Pemex Doomed Despite Mexican Government Bailout Elena Toledo - PanAm Post
go to original April 28, 2016

The future of Pemex is uncertain (El Universal)

The financial bailout of 73,500 million pesos awarded by the federal government to Petróleos Mexicanos (Pemex) will allow the business to reduce two-thirds of its debt, but is still not enough to clear it of all bad finances, Director José Antonio González Anaya said this week.

In an interview with Financial Times, the official provided the company’s results from the first trimester of 2016, which show that Pemex is set to have a worse start to the year than in 2015.

The support granted by the government will permit Pemex to reduce two-thirds of its debt to collectors, that for the end of 2015 reached $150,000 million Mexican pesos, as well as to address the obligation to fill pensions.

“The first step is to have stable finances. I believe that we will achieve that,” said González Anaya.

However, when asked if the results of the first trimester would be a worse start to the year than last, Anaya said: “Yes, I believe so.”

And to the question of whether aid from the Mexican government would be sufficient to rescue Pemex, he said, “We will have to see.”

Read the rest at PanAm Post | Español

Related: Mexico’s Debt-Ridden Pemex Set for Another Cash Infusion (Bloomberg)

Related: Mexicans Freed from Pemex Monopoly at Gas Stations (WorldTribune.com)

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