Grupo Famsa B de C : reaches consensual agreement with holders for 2020 notes refinancing
July 03, 2020 at 02:14 am EDT
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GRUPO FAMSA, S.A.B. DE C.V. REACHES CONSENSUAL AGREEMENT WITH HOLDERS FOR 2020 NOTES REFINANCING
Out of 356 votes cast, 351 were in favor of the refinancing plan, amounting to USD$48.6 million
MEXICO CITY, MEXICO, June 26, 2020 - Grupo Famsa, S.A.B. de C.V. (the "Company") received majority support from holders of 2020 Notes, who voted in favor of the refinancing plan of senior notes matured on June 1, 2020. Mr. Humberto Garza Valdez, Chief Executive Officer of Grupo Famsa, stated: "Of the 356 ballots received, we were pleased to count positive votes of roughly 96% of principal amount (USD$48.6 million, official currency of the United States of America) and over 98% of holders (351) voting on our restructuring plan. This allows us to carry on with the refinancing of 2020 senior notes and proceed with our business as usual (subject to any mandates or required closings due to the spread of COVID-19). Therefore, our doors remain open to serve our customers during usual business hours.
Grupo Famsa's will continue to operate in the ordinary course without any disruption to its business, as the Company has filed with the Court a number of motions that will permit Grupo Famsa to further meet its obligations with all of its customers, suppliers and creditors. In this respect, the Company anticipates that its current levels of cash coupled with projected positive cash flow will be adequate to fund its activities.
Mr. Garza Valdez added: "I thank our customers, suppliers and vendors for their ongoing support throughout this process. We are also grateful for the loyalty and unfailing support of our associates, whose devotion and hard work are paramount pillars for the success and future of the Company. Our management team is committed to ensure that this refinancing is resolved in an efficient and expeditious manner.
Grupo FAMSA SAB de CV published this content on 26 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 July 2020 06:13:09 UTC
Grupo Famsa SAB de CV is a Mexico-based holding company primarily engaged in retail sector. The Company owns and operates a network of Famsa Mexico department stores located in Mexican cities, as well as Famsa USA stores established in the United States. Via its retail network, the Company is active in the import, distribution and sale of household appliances, furniture and consumer electronics, among others. Through Banco Ahorro Famsa SA Institucion de Banca Multiple, the Company is also involved in the provision of a variety of banking and sales financing services to its retail customers.
GRUPO FAMSA, S.A.B. DE C.V. 
