Mexican steel producer Altos Hornos de Mexico (AHMSA) has officially entered bankruptcy proceedings after failing to reach an agreement with its creditors. This development was announced in a filing to the Mexican Stock Exchange in order for the company to secure the necessary funds to restart operations.
AHMSA is actively engaging with both national and international investors to raise the necessary investment, estimated to be at least 900 million dollars. This amount covers debts owed to Pemex, the Federal Electricity Commission, other creditors and employees. The company confirmed that two potential investors have already completed due diligence visits and more visits are expected to assess the sustainability of the operation.
The Mexican steel producer is reportedly in talks with seven potential investors and steel companies interested in investing in the company to restart steel production.
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