MONTERREY, Mexico, May 16 (Reuters) - Altos Hornos de Mexico (AHMSA), one of Mexico’s largest steelmakers, said on Monday a judge approved its $1.7 billion debt restructuring plan, bringing to an end a 17-year suspension of payments.
AHMSA, which was barred from the local bourse in 1999 after it stopped paying its creditors, said a majority of debt-holders agreed to swap debt for common shares in the company. As a result, AHMSA said its total debt burden would be in the region of $400 million.
The company said the end of the suspension of payments would allow it to re-enter capital markets to fund future projects.
Reporting by Gabriela Lopez; Editing by Dan Grebler
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