Mexican hotelier Grupo Posadas defaults on interest payments

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As part of the measures to maximize its financial flexibility in the short term and face the challenges that the pandemic has left to the hotel industry in Mexico and its impacts on the tourism markets, Grupo Posadas, headed by José Carlos Azcárraga, did not make the interest payment that he had to make on December 30, 2020, on his senior notes maturing in 2022.

The company has made the decision to omit the payment of interest in an amount of approximately 15.5 million dollars, compared to its 7,875 percent senior notes. The company informed through a statement to the Stock Exchange that it will not carry out said payment during the corresponding grace period of 30 days, which would expire on the last day of this month of January.

This breach is added to the one that had to be carried out on June 30, so the chain has become the first Mexican company to default together with Aeroméxico due to the economic crisis generated by the confinement to stop the pandemic due to Covid-19

According to the hotel chain, noncompliance derives from the need they have to ensure the continuity of their business, as a result of the significant deterioration related to the pandemic, in the company’s operating income and cash flows, as well as The still uncertain impact that Covid-19 will have on Mexico’s tourism industry in the near future

As we publish in REPORTUR.mx,  in order to benefit the tourist reactivation in Mexico, this past Cyber ​​Monday, the Grupo Posadas hotels belonging to its 8 brands: Live Aqua, Grand Fiesta Americana, Curamoria Collection, Fiesta Americana, The Explorean, Fiesta Inn, Gamma and one, offered discounts of up to 60% on accommodation. With this promotion, the hotel brands reinforced their commitment to the national tourism industry.

A few days ago, Decameron, the largest resort hotel company in South America by the number of rooms, also recently laid off several hundred of its workers, while asking banks for almost $ 200 million in new debt to survive the crisis due to the coronavirus

Source: reportur.com

Mexico Daily Post

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