Shares in Mexico’s Alpek drop amid payment issues with client – Mexico Alpek Mossi Ghisolfi - Arhive

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Shares in Mexico’s Alpek drop amid payment issues with client

 

Mexico Alpek Mossi Ghisolfi
BUZZ-Shares in Mexico’s Alpek drop amid payment issues with clie:BUZZ-Shares in Mexico’s Alpek drop amid payment issues with client
 (Reuters) –  Shares in Mexican petrochemical firm Alpek dropped around 7 percent on Wednesday, after the company said in a statement it had stopped supplying its customer M&G Chemicals with purified terephthalic acid (PTA).

** Alpek said it had taken the decision to stop supplying its client with PTA as various M&G subsidiaries had not paid Alpek outstanding bills totaling $49 million.

** Alpek said it would be willing to re-establish supply if Texas-based M&G pays its outstanding obligations or some sort of resolution can be found.

** Alpek added that it had started talking with other creditors to evaluate the situation and decide on what possible course of action to take.

** Alpek said in the statement that M&G had not given it much information and thus it was hard to evaluate the impact on the Mexican petrochemical firm’s operations.

** Wednesday’s share plunge was Alpek’s biggest daily drop since February 2017.

** Alpek shares were down 6.80 percent at 18.65 pesos ($1.05) per share on Wednesday morning.

($1 = 17.7770 Mexican pesos) (Reporting by Gabriel Stargardter)