Construction firm ICA pays debt with OMA shares

Mexican construction company ICA said on Friday that it had paid a debt of 600 million Mexican pesos (US$35 million) to financial firm Arrendadora Value with shares of Grupo Aeroportuario Centro Norte, an airport operator known as OMA.

ICA said in a filing with the Mexican stock exchange that it had sold more than 6.8 million OMA shares that were collateral for the loan. It still holds a stake in OMA.

ICA is trying to restructure a hefty debt load outside of court, but it has readied a bankruptcy protection filing in case it fails, sources told Reuters last week.