Coltejer Reveals US$65 Million Debt Restructuring
Medellin-based textile giant Coltejer revealed in a November 30 filing with Colombia’s Superfinanciera corporate oversight agency that it inked a US$65 million debt restructuring deal with Grupo MCM Colombia.
The new debt deal carries a 10% annual interest rate and runs through December 31, 2021, according to the filing.
Coltejer and fellow Colombian textile makers have been ravaged by cheap Chinese textile and clothing imports in recent years, causing financial losses and sparking debt-restructuring deals.
The company posted a COP$9.9 billion (US$2.8 million) net loss for third quarter (3Q) 2019, an improvement over the COP$19 billion (US$5.67 million) net loss for 3Q 2018.
For the first nine months (January through September) of 2019, Coltejer accumulated a COP$35 billion (US$9.98 million) net loss, worse than the COP$32.7 billion (US$9.3 million) net loss for the first nine months of 2018.
