Mexico’s Oro Negro unable to make payments due July 24 on 7˝% bonds

By Caroline Salls

Pittsburgh, July 25 – Oro Negro Drilling Pte. Ltd. is unable to make the scheduled $8.75 million amortization payment and accrued interest payment due July 24 on its 7˝% senior secured bond issue 2014/2019, according to a news release.

The company said it is unable to make the payment because of liquidity constraints.

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

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

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