Empresas ICA SAB de CV (ADR) (NYSE:ICA) has confirmed the foreclosure of the Series B OMA shares used as collateral for a loan by Aeroinvest, a subsidiary of ICA.

The foreclosure of the shares was carried out by Deutsche Bank AG (USA) (NYSE:DB) after the ICA’s injunctions were suspended Deutsche Bank reportedly sold 33,162,600 of the series B OMA shares that were related to the foreclosure. The shares are 8.29% of the total series B and series BB OMA shares.

Apart from the shares involved in the foreclosure, ICA which is also the biggest infrastructure and construction firm in Mexico also has a 17.23% controlling interest in OMA through Series B and Series BB shares both directly and indirectly held by SETA and Aeroinvest both directly and indirectly. ICA itself is not under any loan agreement that involves a pledge with OMA shares.

The press release containing the information about the foreclosure also includes projections that are tied to the ICA. The expectations reflect what the company has in mind about its future and any events to come.  The events are as a result of various influences such as political and economic factors in the country. Banco Santander, S.A. (ADR) (NYSE:SAN) also announced in a different statement that it has concluded an equity swap in advance for a shareholder.

ICA defaulted on bonds worth $1.35 billion in December. Recently there has been speculation that the firm might receive support from financier, David Martinez and as a result, the shares escalated. This was after an article by Dario Celis of Excelsior newspaper stated that Martinez was planning to invest in the company. No comment about the matter has been made by both ICA and Martinez’s Fintech Advisory Inc.

ICA claims that it is yet to come up with a capitalization or restructuring plan. However, it plans to create a restructuring plan that will help it survive the tanking Mexican currency as well as the government cutbacks on infrastructure budgets.