AHMSA vs creditor banks for shareholders meeting
A shareholders meeting on November 7, 2002 by the creditor banks of Mexican steel producer Altos Hornos de
Mexico SA (AHMSA) and voting on the present board for a restructuring of a new management, was reported to be held. However the latest reports from the industry reveal that AHMSA is claiming that the court order of repayment suspension prohibits the creditor banks to exercise any right coming from the 51% shares they hold as collateral security.
Bank of America Corp., Grupo Financiero Banamex SA unit of Citigroup and Grupo Financiero BBVA Bancomer are among the creditor banks of AHMSA that have problems with the AHMSA board of directors, suspending debt payments since 1999.