Mexico’s Oro Negro unable to make $54.59 million in July 1 payments

By Caroline Salls

Pittsburgh, July 5 – Oro Negro Drilling Pte. Ltd. was unable to make $54.59 million in payments, including $46 million of principal, due July 1 on its 7˝% senior secured bond issue 2014/2019, according to a news release.

The company said it could not make the payments because of liquidity constraints.

Oro Negro said it is in discussions with its stakeholders, including Pemex and an informal group of the bondholders, to strengthen its financial position in this challenging industry environment.

The oil and gas services company is based in Alvaro Obregon, Mexico.

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