May 2, 2019 |
Mexico's Pemex is expected to announce a restructuring plan in two weeks, even as the debt profile has improved at the state-owned oil company, LatinFinance has heard.
"They still have time to refinance their debt," said a loans banker in New York, involved in several syndicated loans to Pemex. With the new money, "they can draw on their existing revolver and cover their bond maturities," he added.
Pemex's bonds sank lower on Tuesday, after the company reported a net loss of MXN35.7bn ($1.88bn)
Mexico's state-owned oil company's debt profile has improved with pledges of government support, source says