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Gicsa Reaches Agreements with Creditors and Moves Forward with Restructuring Plan

The real estate developer of shopping centers and offices, Grupo Gicsa, reached "certain agreements" with its creditors, as part of its financial restructuring process.

"In this regard, yesterday a new milestone was reached in the restructuring of its liabilities to achieve a successful outcome. In meetings of holders of "GICSA16U" and "GICSA18U" certificates, certain agreements were crystallized that will support our transition to a financial revitalization," said the company.

Gicsa, which owns 18 properties, 11 shopping centers, five mixed-use properties (which include five shopping centers, five corporate offices and a hotel) and two corporate office buildings, announced in June of last year the beginning of a process to restore its capital structure, after it suffered negative effects due to the covid-19 pandemic that forced the closure of shopping centers and offices.

In a statement sent to the Mexican Stock Exchange (BMV), it assured that they will continue working "arduously" to finalize as soon as possible the necessary procedures and processes to fully consummate these agreements.

Read the full article (in Spanish)

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