(Refiles to specify dollar amount in first paragraph)
By Alexandra Alper and Roberto Aguilar
MEXICO CITY, Feb 3 (Reuters) - Mexican construction firm ICA will not make a $22.25 million interest payment due on Feb. 4, two people familiar with the matter said, as the cash-strapped company spirals towards bankruptcy.
ICA, which defaulted on interest payments in December and January totaling $37 million, saw its dollar debt balloon after the peso slumped to a series of record lows.
The payment due on Feb 4. was for a dollar-denominated bond maturing in 2021.
Slower government infrastructure spending has also hit the firm, which has promised to draw up an initial restructuring plan by mid-February, aided by Rothschild Mexico and FTI Consulting.
On Wednesday, board members met to discuss the company's current situation and future plans, three people familiar with the matter said.
ICA, which built the tower that houses the offices of state oil giant Pemex, saw its net debt reach 51.147 billion pesos ($2.97 billion) in the third quarter. (Additional reporting by Cyntia Barrera, Adriana Barrera and Gabriela Lopez; Editing by Simon Gardner)