In a July 9 letter to Public Works Financing, Oscar Via Ozalla, General Secretary of Isolux Corsán (IC), disputed the accuracy of key assertions in our article “Banks Force Isolux To Sell Assets” in our June 2015 issue. We take his concerns seriously and will address them here.
Our international editor, after speaking with banks involved, wrote that rather than call a default, the banks would bundle an overdue payment of Euro 85 million with all of IC’s debt into one restructuring. We also wrote that banks were requiring IC to dispose of certain assets, including I-69 in Indiana, which would be sold to its investment partner, Canada’s PSP, as part of the restructuring.
Ozalla clarifies that IC did not default on any loans, and that it is negotiating terms of a previously planned “separation of assets,” not a sale of its I-69 concession or others, and that the separation is not being required by its banks.