Mexico announces operation to fortify Pemex’s finances
How did your country report this? Share your view in the comments.
Diverging Reports Breakdown
Mexico announces debt sale to fortify Pemex’s troubled finances
Mexico’s Finance Ministry announced an upcoming operation on Tuesday. The operation is aimed at strengthening the finances of the country’s heavily-indebted state energy company Petroleos Mexicanos (Pemex) Pemex has an outstanding debt with an extensive list of suppliers and contractors of around $20 billion.
Companies Petroleos Mexicanos Follow
MEXICO CITY, July 22 (Reuters) – Mexico’s Finance Ministry announced an upcoming operation on Tuesday aimed at strengthening the finances of the country’s heavily-indebted state energy company Petroleos Mexicanos (Pemex).
In a statement, the ministry said the operation would consist of issuing financing instruments called Pre-Capitalized Notes, but that the operation would not constitute a guarantee for the company.
Sign up here.
The ministry’s statement did not say how much the sale aimed at raising for Pemex.
Earlier on Tuesday, Bloomberg News reported, citing unnamed sources, that the government was looking to raise between $7 billion and $10 billion with the sale.
Pemex, the world’s most indebted energy company, has an outstanding debt with an extensive list of suppliers and contractors of around $20 billion, in addition to another financial debt of $101 billion, despite the injection of billions of dollars from the government in the last few years to face the amortizations.
Reporting by Kylie Madry and Brendan O’Boyle
Our Standards: The Thomson Reuters Trust Principles. , opens new tab