Gruma loan talks extended to Aug. 24
July 27, 2009
by Bakingbusiness Staff
MONTERREY, MEXICO — Gruma S.A.B. de C.V. on Monday received another extension with its banks to cover $726.6 million in derivative losses.
The deadline was extended to Aug. 24 from July 24. Last week, the deadline was extended from July 22 to allow Gruma to refinance 3,367 million pesos ($255 million) in existing loans and receive board approval.
The company reached agreement with Credit Suisse Group AG, Deutsche Bank AG and JPMorgan Chase & Co. on March 23 to borrow $668.3 million to repay currency derivatives. On June 30, Gruma said it expected to reach an agreement with the banks in July to avoid bankruptcy.