Grupo TMM Acquisition

Kansas City, MO: (Oct-08-07) Grupo TMM, a Latin American multimodal transportation and logistics company, brought charges against Kansas City Southern (KCS), over an arbitration procedure instituted under the terms of the amended and restated Acquisition Agreement (AAA) between the two parties. As part of a settlement reached, TMM announced that it had entered into an agreement to resolve the dispute, in which KCS will pay TMM $54.1 million in cash. After the payout, the obligations of KCS under the Indemnity Escrow Note and the Tax Escrow Note, which was payable in 2010, will be terminated. Sources claimed that in TMM's financial statements, these Notes were presently valued at $91.7 million, as they were registered at face value. The settlement is said to terminate any and all controversies under the AAA and its ancillary documents, and provides for mutual releases between the parties. [CNN NEWS: GRUPO TMM ACQUISITION]

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Published on Oct-10-07