an informal committee to engage the company in negotiations over the terms of a consensual restructuring of the Notes.