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