ICA Announces Non-Payment of Interest for Senior Notes due 2017 and Management Change

MEXICO CITY, Jan. 20, 2016 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V. (BMV: ICA) (NYSE:ICA), the largest infrastructure and construction company in Mexico, ICA announced today that the Company’s Board of Directors has decided that ICA will not pay the approximately US$6 million interest payment that is due on January 25, 2016 on ICA’s 8.375% senior notes due 2017.  ICA has made this decision in order preserve liquidity, prioritize ongoing operations, and fund projects currently under development.  The Company is exploring various options to help manage its indebtedness, but currently has no specific transactions planned other than those previously reported.

Appointment of Financial Restructuring Officer

ICA also announced that it has retained Guadalupe Phillips Margain as Financial Restructuring Officer, to assist with ICA’s restructuring initiatives.  Ms. Phillips has over twenty years of experience in Mexican markets and was most recently Vice President of Finance and Risk with Grupo Televisa, S.A.B.  She holds a law degree from the Instituto Tecnológico Autónomo de México (ITAM) and an M.A. and Ph.D. from the Fletcher School of Law and Diplomacy at Tufts University.   Orlando Loera is no longer with the Company. 

This press release contains projections or other forward-looking statements related to ICA that reflect ICA’s current expectations or beliefs concerning future events. Such forward-looking statements are subject to various risks and uncertainties and may differ materially from actual results or events due to important factors such as changes in general economic, business or political or other conditions in Mexico, Latin America or elsewhere, changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies, changes in tax and other laws affecting ICA’s businesses, increased costs, unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms and other factors set forth in ICA’s most recent filing on Form 20-F and in any filing or submission ICA has made with the SEC subsequent to its most recent filing on Form 20-F. All forward-looking statements are based on information available to ICA on the date hereof, and ICA assumes no obligation to update such statements.

Empresas ICA, S.A.B. de C.V. is Mexico's largest infrastructure company. ICA carries out large-scale civil and industrial construction projects and operates a portfolio of long-term assets, including airports, toll roads, water systems, and real estate. Founded in 1947, ICA is listed on the Mexican and New York Stock exchanges. For more information, visit ir.ica.mx.

For more information, please contact:

Elena Garcia             
[email protected]

Gabriela Orozco
[email protected]

[email protected]
+(5255) 5272 9991 x 3608   

Pablo Garcia 
Chief Financial Officer
[email protected]

In the US:
Daniel Wilson, Zemi Communications	
+(1212) 689 9560
[email protected]