Idesa eyes exchange to avoid default

By Oliver West
24 Mar 2020

Mexican petrochemicals company Grupo Idesa is offering bondholders a collateral package and higher coupon to participate in a bond exchange that would allow it to avoid default later this year.

Idesa, whose main investment is a 25% stake in a polyethelene plant alongside Brazilian group Braskem, has seen net leverage hit 16 times Ebitda as cash flows from the joint venture have been slower than expected. 

So far Idesa has been unable to refinance a $300m bond due in ...

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