An enormous volume of debt is Sacyr's main problems, and for precisely that reason the company is entertaining strategies such as a deal with Pemex designed to increase its share of Repsol and to ease debt with money from the petroleum company's dividend.
Meanwhile, its problems are growing worse yet. In fact, the bank is asking for additional guarantees to refinance the debt from a recent hostile takeover. They are demanding that Valoriza be added to the already-pledged Testa and Vallehermoso with shares such as the Panama Canal project, a shining-star effort that gives some positive clout.
Del Rivero should be able to look at the economic environment and understand what is happening when current liabilities are paid down using operations that create further debt and demand extra safeguards.
