With an injection estimated at 200 million dollars, by the US fund Argentem Creek Partnersthe steelmaker Blast Furnaces of Mexico (AHMSA) will be able to get out of its financial crisis and restructure its debt in the medium term.
The Ordinary Assembly of Altos Hornos de México SAB de CV, endorsed the process of entering new share capital, under the terms established with Argentem, which had been negotiating since last February and with it, have new owners.
Through a statement, the Mexican company reported that during the meeting the resignations of the members of the Board of Directors were ratified and approved: Alonso Ancira ElizondoJorge Ancira, José Eduardo Ancira, James Pignatelli, Juan Carlos Quintana Serur, secretary of the body, and Francisco Pérez Ortega, substitute secretary.
Alonso Ancira, former owner of AMHSA, completes his work at the head of the steel company that throughout the six-year term lived in the midst of financial problems and accusations of corruption when doing business with Mexican oil (Pemex).
So as of this April 20, the new owner of the steel company is the Argentem Creek Partners fund, which will take the reins of the Mexican steel company, which will allow it to get out of the serious financial situation it is facing in the medium term.
The highest body of the company received from Argentem, the proposal for the integration of the new board of directors of ten members, headed by: Eugene Irving Davis, as president, and the directors Mario Fernando Espinosa, Steven Donald Scheiwe, John Abbot, Juan Williams Ponder, Timothy Bernlohr, Johannes Sittard, Leopoldo Burillo, Luis Zazueta, Xavier Autrey and Andrés González Saravia-Coss, as secretary.
In addition, it was ratified in the general direction of Altos Hornos de México and Subsidiaries, Luis Zamudio Miechielsen, who will be in charge of the operational reactivation of the company.
Since February 20, AHMSA signed an agreement with the new foreign investors to transfer shares to them, in exchange for 200 million dollars, to be covered in two exhibitions.
The transfer of the company’s shares contemplates an initial contribution of working capital of 200 million dollars in two tranches -50 million before March 15 and 150 before May 15- which will make it possible to start a process of financial restructuring and AHMSA’s exit from the current bankruptcy process requested by one of its creditors.
