AICM Negotiates Debt Forgiveness With ASA Amid Financial Strain

Mexico's City International Airport (AICM) is in discussions with Airports and Auxiliary Services (ASA) to seek forgiveness for a MX$2.8 billion debt (US$167.6 million), as disclosed in ASA's financial statements.

AICM annually compensates ASA for administrative services. However, the country's primary airport has struggled to fully recover from the financial crisis induced by the pandemic, leading to negotiations and modifications to address the debt issue.

In 2022, the third Modifying Agreement to the "Contract" was formalized, stating that "the financial statements of AICM show that it is not possible to fulfill its obligation with ASA during the 2022 fiscal year, so no billing will be issued for that period."

For the following year, AICM committed to paying ASA at least MX$569 million, an amount that was duly settled. However, the precarious finances of the capital's airport required further debt forgiveness.

In December 2023, ASA issued invoices for administrative services (January-December) amounting to MX$1.5 billion. Nonetheless, indications suggest the possibility of a fourth agreement to waive the charges.

Despite being one of the country's most profitable airport businesses, AICM's earnings from the Tariff for the Use of Airport Facilities (TUA) are channeled to a trust to cover the interest on bonds issued in international markets for the Texcoco terminal project.

The full settlement of the AICM's debt, totaling over US$3.7 billion, remains pending despite requests from the Navy.