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SourceMex PDF file 1995 right arrow Aug

Aeromexico Restructures Debt, but Now Faces Charges of Political Corruption

LADB Article ID: 55974
Category/Department: Mexico
Date: 1995-08-23
By: LADB Staff

In early August, the airline company Aeromexico took the final step in cementing its debt-restructuring agreement with several foreign banks, thus ending the company's financial uncertainty for the near term. The agreement, which involved the conversion of US$137.5 million in debt through the issue of five-year Eurobonds, was originally announced in mid-July of this year. Notwithstanding the debt restructuring accord, however, the airline is now embroiled in a scandal in which the company is accused of illegally donating US$8 million to the governing Institutional Revolutionary Party (PRI) during the 1994 presidential campaign.

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