Altos Hornos de México S.A.B. de C.V. (AHMSA) today announced that Judge Juan Carlos Carranza Leija of the First Civil Court of First Instance in the Judicial District of Monclova, Coahuila, has issued the necessary order for the lifting of AHMSA's suspension of payments proceeding and approved the company's general payment agreement, effective immediately. The order follows the company's receipt of requisite creditor consent to its Plan by independent Recognized Creditors at AHMSA's creditors meeting on April 18, 2016.
AHMSA stated: "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. 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. We also are Mexico's only producer of plate, tin plate, and tin free steel," the company concluded.
"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. We also are Mexico's only producer of plate, tin plate, and tin free steel," the company concluded.