Altos Hornos de Mexico suspension lifted, payment plan OK’d by court

By Caroline Salls

Pittsburgh, May 16 – Altos Hornos de México SAB de CV said judge Juan Carlos Carranza Leija of the First Civil Court of First Instance in the Judicial District of Monclova, Coahuila, approved the lifting of the company’s suspension of payments proceeding and approved its general payment agreement, effective immediately.

According to a news release, the order follows Altos Hornos’ receipt of requisite creditor consent to its plan by independent recognized creditors at an April 18 meeting.

“Having achieved the appropriate creditors’ support for our plan and with the judicial order lifting the suspension of payments proceeding, AHMSA now is positioned to further its long-term business potential,” the release said.

“We will have the ability to move forward with greater financial flexibility and engage in business relationships that will enhance the company’s execution of its operational initiatives and the realization of its strategic priorities to the benefit of all its stakeholders.

“As Mexico’s largest integrated steel producer, AHMSA is uniquely situated to capitalize on favorable growth trends in Mexico’s domestic energy and manufacturing industries, including auto manufacturing, petroleum as well as natural gas pipeline projects, and infrastructure construction.”

Altos Hornos is a Monclova, Mexico-based integrated steel producer.

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