Pemex takes out credit to pay debts

MEXICO CITY, March 9, 2016 – Pemex has obtained credit lines worth some USD 836 million in an effort to pay back its suppliers and secure additional liquidity, company finance director Juan Pablo Newman said on Wednesday.

Pemex’s debts to more than 1,300 suppliers, mostly small and medium-sized enterprises, will be paid in full by the credit lines set up with three Mexican development banks on Tuesday. However, it is still indebted to around 200 other companies.

The Mexican oil and gas company began deferring payment to contractors and suppliers in 2015, quickly racking up more than USD 8 billion in debt. To date, some USD 112 million has been repaid.

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