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US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Kansas City Southern: Pays $54 million for TMM Settlement

Worth Watching: 25 Sep 2007, 12:39 AM ET - Kansas City Southern  (B3/B-, Sr. Unsec.) has entered into a settlement agreement with Grupo TMM. KCS will pay TMM $54.1 million in cash, and terminated several contractual relationships to resolve claims and disputes regarding the Indemnity Escro ..

Kansas City Southern: TFM Purchase Denied

Worth Watching: 17 Sep 2004, 5:28 AM ET - Kansas City Southern (KSU: B2/B+) had its bid to buy the Grupo TMM interest in TFM (B2/B▼) quashed by the Mexican government.  That is not to say it cannot be resurrected in the future, but it is hard to believe that years of wrangling between the ..

Kansas City Southern to Acquire Mexrail…Again

Company Analysis: 17 Aug 2004, 6:56 PM ET - Kansas City Southern announces that it has agreed to buy a 51% stake in Mexrail. This is a good sign that KSU and Grupo TMM SA may be making progress towards the bigger TFM transaction originally agreed upon in April 2003.

Grupo TMM: Lost a Battle, but Could Still Win the War

Worth Watching: 23 Mar 2004, 2:57 AM ET - Grupo TMM lost the first stage in its US arbitration case with Kansas City Southern (KSU:B2/B+) over its attempt to abort the sale of Grupo TFM (B1▼/B▼) to KSU.  The panel ruled that the sale agreement was not nullified by the rejection of TMM sha ..

Grupo TMM: Still Mired in the Mexican Court System

Worth Watching: 01 Mar 2004, 4:07 AM ET - Grupo TMM (TMM: WR/D) reported nothing new in its 2003 conference call.  The VAT and put litigation rolls on, as does its contract dispute with Kansas City Southern (KSU: Ba3/B+).  The whole thing is Alice in Wonderland material.  Grupo TFM (B1▼/B ..

Grupo TFM: Ever Receeding Bonanza

Worth Watching: 22 Jan 2004, 12:11 AM ET - Grupo TFM (B1/B+) suffered a setback in obtaining its tax refund windfall.  A Mexican bureaucrat decided the carefully arranged paperwork was not quite right, so title to the US$195 million tax certificate is not clear.  This case stems from a ref ..

Grupo TFM: El Windfall

Worth Watching: 21 Jan 2004, 12:51 AM ET - Grupo TFM (B1/B) just received a US$195 million "tax certificate" from the Mexican government after a long court battle that is not yet over.  TFM claims it is due about US$1 billion, factoring in inflation and interest.  Trading in part-owner Gru ..

Grupo TMM: Exchange Offer

Worth Watching: 19 Dec 2003, 2:57 AM ET - Grupo TMM (TMM: WR/D) announced an exchange of its existing 9.5s and 10.25s into a 10.5% three-year senior note with lots of bells and whistles.  The new note can be extended for a year; interest can be paid in part with additional notes or ADR's; ..

High Yield Illiquid Collateral Part 2: Grupo TFM

Sector Analysis: 05 Mar 2003, 4:05 PM ET - Bondholders and Grupo TMM are playing a game of chicken over rolling the 5/15/03 maturity. Bondholder downside will be negatively affected by structural and political difficulties monetizing the valuable railroad asets at TFM.

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