Sanluis Unit Heads for Concurso

Sanluis Co-Inter, a subsidiary of Mexican auto parts maker Sanluis, has filed for concurso mercantil bankruptcy. It does so “with the aim of an orderly restructuring of its debt, based on the capacity to pay and the current conditions in the automotive industry,” it says. The Co-Inter unit needs to restructure $220m in debt, including $88m in 8% of 2010 bonds defaulted on in June, and the $132m in 7% of 2011 bonds which were accelerated by holders shortly after the 2010 default. Problems with the auto industry during the credit crisis have meant dangerously low cashflow levels, says the issuer. The company’s other units, including Sanluis Rassini, will not be affected by the bankruptcy, Sanluis says. Santamarina y Steta and Javier Perez Rocha are advising Sanluis, according to a source at the debtor.