MONCLOVA, Mexico, April 18, 2016 /PRNewswire/ -- Altos Hornos de México S.A.B. de C.V. ("AHMSA"), the leading integrated steel producer in Mexico, today announced that the Company's general payment agreement (the "Plan") was accepted by Recognized Creditors at the Company's creditors meeting in Monclova, Coahuila. The meeting was convened by the First Civil Court of First Instance in the Judicial District of Monclova (the "SP Court").
At the meeting, independent Recognized Creditors holding more than 50% of the aggregate principal amount of recognized claims and more than one-third of independent Recognized Creditors voted in favor of the Plan.
Following receipt of the requisite creditor consent, the Plan was submitted to the SP Court for approval. The Company expects that the SP Court will issue a ruling on May 16, 2016.
For more information or to review the Company's Disclosure Statement, which includes an official translation of the Plan, please refer to: http://cases.primeclerk.com/Ahmsa.
This press release does not constitute an offer to sell, or a solicitation of an offer to purchase, the securities described herein, in any jurisdiction, to or from any person to whom it is unlawful to make such offer or solicitation of an offer in such jurisdiction.
Altos Hornos de México S.A.B. de C.V., an integrated steel producer, has two steel plants located in Monclova, Coahuila, and operates its own iron and metallurgical coal mines. Its current nominal production capacity is more than 5 million tons of liquid steel per year, which is then transformed into diverse finished products. Additionally, AHMSA operates thermal coal mines in Mexico. It employs over 19,000 workers in steel plants, mines and services.
This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs about future events and financial, political, economic and social trends and assumptions it has made based on information currently available to it. AHMSA cannot assure that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. Actual results could differ materially from those projected in the forward-looking statements as a result of inaccurate assumptions or a number of risks and uncertainties. Forward-looking statements contained herein speak only as of the date of this release. AHMSA does not undertake any obligation to update or revise publicly any forward-looking statements, whether to reflect new information, future events or otherwise.
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SOURCE Altos Hornos de Mexico S.A.B. de C.V.