MEXICO CITY — Spanish construction firm Ferrovial is weighing canceling its plans to bid jointly with cash-strapped local builder ICA for a contract to build a $3.5 billion terminal building for Mexico City’s new airport, people familiar with the matter said.
The Spanish builder is weighing an exit from a “memorandum of understanding” with Empresas ICA SAB de CV, two sources said, as the troubled Mexican firm struggles under 67.61 billion pesos ($3.74 billion) in debt.
The joint bid memorandum was signed by both companies in Madrid in July 2015, one of the sources said.
Two of the sources said Ferrovial has reached out to other companies seeking possible partners to form a new consortium to bid on the terminal. Ferrovial declined to comment.
ALEXANDRA ALPER