Mexico's ICA sells stake in waste firm for 1.2 bln pesos-sources

miércoles 23 de diciembre de 2015 16:07 GYT

MEXICO CITY Dec 23 (Reuters) - Mexico's ICA has sold its stake in an environmental waste firm for around 1.2 billion pesos ($69.69 million), two people close to the negotiations said, as the embattled construction company scrambles for cash after defaulting on a debt.

ICA sold its 49 percent stake in Proactiva Medio Ambiente México to a trust run by prominent Mexican businessman Fernando Chico Pardo, one of the people told Reuters. ICA jointly owned Proactiva with French water and waste group Veolia.

ICA said last Friday it would not pay $31 million due on an interest payment at the end of November, and that it aimed to draw up an initial restructuring plan by mid-February.

Chico Pardo, president of the board for Mexican airport operator ASUR and head of financial investment company Promecap, closed the deal with ICA in the last few days, the people said.

Chico Pardo did not immediately respond to a request for comment. ICA, Veolia and Proactiva declined to comment. ($1 = 17.1944 Mexican pesos) (Reporting by Alexandra Alper)