Mexican oil company Pemex plans a $22.4 billion debts swap

Mexico’s Petroleos Mexicanos (Pemex), who has amassed $105 billion in financial debt during the
past years, is now working on a swap offer of $22.4 billion debt in long-term bonds.
The Mexican state-owned oil giant is asking some of its contractors to be paid for their services in
2021.
Some months ago, Pemex was downgraded by Fitch and by Moody’s because of its huge debt.
Also, according to reports, the company had not paid hundreds of employees for months and was
behind in payments to contractors before the Covid-19 pandemic.