Cash-Strapped Pemex Delays Payments to Some Private Oil Partners
May 12 2021, 12:15 AM
May 11 2021, 1:42 AM
May 12 2021, 12:15 AM
(Bloomberg) Petroleos Mexicanos is racking up millions of dollars in late payments to oil companies as it struggles to generate cash amid skyrocketing debt and weaker crude sales.
(Bloomberg) Petroleos Mexicanos is racking up millions of dollars in late payments to oil companies as it struggles to generate cash amid skyrocketing debt and weaker crude sales.
While Pemex has long sought to stretch its cash further by delaying payments to contractors, people with knowledge of the situation say itâs now also deferring reimbursement to some partner companies in an effort to postpone spending money thatâs in increasingly short supply. Some private oil companies in Mexico sell their barrels to Pemex to mix with its own hydrocarbons for export because they lack the infrastructure and scale to sell the crude on their own, the people said, declin
Petroleos Mexicanos is racking up millions of dollars in late payments to oil companies as it struggles to generate cash.
(Bloomberg) Petroleos Mexicanos is racking up millions of dollars in late payments to oil companies as it struggles to generate cash amid skyrocketing debt and weaker crude sales.
While Pemex has long sought to stretch its cash further by delaying payments to contractors, people with knowledge of the situation say it’s now also deferring reimbursement to some partner companies in an effort to postpone spending money that’s in increasingly short supply. Some private oil companies in Mexico sell their barrels to Pemex to mix with its own hydrocarbons for export because they lack the infrastructure and scale to sell the crude on their own, the people said, declining to be identified because they weren’t authorized to speak to the media.
Share this article
Share this article
WESTBURY, N.Y., May 7, 2021 /PRNewswire/ ACRES Commercial Realty Corp. (NYSE: ACR) (the Company ) announced that its newly formed subsidiaries, ACRES Commercial Realty 2021-FL1 Issuer, Ltd. (the Issuer ) and ACRES Commercial Realty 2021-FL1 Co-Issuer, LLC (together with the Issuer, the Co-Issuers ), will issue $675.2 million of non-recourse, floating-rate notes ( Offered Notes, the Securities or the Offering ) at a weighted average cost of the one-month London Interbank Offered Rate ( LIBOR )+149 basis points.
Mark Fogel, President and CEO of the Company, stated, We are very pleased with the execution of our first managed CLO. We believe our origination pipeline will allow us to take full advantage of the transaction s reinvestment features, and our experienced asset management team will provide the support and oversight for the deal.
Richard Bruyere said adding Lyxor gives Amundi ‘the scale to compete in Europe and beyond.’
Amundi s acquisition of Lyxor Asset Management marks a significant moment in Europe s exchange-traded funds industry, with a potential European champion finally emerging and also once again highlighting the importance of scale in the passive business.
Last month, Paris-based money manager Amundi announced it had entered exclusive negotiations to acquire Paris-based Lyxor in an almost $1 billion deal.
Amundi with €1.76 trillion ($2.07 trillion) in assets under management as of March 31 vs. Lyxor s €124 billion highlighted the ETF angle of the deal: Lyxor s European ETFs AUM was €77 billion as of Dec. 31, the third-largest player in Europe, while Amundi s was about €66 billion, putting it in fifth place. As of March 31, Amundi s AUM had grown to €77 billion.
Porto Seguro - Seguros del Uruguay S A -- Moody s affirms Porto Seguro - Seguros del Uruguay Ba1 rating; outlook changed to stable yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.