Sanluis Holders Accelerate

Holders of Sanluis’ 7% 2011 bonds have asked for an acceleration of a $132m payment due 2011, the debtor says. The move follows the Mexican auto parts maker’s missing of an $88m June 30 payment on its 8% 2010 bonds. Sanluis was widely expected to default, with Fitch noting as much in March as it lowered Sanluis to C from CC, based on a dangerously low cashflow. When announcing the missed payment last month, the company said it would examine its alternatives. Sanluis says the operations at its suspension and brake units will not be affected by the defaulted payment, as their debt is subordinated to the debt payments that have already been restructured under a previous agreement with creditors.