有分析師警示，正忙于應對大量債務和疲弱的美國經濟的墨西哥水泥生產商Cemex，如果對到期的數百萬美元債務重新談判失敗，將可能在今年夏天出現資金短缺。
近日一位Cemex 的發(fā)言人對路透社說 “我們正在談判，如果有了新的進展，我們將告之”，除此之外沒有透露其他細節(jié)。
Cemex是美國最大的水泥供應商，目前陷入145億美元的債務中。其中三分之一于今年到期。一些投資者猜測，墨西哥政府可能救助公司。
在墨西哥，美國和世界其他地區(qū)，水泥等建筑材料需求枯竭，分析師們預測到6月底Cemex將剩下很少的現金。并且如果未能說服債權人重組其債務，公司現金將沒有補給。
這些預測沒有計入Cemex所需要的額外現金，以及一旦有領先的墨西哥藍籌公司購買Cemex在世界各地的公司來資助其日常業(yè)務。
墨西哥城券商Actinver的研究部主管Francisco Suarez說“Cemex在一二季度有足夠的流動資金支付，除非他們不能抓緊時間調整。”。
2009年接下來的時間里，Cemex面臨38億美元債務到期，公司計劃其中大部分通過銷售資產和現金流產生的錢支付。分析師認為，Cemex今年可能已經支付或再融資了3億美元。
據信 CEMEX公司3月份已經完成了其目標，并且在二季度末可能產生4億美元現金。
但是，3月9日瑞士信貸在一份報告中表示，“下一季度形勢將會更加嚴峻，因為我們估計該公司除了資產負債表上的最低運營現金水平將不會再有任何現金產生，到期的債務將超過產生的現金?！痹珜戇^報告的分析師 Vanessa Quiroga近日表示，她并沒有改變她的觀點。
Cemex在七月到九月間面臨4.28億美元債務到期，此外，四季度將有22.1億美元債務到期
Cemex是墨西哥的大公司之一，其他大公司還有國家石油公司PEMEX和億萬富Carlos Slim’的Telmex和美洲移動電話運營公司。
一旦失敗 損失巨大
一些分析家說，類似于美國政府擔憂金融機構陷入絕境帶來的損失巨大，墨西哥當局可能認為CEMEX公司如果不履行其債務責任的損失巨大。
Cemex的違約將打擊到持有其債務的墨西哥養(yǎng)老基金，增加其他墨西哥公司的融資成本，并可能使已經飽受打擊的比索受到壓力，三月初比索已創(chuàng)下16年來的最低水平。
3月9日以來，對于政府不會讓CEMEX走入絕境的猜測使得CEMEX的股價上漲了50%以上。
券商Actinver的一份報告中說“CEMEX債務的嚴重性對墨西哥經濟來說是非常重要的。排除與貿易相關的債務，CEMEX的債務占了墨西哥私營部門大約百分之三十的貸款?！?
CEMEX公司還警告說 ， 它的周轉性信貸設施已充分利用，如果它的經營業(yè)績惡化或是資產出售計劃完成不了，它可能無法支付貸款。
今年三月初，取消了傳統(tǒng)的水泥季度業(yè)績預期，降低預期為公司將克服困難。
CEMEX5年的投保費用，從3月9日以來以美元計價的債務增加了6%，已接近歷史最高水平，顯示了債券市場投資者的關注。
近日瑞銀在一份報告中預測，墨西哥央行可能不久將購買300億美元的美聯(lián)儲發(fā)行的政府債券，以此可以借錢給政府全資銀行，然后救助CEMEX。
近日CEMEX公司的股票上漲了0.11%至9.25比索。
一個交易商告訴路透“目前仍有很大的傳言稱政府要介入救助公司”。
附英文：
Cemex may run out of cash by summer
近日一位Cemex 的發(fā)言人對路透社說 “我們正在談判，如果有了新的進展，我們將告之”，除此之外沒有透露其他細節(jié)。
Cemex是美國最大的水泥供應商，目前陷入145億美元的債務中。其中三分之一于今年到期。一些投資者猜測，墨西哥政府可能救助公司。
在墨西哥，美國和世界其他地區(qū)，水泥等建筑材料需求枯竭，分析師們預測到6月底Cemex將剩下很少的現金。并且如果未能說服債權人重組其債務，公司現金將沒有補給。
這些預測沒有計入Cemex所需要的額外現金，以及一旦有領先的墨西哥藍籌公司購買Cemex在世界各地的公司來資助其日常業(yè)務。
墨西哥城券商Actinver的研究部主管Francisco Suarez說“Cemex在一二季度有足夠的流動資金支付，除非他們不能抓緊時間調整。”。
2009年接下來的時間里，Cemex面臨38億美元債務到期，公司計劃其中大部分通過銷售資產和現金流產生的錢支付。分析師認為，Cemex今年可能已經支付或再融資了3億美元。
據信 CEMEX公司3月份已經完成了其目標，并且在二季度末可能產生4億美元現金。
但是，3月9日瑞士信貸在一份報告中表示，“下一季度形勢將會更加嚴峻，因為我們估計該公司除了資產負債表上的最低運營現金水平將不會再有任何現金產生，到期的債務將超過產生的現金?！痹珜戇^報告的分析師 Vanessa Quiroga近日表示，她并沒有改變她的觀點。
Cemex在七月到九月間面臨4.28億美元債務到期，此外，四季度將有22.1億美元債務到期
Cemex是墨西哥的大公司之一，其他大公司還有國家石油公司PEMEX和億萬富Carlos Slim’的Telmex和美洲移動電話運營公司。
一旦失敗 損失巨大
一些分析家說，類似于美國政府擔憂金融機構陷入絕境帶來的損失巨大，墨西哥當局可能認為CEMEX公司如果不履行其債務責任的損失巨大。
Cemex的違約將打擊到持有其債務的墨西哥養(yǎng)老基金，增加其他墨西哥公司的融資成本，并可能使已經飽受打擊的比索受到壓力，三月初比索已創(chuàng)下16年來的最低水平。
3月9日以來，對于政府不會讓CEMEX走入絕境的猜測使得CEMEX的股價上漲了50%以上。
券商Actinver的一份報告中說“CEMEX債務的嚴重性對墨西哥經濟來說是非常重要的。排除與貿易相關的債務，CEMEX的債務占了墨西哥私營部門大約百分之三十的貸款?！?
CEMEX公司還警告說 ， 它的周轉性信貸設施已充分利用，如果它的經營業(yè)績惡化或是資產出售計劃完成不了，它可能無法支付貸款。
今年三月初，取消了傳統(tǒng)的水泥季度業(yè)績預期，降低預期為公司將克服困難。
CEMEX5年的投保費用，從3月9日以來以美元計價的債務增加了6%，已接近歷史最高水平，顯示了債券市場投資者的關注。
近日瑞銀在一份報告中預測，墨西哥央行可能不久將購買300億美元的美聯(lián)儲發(fā)行的政府債券，以此可以借錢給政府全資銀行，然后救助CEMEX。
近日CEMEX公司的股票上漲了0.11%至9.25比索。
一個交易商告訴路透“目前仍有很大的傳言稱政府要介入救助公司”。
附英文：
Cemex may run out of cash by summer
(MONTERREY, Mexico) -- Mexican cement maker Cemex, dealing with massive debt and the weak U.S. economy, could run out of cash by summer if it fails to renegotiate millions of dollars in maturing debt, analysts warned.
"We are renegotiating and when we have something we will let you know," a Cemex spokesman told Reuters on Friday without elaborating.
Cemex, the United States' No. 1 cement supplier, is struggling with $14.5 billion of debt, a third of which is due this year, and some investors speculate the Mexican government could bail the company out.
As demand for building materials like cement dries up in Mexico, the United States and other parts of the world, analysts' are forecasting that Cemex will have very little cash left by the end of June and could miss payments if it fails to convince creditors to restructure its debt.
Those forecasts do not factor in additional cash needed by Cemex, once a leading Mexican blue-chip that bought companies around the world, to fund its day-to-day operations.
"Cemex has enough liquidity to make payments in the first and second quarters, but if they can't restructure they are running against the clock," said Francisco Suarez, head of research at the Actinver brokerage in Mexico City.
For the remainder of 2009, Cemex faces $3.8 billion in maturities, most of which it plans to pay with money from asset sales and cash flow generation. Analysts think the company may have already paid, or refinanced, $300 million this year.
Cemex is believed to have met its obligations through March and may have nearly $400 million in cash left by the end of the second quarter.
But, Credit Suisse said in a report on March 9, "The situation will be tighter for the following quarters, since we estimate the company will not have any cash beyond the minimum operating cash level on its balance sheet, and debt maturities should exceed cash generation." Analyst Vanessa Quiroga, who wrote the report, said on Friday that she had not changed her views.
Cemex faces maturities of $428 million between July and September and has $2.21 billion due in the fourth quarter.
Cemex is one of Mexico's largest companies, along with state oil company Pemex and billionaire Carlos Slim's Telmex and America Movil telephone operators.
TOO BIG TO FAIL
Similar to the U.S. government's concerns about financial institutions too big to fail, Mexican authorities may decide that Cemex is too big to be allowed to default on its debt, some analysts have said.
A default by Cemex would hit Mexican pension funds that hold its debt, drive up financing costs for other Mexican companies and could pressure the already battered peso, which hit a 16-year low earlier this month.
Speculation that the government will not let Cemex fail has pushed Cemex's stock up more than 50 percent since March 9.
"The magnitude of Cemex's debt is material for the Mexican economy," said a report from Actinver brokerage. "Excluding trade-related debt, Cemex's debt accounts for approximately 30 percent of loans to the Mexican private sector."
Cemex has warned that its revolving credit facilities are fully drawn and that if its operating results worsen or if it is doesn't complete planned asset sales, it may not be able to comply with payments.
Earlier this month, Cemex canceled its traditional quarterly results forecast, dampening expectations that the company would overcome its problems.
The cost of insuring Cemex's 5-year, dollar-denominated debt has increased by 6 percent since March 9 and is near an all-time high, illustrating concern among debt market investors.
UBS predicted in a report this week that Mexico's central bank would soon likely tap a $30 billion swap line with the U.S. Federal Reserve and then could lend money to a government-owned bank, which could then bail out Cemex.
Cemex shares edged up 0.11 percent to 9.25 pesos on Friday.
"There is still a very strong rumor that the government wants to step in and rescue the company," one trader told Reuters.
"We are renegotiating and when we have something we will let you know," a Cemex spokesman told Reuters on Friday without elaborating.
Cemex, the United States' No. 1 cement supplier, is struggling with $14.5 billion of debt, a third of which is due this year, and some investors speculate the Mexican government could bail the company out.
As demand for building materials like cement dries up in Mexico, the United States and other parts of the world, analysts' are forecasting that Cemex will have very little cash left by the end of June and could miss payments if it fails to convince creditors to restructure its debt.
Those forecasts do not factor in additional cash needed by Cemex, once a leading Mexican blue-chip that bought companies around the world, to fund its day-to-day operations.
"Cemex has enough liquidity to make payments in the first and second quarters, but if they can't restructure they are running against the clock," said Francisco Suarez, head of research at the Actinver brokerage in Mexico City.
For the remainder of 2009, Cemex faces $3.8 billion in maturities, most of which it plans to pay with money from asset sales and cash flow generation. Analysts think the company may have already paid, or refinanced, $300 million this year.
Cemex is believed to have met its obligations through March and may have nearly $400 million in cash left by the end of the second quarter.
But, Credit Suisse said in a report on March 9, "The situation will be tighter for the following quarters, since we estimate the company will not have any cash beyond the minimum operating cash level on its balance sheet, and debt maturities should exceed cash generation." Analyst Vanessa Quiroga, who wrote the report, said on Friday that she had not changed her views.
Cemex faces maturities of $428 million between July and September and has $2.21 billion due in the fourth quarter.
Cemex is one of Mexico's largest companies, along with state oil company Pemex and billionaire Carlos Slim's Telmex and America Movil telephone operators.
TOO BIG TO FAIL
Similar to the U.S. government's concerns about financial institutions too big to fail, Mexican authorities may decide that Cemex is too big to be allowed to default on its debt, some analysts have said.
A default by Cemex would hit Mexican pension funds that hold its debt, drive up financing costs for other Mexican companies and could pressure the already battered peso, which hit a 16-year low earlier this month.
Speculation that the government will not let Cemex fail has pushed Cemex's stock up more than 50 percent since March 9.
"The magnitude of Cemex's debt is material for the Mexican economy," said a report from Actinver brokerage. "Excluding trade-related debt, Cemex's debt accounts for approximately 30 percent of loans to the Mexican private sector."
Cemex has warned that its revolving credit facilities are fully drawn and that if its operating results worsen or if it is doesn't complete planned asset sales, it may not be able to comply with payments.
Earlier this month, Cemex canceled its traditional quarterly results forecast, dampening expectations that the company would overcome its problems.
The cost of insuring Cemex's 5-year, dollar-denominated debt has increased by 6 percent since March 9 and is near an all-time high, illustrating concern among debt market investors.
UBS predicted in a report this week that Mexico's central bank would soon likely tap a $30 billion swap line with the U.S. Federal Reserve and then could lend money to a government-owned bank, which could then bail out Cemex.
Cemex shares edged up 0.11 percent to 9.25 pesos on Friday.
"There is still a very strong rumor that the government wants to step in and rescue the company," one trader told Reuters.
