Mexican Truck Maker Dina Defers Interest Payment
Consorcio G. Grupo Dina (DIN) will defer payment of some $6.5 million interest due on an 8% convertible debenture, making use of a 30-day grace period, spokesmen in Mexico City said.
Garcia said Dina also faces the threat of a strike at two of its plants Feb. 6 by the Mexican Automobile Industry Union.
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Gamaliel Garcia, general director of the troubled Latin American truck maker, said the company is negotiating with its partner, Joseph Littlejohn & Levy, to remove restrictions on Dina’s selling shares it holds in Motor Coach Industries International.
Under an agreement signed in June 1999 with JLL, Dina cannot dispose of its MCI shares until 2004. However, Garcia said sale of the shares would help the company pay its bondholders.
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