MEXICO CITY, MEXICO / ACCESSWIRE / June 22, 2021 / Grupo GICSA, S.A.B. de C.V. (BMV:GICSA) announced today that the Company is initiating a process to develop, analyze and evaluate comprehensive strategic alternatives to address its capital structure, including our amount of indebtedness, liquidity and upcoming interest payments, create long-term value, and position GICSA for financial revitalization, after the extreme challenges affecting us as a result of the COVID-19 pandemic.
To assist our Board of Directors and management team in analyzing and evaluating these alternatives and develop constructive strategic solutions that may enable us to best serve the interests of all of its stakeholders, we have engaged Lazard, as financial advisor and Bufete Robles Miaja, SC and Cleary Gottlieb Steen & Hamilton as legal advisors.
We expect to engage with our financial creditors, as soon as practicable in order to collaborate on solutions that support our long-term financial viability and future growth.
There can be no assurance that the review will result in any alternative or transaction, or any assurance as to its outcome or timing. Actions may include amendments to our indebtedness, restructuring of assets, issuance of equity or equity equivalents, and other venues to manage our liabilities. We hope to finalize a consensual transaction with our creditors in the coming months and anticipate working collaboratively with them toward a long-term solution.
We will keep our investors informed of any material developments as necessary or appropriate.
This press release contains certain forward-looking statements that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. We use words such as 'believe,' 'anticipate,' 'plan,' 'expect,' 'intend,' 'target,' 'estimate,' 'project,' 'predict,' 'forecast,' 'guideline,' 'should' and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. The Company is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
GICSA is a leading company in the development, investment, commercialization and operation of shopping malls, corporate offices and mixed used well known for their high-quality standards, which transform and create new development spaces, lifestyles and employment in Mexico, in accordance to its history and executed projects. As of March 31, 2021, the Company owned 17 income-generating properties, consisting of eleven shopping malls, five mixed use projects (which include four shopping malls, four corporate offices and one hotel), and one corporate office building, representing a total Gross Leasable Area (GLA) 965,360 square meters, and a Proportional GLA of 826,146 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV:GICSAB).
Investor Relations Contact
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+52 (55) 51 48 04 02
+52 (55) 5148 04 00
SOURCE: GRUPO GICSA, S.A.B. DE C.V.
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