11 Updates
Mexican telecom firm in talks to restructure debt
Photo Credit: ALFREDO ESTRELLA, Getty Images

Mexican telecom firm in talks to restructure debt

Jun 19 2013, 1:10am CDT | by

Mexico City, June 19 (IANS/EFE) Mexico's Maxcom Telecomunicaciones said Tuesday it was looking to raise new capital and restructure debt after failing to make an interest payment.

Mexico City, June 19 (IANS/EFE) Mexico's Maxcom Telecomunicaciones said Tuesday it was looking to raise new capital and restructure debt after failing to make an interest payment. In a filing with...

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1 year ago

Mexican telecom firm in talks to restructure debt

Jun 19 2013, 1:10am CDT | by

Mexico City, June 19 (IANS/EFE) Mexico's Maxcom Telecomunicaciones said Tuesday it was looking to raise new capital and restructure debt after failing to make an interest payment.

Mexico City, June 19 (IANS/EFE) Mexico's Maxcom Telecomunicaciones said Tuesday it was looking to raise new capital and restructure debt after failing to make an interest payment.

In a filing with the Mexican Stock Exchange, Maxcom said it would use a 30-day grace period with respect to Tuesday's scheduled interest payment of roughly $11 million to continue talks with a new investor and certain of its bondholders with a view to recapitalizing and reorganizing the company's debt.

The telecommunications company said it was prudent to use the grace period to implement a "comprehensive recapitalization" that would significantly reduce its debt-servicing costs and position Maxcom for growth with a $45 million capital infusion.

Maxcom said it already was negotiating the "terms of restructuring and recapitalization agreements..."

"No assurances can be given that a proposed recapitalization and restructuring will be successful or that holders of Maxcom's debt obligations and/or relevant stakeholders will reach an agreement," the company added.

If no consensus is reached among a significant portion of the company's creditors, the company "may be forced to file for bankruptcy or consurso mercantil (insolvency)", Maxcom said.

A failure to restructure the company's debt "could have a material adverse effect on the business or the interests of holders of Maxcom's debt and equity securities", the company said.

Since 1999, Maxcom has offered local and long-distance telephony, data, paid TV and IP-based services to micro, small and medium-sized businesses, as well as residential customers, in the Mexican market.

The company operates a 6,421-km fiber-optic network and has a presence in 62 Mexican cities.

--IANS/EFE

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IANS

Source: IANS

 
Update
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21 hours ago

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By Anthony Ruben:This article will discuss the current economic and investment climate in Mexico from qualitative and quantitative perspectives with a summary discussion of investment opportunities. The style, at times may be lighter than usual, though not as conversational as that used by Jim Rogers in his classic investment 2003 tome, "Investment Biker".I had the good fortune to spend some time in M ...
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Jul 10 2014 1:04am CDT | Source: Business Insider

MEXICO CITY (Reuters) - A cargo train used by Mexicans and Central Americans to travel toward the U.S. border derailed in the southern Mexican state of Oaxaca on Wednesday, stranding about 1,300 migrants, emergency services said. Many of the migrants aboard were young people and nobody was injured when the train nicknamed "the Beast" came off the tracks, a spokesman for local emergency services sa ...
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4

2 weeks ago

Mexico passes telecom reform laws to foment more competition

Jul 9 2014 9:59am CDT | Source: Canadian Business Online

MEXICO CITY – The lower house of Mexico’s congress has approved tough restrictions on dominant companies in the country’s telephone and television sectors. The new rules must still be signed into law, but they have already forced the nation’s leading telephone carrier to offer to sell off part of its business. The lower house passed enabling legislation Wednesday that imposes fee limits and infrastructure-sharing requirements on ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
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3

3 weeks ago

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Jul 8 2014 6:23pm CDT | Source: Canadian Business Online

MEXICO CITY – The telecom company America Movil said Tuesday that it will sell off some assets to reduce its market share in Mexico in the face of the country’s telecommunications reform designed to break up monopolies. The company of magnate Carlos Slim said its board of directors has agreed to sell enough assets to put the company at less than 50 per cent of the market. America Movil controls about 70 per cent of the mobile and about 80 per cent of fixed telephone markets in Mexico. ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
2

5 weeks ago

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<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

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