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- 1955 Transportes Marítimos Mexicanos,
S.A. is constituted on June the 11th, 1955.
- 1958 On
September 18, Transportes Marítimos Mexicanos, S.A. changes
its registered name to Transportación Marítima Mexicana,
S.A.
- 1973 CMT is established, this is a bulk liquids
storage company.
- 1974 Starts regular service to Brazil.
- 1980 TMM is listed on the Mexican Exchange
Market.
- 1982 TEX-MEX railway is acquired
- 1983 Car Transportation operation begins with
specialized vessels.
- 1987 On August 18, Grupo TMM, S.A. de C.V.
is constituted under the name Grupo Servia, S.A. de C.V., which is
the holding company of TMM.
- 1991 Grupo
Servia acquires voting control of TMM.
- 1992
- TMM is listed
on the New York Stock Exchange.
- TMM starts
it's tanker vessels operation.
- 1993 A
strategic alliance is signed with Hapag Lloyd to serve Northern Europe.
- 1994 An
alliance is signed with Seacor Marine (Supply Ships).
- 1995
- An alliance
is signed with Hapag Lloyd to serve to Mediterranean area.
- An alliance
is signed with CSAV on the Car Carrier business.
- 1996
- TMM acquires
the concession to operate the Manzanillo Container Terminal.
- Transportación
Ferroviaria Mexicana is established (Joint Enterprise with Kansas
City Southern Industries) to complete for the bidding of the railway
privatization process.
- 1997
- TFM acquires
govermmemt's grant to operate the Northeast Route Railway.
- Acquisition
of Compañia Trasatlántica Española (CTE).
- TMM obtains
a 40 year concession of the International Cruise Dock at Cozumel
Island.
- TMM obtains
a 25 year concession from the Acapulco Port Authority, due to
this, TMM operates the cruise dock, the multipurpose terminal,
and the international cargo terminal.
- 1998 Americana
Ships is created in order to integrate liner services.
- 1999
- Transportación
Maritima Mexicana S.A. de C.V. sells its 50% of participation
of American Ships joint - venture created between TMM and CP Ships
to operate its liner services.
- Royal Vopak
purchases TMM´s 51% equity participation in the storage
company in Mexico. With the conclusion of this transaction Royal
owns 100% of four terminals, with a current capacity of approximately
150,000 cubic meters, integrated into it´s worlwide terminal
network to better serve the international chemical industries.
- 2000
- Restructure
of TMM's port division: our strategic partner SSA Mexico Inc.
(previously Stevedoring Services of America, Inc.)("SSA"), increased
its equity participation to 49%.
- TMM partnered
with General Motors ("GM"), through TMM's subsidiary TMM Multimodal
S.A. de C.V.
- TMM won a
competitive bid from the Mexican government for the 20 year concession
to manage the cruise terminal at the port of Progreso, Yucatán.
- Creation
of a new holding company named TMM Puertos y Terminales, S.A.
de C.V., which is involved in container, general cargo, cruise
ship and automobile port operations.
- 2001
- TMM received
the consent from holders of more than 75% of the aggregate principal
amount outstanding of its 9 1/4% notes due in 2003 and the holders
of its 10% senior notes due in 2006. As a result of the consent,
(i) TMM acquired a majority of the outstanding unrestricted voting
shares of Grupo TFM, by purchasing 0.8% of such shares then held
by Grupo TMM (previously Grupo Servia), (ii) the rates of the
notes were ammended to 9 1/2% and 10 1/4% respectively, (iii)
TMM holds 51% of the unrestricted voting shares and 38.4% of the
equity of Grupo TFM, and (iv) since December 31, 2000, Grupo TFM's
financial statements have been consolidated in the financial statements
of TMM and its consolidated subsidiaries.
- Effective
December 26, 2001, Transportación Marítima Mexicana, S.A. de C.V.
merged with and into Grupo TMM (previously Grupo Servia), with
Grupo TMM, S.A de C.V. being the surviving entity.
- 2002
- On March 27, 2002, Grupo TMM and KCS sold Mexrail, Inc. and
its wholly owned subsidiary, the Tex-Mex Railway, ("Tex-Mex")
to TFM; as a result, Mexrail, Inc., with its wholly owned subsidiary,
the Tex-Mex Railway, became wholly owned subsidiaries of TFM.
- TMM Puertos y Terminales signs a new contract with the Mediterranean
Shipping Company of Geneva, Switzerland.
- TMM Puertos y Terminales received a consent from the Communications
and Transport Ministry to expand a third position on the berthing
dock and its container yard in Manzanillo.
- On July 29th 2002, TFM completed the acquisition of an additional
24.6 percent equity interest in Grupo Transportación Ferroviaria
Mexicana S.A. de C.V from the Mexican government.
- Pursuant to shareholder approval of a reclassification of the
Company’s shares at a special meeting held on August 28,
2002, each of the company’s Series “L” shares
was exchanged for Series “A” shares on a one-for-one
basis effective Friday, September 13, 2002. The Series "A"
shares represent 100% of the capital stock of Grupo TMM, S.A.
de C.V. and currently trade as “TMM” in the New York
Stock Exchange ("NYSE").
- On September 13th, 2002, the Company's registered name changed
from Grupo TMM, S.A. de C.V. to Grupo TMM, S.A, as the variable
portion of our capital stock was eliminated.
- On December 26, 2002, Grupo TMM commences Exchange Offers and
consent solicitation for its 9½% Senior Notes due 2003
and its 10¼% Senior Notes due 2006.
- 2003
-
On
April 22 2003, Grupo TMM announced that it had entered into
agreements to place its interest in Grupo TFM under common control
with KCS. The combined companies of Grupo TFM and KCS would
be renamed NAFTA Rail. The transaction requires approval by
the stockholders of KCS and Grupo TMM and certain governmental
approval.
- On May 9,
2003, TFM sold a 51.0% interest in Mexrail and its wholly-owned
subsidiary, the Texas Mexican Railway Company to KCS.
- On May 13,
2003, we completed the sale of our interest in the Ports and Terminals
division (“TMMPyT”) to SSA Mexico, Inc. an affiliate
of Stevedoring Services of America. The company retained its operations
in the ports of Acapulco and Tuxpan.
- On May 15,
2003, the Exchange Offers and consent solicitations for the Company’s
9 ½ percent Senior Notes due 2003 and its 10 ¼ percent
Senior Notes due 2006 expired. The conditions to the Exchange
Offers were not satisfied at the expiration date.
- On June 11,
2003, the Court of the First Circuit (“Federal Court”),
issued a resolution (“amparo”) regarding the TFM’s
Value Added Lawsuit (“VAT”) against the ruling of
the Federal Tribunal of Fiscal and Administrative Justice (“Fiscal
Court”) issued on December 6, 2002 denying TFM the right
to receive a VAT refund.
- On August
13, 2003, the Fiscal Court in Mexico issued a resolution regarding
TFM’s VAT Lawsuit vacating its previous resolution of December
6, 2002, and in strict compliance with the ruling issued on June
11, 2003, by the Federal Court, and resolved that TFM had proved
its case, and that a "ficta denial" occurred, declaring
such denial null and void as ordered by the Federal Court.
- On October
3, 2003 the Tax Attorney of the Mexican Government (“Procuraduría
Fiscal de la Federación”) filed for a review of the
ruling ordered by the Mexican Fiscal Court on August 13, 2003
in connection with the reimbursement of TFM’s Value Added
Tax. The ruling was issued to comply with the judgment (ejecutoria
de amparo) of the Federal Court dated June 11, 2003.
- On November
5, 2003, the Federal Court found no merit to the requested review
from the Tax Attorney of the Mexican Government (“Procuraduría
Fiscal de la Federación”), as a result, the August
13 Fiscal Court ruling remains in place.
- On August
18, 2003, at the Company’s General Ordinary Shareholders’
meeting the shareholders, unanimously, did not approve the sale
of TMM’s interests in Grupo TFM to Kansas City Southern.
The approval of the Company’s stockholders was required
under the terms of the Acquisition Agreement for the sale to proceed.
- On August
22, 2003, as a result of the unanimous vote by its shareholders
at the Company's General Ordinary Shareholders' Meeting held on
August 18, 2003 to not approve the sale of TMM's interests in
Grupo TFM to Kansas City Southern, TMM's Board of Directors formally
notified KCS of the termination of the proposed sale.
- On October
22, 2003, as a result of the request from KCS to a Court in the
State of Delaware on September 3, 2003, Chancellor William B.
Chandler III granted a preliminary injunction to KCS and ordered
TMM and KCS to initiate an arbitration process regarding the Acquisition
Agreement between the two parties. The arbitration will begin
on February 2, 2004.
- On December
18, 2003, Grupo TMM reached an agreement on the principal terms
of a restructuring with an Ad Hoc Committee of bondholders representing
approximately 43% of its 9½% Senior Notes due 2003 and
its 10¼% Senior Notes due 2006 (together, the “Existing
Notes”). The restructuring will be accomplished through
a registered exchange offer of new senior secured notes for the
Existing Notes, together with a consent solicitation and prepackaged
plan solicitation. TMM submitted a Report on Form 6-K to the U.S.
Securities and Exchange Commission, which includes the Term Sheet
for the New Secured Notes and the restructuring.
- 2004
-
On
January 12, 2004, Grupo TMM announced that it had received voting
agreements executed by holders of approximately 64% of the aggregate
outstanding principal amount of its 9½ percent Notes
due 2003 and its 10¼ percent Senior Notes due 2006.
- On January
19, 2004, in compliance with the August 13, 2003 Fiscal Court
resolution regarding TFM’s VAT lawsuit, the Mexican Treasury
delivered to TFM a Special VAT Certificate for the historical
claimed amount of $2,111,111,790.00 pesos.
- On January
20, 2004, the Mexican Fiscal Administration Service (“Servicio
de Administración Tributaria” or “SAT”)
issued a decree prohibiting TFM from making use of the Special
VAT Certificate, stating that the documents that support the value
of the Special VAT Certificate do not comply with applicable tax
requirements.
- On August
11, 2004, Grupo TMM, S.A. succesfully completed the exchange offer
for its 9 ½% Notes due 2003 (the "2003 notes")
and its 10 ¼% Senior Notes due 2006 (the "2006 notes");
$170,698,000 (96.5%) aggregate principal amount of the 2003 notes
and $197,121,000 (96.6%) aggregate principal amount of the 2006
notes were tendered.
- August 16,
2004. Grupo TMM and KCS announced and closed an agreement for
TFM, S.A. de C.V to sell shares representing a 51% ownership of
Mexrail, Inc. (‘‘Mexrail’’) to KCS for
approximately $32.7 million. Mexrail wholly owns The Texas-Mexican
Railway Company (the ‘‘Tex-Mex Railway’’),
a U.S. based short-line railroad that connects The Kansas City
Southern Railway Company (“KCSR”) with TFM. Under
the agreement, KCS agreed to purchase the remaining 49% of Mexrail.
On November 29, 2004, the Surface Transportation Board of the
United States (“STB) approved KCS application for authority
to control the Tex-Mex Railway and the U.S. portion of the International
Rail Bridge at Laredo, Texas. This action allowed the controlling
shares of Mexrail to be released to KCS. This decision became
effective on December 29, 2004, at which time KCS obtained control
of Mexrail and its assets, including Tex Mex.
- On December
15, 2004 the Board of Directors of Grupo TMM, S.A.and Kansas City
Southern entered into an amended acquisition agreement whereby
TMM will sell its 51 percent voting interest in Grupo Transportacion
Ferroviaria Mexicana, S.A. de C.V. (“Grupo TFM”) to
KCS for $200 million in cash, 18 million shares of KCS common
stock, $47 million in a two-year promissory note, and up to $110
million payable in a combination of cash and KCS common stock
upon successful resolution of the current proceedings related
to the VAT Claim and the Put with the Mexican Government.
- 2005
-
January 11, 2005. Grupo TMM, S.A. shareholders unanimously approved
in the Company’s Shareholders Meeting held at such date,
the board of directors’ recommendation to sell TMM’s
51 percent voting interest in Grupo Transportación Ferroviaria
Mexicana, S.A. de C.V. (“TFM”) to Kansas City Southern
(“KCS”).
-
February 18, 2005. TFM was notified with the favorable written
decision of the Federal Tribunal of Fiscal and Administrative
Justice (the ‘‘Fiscal Court’’) carrying
out the mandate of the Federal Court of the First Circuit (the
“Federal Appellate Court”), dated November 24, 2004,
which recognized TFM’s legal right to receive not only
the original amount of the Value Added Tax (“VAT”)
refund due from the Mexican Government (approximately 2.1 billion
pesos), but also for inflation and interest on that amount from
1997.
-
March
16, 2005. TFM was notified by the Mexican Fiscal Administration
Service (“Servicio de Administración Tributaria”’
or the ‘‘SAT’’) that it had finished
its audit of TFM’s 1997 tax returns. The SAT has not yet
assessed any penalties or taxes against TFM as a result of this
audit. In the notice, the SAT states that TFM did not supply
documentation complying with the requirements of the Mexican
fiscal code and, therefore, it was not entitled in its 1997
tax returns to depreciate and deduct the concession title, the
railway equipment and other assets that were assets of TFM at
the time that it was privatized in 1997. TMM and KCS believe
that this determination is without merit, and that it is based
on the SAT seeking documents that the Mexican government itself
failed to produce and provide to TFM. As part of the conclusion
of the audit, the SAT confirmed its provisional attachment of
the original value added tax refund certificate, which had been
delivered to TFM on January 19, 2004.
- April 1,
2005. Grupo TMM, S.A. announced it had closed the sale of its
interest in Grupo TFM (“TFM”) to Kansas City Southern
(“KCS”). As of today, the sale of TFM to KCS is worth
approximately $600 million to TMM, which includes $200 million
in cash, $47 million in a five percent promissory note that will
be paid to TMM in June 2007, 18 million shares of KCS common stock
now valued at over $355 million, and an additional $110 million
in cash and stock upon completion of a settlement involving the
VAT and Put lawsuits.
- September
13, 2005. Grupo TMM, S.A. (BMV: TMM A and NYSE: TMM) announced
that Grupo TFM, S.A. de C.V. and the Mexican government reached
a settlement of Grupo TFM’s VAT lawsuit and the Mexican
government’s Put option (‘the Put”). Accordingly,
Grupo TFM will acquire the 20% of shares of TFM subject to the
Put held by the Mexican Government on a basis that effectively
offsets the VAT claim and Put obligation, ending all litigation
on these issues. In accordance with the Amended Acquisition Agreement
between TMM and KCS dated December 15, 2004, $110 million in a
combination of cash, notes and stock will be paid by KCS to TMM.
- 2006
- January
17, 2006. Grupo TMM announced that the cash tender offer to purchase
up to $331,018,794 aggregate principal amount of its outstanding
Senior Secured Notes due 2007 expired on January 13, 2006. An
aggregate of $428,194,642 principal amount of outstanding 2007
notes were tendered in the Offer. The Company accepted all properly
tendered notes on a pro rata basis, which reduced the outstanding
principal amount of 2007 notes to $156,958,040. As a result of
the tender offer and pursuant to the terms of the 2007 Notes Indenture,
the interest rate of the 2007 Notes outstanding after the offer
will be reduced by 1% commencing February 1, 2006 such that if
the Company elects to pay interest in cash the Notes will bear
interest at 9 ½% per annum.
- March 6,
2006. Grupo TMM announced that it had purchased Seacor´s
40% interest in Marítima Mexicana, S.A. de C.V. (“Marmex”),
a joint venture company dedicated to providing maritime offshore
services in Mexico’s Gulf Coast. As part of this transaction,
TMM also purchased five offshore vessels owned by Seacor and flagged
the vessels Mexican, and at the same time converted three additional
offshore vessels from leased to owned status. All eight vessels
are working under time charter contracts supporting offshore oil
exploration and production activities in the Gulf of Mexico.
- March 8,
2006. Grupo TMM announced that it had agreed to purchase the remaining
40% minority stake held by the Dutch company Smit in Servicios
Mexicanos en Remolcadores, S.A. de C.V. (“SMR”), a
joint venture company dedicated to providing harbor towing services
at the Port of Manzanillo, Mexico.
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