Juan Minetti pays creditors US$13m

Juan Minetti pays creditors US$13m
Published: 30 June 2004

Juan Minetti, Argentina’s second largest cement producer, and controlled by Holcim, has paid bank and financial creditors some US$13m as part of a debt restructuring, Minetti said in a filing to the Buenos Aires stock exchange.  The company saw first quarter net profits drop 55.8 per cent to 28.8m pesos (US$9.75m) from 1Q03 due to exchange rate differences.  In 2003, increased sales and a successful financial restructuring helped Minetti post a 121m-peso net profit, recovering from a 210m-peso net loss the year before. The company’s cement sales reached 1.64Mt in 2003, up 26.5 per cent from the year before.