Mexican steelmaker Altos Hornos de México (AHMSA) has reached a payment deal with creditors in a meeting held in in Monclova, Coahuila, the steelmaker said this week.
According to AHMSA, creditors approved the company’s general payment agreement, which is yet to be approved by the First Civil Court of First Instance in the Judicial District of Monclova (SP Court). The SP Court is expected to issue a ruling on the plan on May 16, 2016.
Without providing further details about the general payment agreement, the steelmaker said that independent recognized creditors holding “more than 50 percent of the aggregate principal amount of recognized claims and more than one-third of independent recognized creditors” approved the plan.