MEXICO CITY, Sep 4 (Reuters) – Mexican petrochemical company Alpek announced on Friday the approval of a financial restructuring agreement between M&G Polímeros México and most of its creditors, which will allow it to recover $ 160 million in guaranteed debt.
Alpek, a unit of the Alfa conglomerate, said the agreement would conclude the bankruptcy process started last year by M&G Mexico and its creditors, among which are some of its petrochemical subsidiaries.
“The company expects to recover all of its guaranteed debt with their respective interests in the next five years,” Alpek, one of the world’s leading producers of polyethylene terephthalate or PET and purified terephthalic acid or PTA, added in a statement.
Shares of Alpek closed on Friday at 15.74 pesos, with a gain of 0.25%, while those of Alfa gained 0.85% to 14.21 pesos.
(Reporting by Noé Torres; Edited by Diego Oré)