Financially troubled ICA, Mexico's largest infrastructure and construction firm, is suing various government agencies for around 4.65bn pesos (US$252mn) it is owned for infrastructure projects that it has built, according to local daily El Financiero.

Among the projects highlighted is the construction of Mexico City metro line No. 12, which was built by a consortium of ICA, Alstom and Carso. ICA is suing the federal district government for around 3.29bn for the work, according to the newspaper.

For the construction of the Querétaro II aqueduct ICA is owed 474mn pesos by state water utility CEAQ, the report said.

Also, ICA is owed 450mn pesos by the Puebla government for the construction of the Distribuidor Vial de Puebla urban highway network. 

For the expropriation of land in Querétaro state, ICA is owed another 372mn pesos, while for the construction of the Bahía Petempich real estate project in Cancún it is owed 67mn pesos, according to the report.

ICA is currently involved in 14 lawsuits, either demanding payment for infrastructure projects or being sued for damages by third parties.

The company did not respond to BNamericas' requests for comment.

FINANCIAL PROBLEMS

ICA said recently that it is owed around 36bn pesos by the Mexican government, which has implemented budget cuts in the infrastructure sector.

The company has also said that debt and insufficient liquidity could impact its ability to continue as a going concern.

ICA has cut more than 10,000 jobs during the last year and has stopped construction of the Barranca Larga-Ventanilla highway in Oaxaca state due to a lack of funds.

The company had debts of 69.9bn pesos at the end of March.

 

Source: BNamericas

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