The shares of the Mexican lessor Unifin plummeted this Tuesday after informing that it will stop paying interest and capital on its debt, due to the lack of financing sources and while it reaches an agreement with its creditors with a view to a restructuring.
Close to the close of the day, the titles of Unifin Financiera, which did not specify the amounts of its obligations at stake, were trading at a historical low of 2.40 pesos, a drop of 82%.
With today's fall, Unifin erased 5,159 million pesos in market value to be left with a capitalization of 1,165 million.
The firm has been dragging debt problems for months, which is why its shares have fallen about 94% so far this year.
"As a result of this announcement, we are putting our recommendation under review," VectorAnalysis said in a note to clients.
The company detailed in a statement on Monday night that the measure will be extended for as long as it requires negotiating with the claimants, during which time, it added, it will continue to comply with the payment of obligations under private securitization structures.
Unifin also said that it "intends" to negotiate standby agreements with its creditors that will allow it to implement the restructuring, negotiate and finalize potential financing, refinancing, investment and capitalization operations.
With information from Reuters.
