Following the announcement of the interest on its debts, Unifin initiated cuts to its operating expenses.
“Part of the restructuring process includes an analysis of the company’s operating situation and a cut in important operating expenses is being implemented depending on their sensitivity in the company’s operation,” a company spokesperson told Expansión.
The firm highlighted that it will maintain its offices, in Polanco, as well as the sponsorship of “Checo” Pérez. Earlier this year, Uniclick, a subsidiary of Unifin sponsored the Mexican pilot.
The day before, Unifin announced that it will no longer pay interest and capital on its debt until further notice to negotiate with its creditors. In this way, the firm began a process of strategic restructuring.
Unifin is registered with the National Banking and Securities Commission as a Multiple Object Financial Company (Sofom) since 2006 and since 2015, its shares are listed on the Mexican Stock Exchange (BMV) as UNIFINA.
Unfin shares plummeted 88.8% on the Mexican Stock Exchange this Tuesday, to settle at 1.46 pesos per paper, according to data from Yahoo Finance.
Unifin says that it faces limited access to financing sources “which has affected its capital structure and liquidity” and that it is analyzing strategies focused on maintaining sources of income and funding.