Business Services Industry
SanLuis Experiences Problems Making Debt Payments.
Internet Securities, October, 2001
MEXICO CITY, Oct 11, 2001
SanLuis (BMV:SANLUIS) didn't default on its 8.9 million-dollar debt payment in September because of the terrorist attacks against the United States, but because it doesn't have sufficient resources to service its debt, said Santander analyst Luis Miranda. Banamex analyst Clauido Medina agreed that the company missed the coupon payment due to problems of cash flow. San Luis' main clients, Chrysler (NYSE:DCX), General Motors (NYSE:GM) and Ford (NYSE:F), experienced declines in sales of 28 percent, 3 percent and 9.9 percent, respectively in September. Auto-parts exports represent 90 percent of the company's total income. The missed debt payment was on a 200-million dollar Eurobond due in 2008. The company is also expected to default on 93...
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