ICA Turns to Martinez’s Fintech After Record Mexico Default
- Builder gets $215 million convertible loan from financier
- Housing, international operations to be wound down under plan
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Empresas ICA SAB, the Mexican builder that defaulted on $1.35 billion in bonds last year, signed a $215 million convertible loan deal with investor David Martinez as the company seeks to restructure. Shares jumped the most in three weeks.
The loan from Martinez’s Fintech Europe SARL, backed by assets including ICA’s airport and prison holdings, carries a 16 percent interest rate that accrues and capitalizes monthly, the company said in a statement Friday. ICA also released a business plan that calls for winding down international and housing operations while focusing on construction activities in Mexico.