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UPDATE 1-Chairman Lebois of Mexico's Unifin to lead financial restructuring

·1 min read

(Updates with company comments, background)

MEXICO CITY, Aug 15 (Reuters) - Mexican leasing firm Unifin , which announced last week it would miss principal and interest payments, said on Monday Chairman Rodrigo Lebois will lead the company's financial restructuring starting this week.

Unifin said in a statement it is aiming for the restructuring "to be a quick and orderly process that allows it to stabilize its capital and liquidity structure."

Rothschild & Co, AlixPartners, Sainz Abogados Y Skadden, Arps, Slate and Meagher & Flom, LLP have been brought on as advisers, Unifin said.

"Unifin's decision to restructure was made due to the closure of financing sources faced by non-banking financial institutions, which caused the company to have to pause additional financing alternatives that it had," the company said.

Additionally, some of its revolving lines had conditions attached and were not renewed, it added.

According to Unifin's second-quarter results, it has 79 billion pesos ($3.94 billion) in financial liabilities.

After the announcement to Mexico's main stock exchange last Monday, Unifin shares plummeted to a historic low and ratings agencies such as S&P and Fitch downgraded the company.

In a note last week, Moody's said Unifin's restructuring could reflect tight refinancing conditions for Mexican financial institutions. ($1 = 20.1335 Mexican pesos at end-June) (Reporting by Kylie Madry; Editing by Anthony Esposito; Editing by Muralikumar Anantharaman)