360° Coverage : Mexican telecom firm in talks to restructure debt

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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

rd

IANS

Source: IANS

 
Update
10

6 weeks ago

Mexican mayor, wife detained in case of 43 missing

Nov 4 2014 2:00pm CST | Source: Wicked Local - Eastham

The hunt for a fugitive ex-mayor and his wife accused of running their Mexican town as a narco-fiefdom and ordering an attack that killed six people and left 43 college students missing ended Tuesday in a rough-and-tumble neighborhood of Mexico City whe ...
Source: Wicked Local - Eastham   Full article at: Wicked Local - Eastham
 

 
Update
9

6 weeks ago

Mexican mayor, wife detained in case of 43 missing

Nov 4 2014 2:00pm CST | Source: Wicked Local - Falmouth

The hunt for a fugitive ex-mayor and his wife accused of running their Mexican town as a narco-fiefdom and ordering an attack that killed six people and left 43 college students missing ended Tuesday in a rough-and-tumble neighborhood of Mex ...
Source: Wicked Local - Falmouth   Full article at: Wicked Local - Falmouth
 

 
Update
8

6 weeks ago

Mexican mayor, wife detained in case of 43 missing

Nov 4 2014 2:00pm CST | Source: Wicked Local - Brewster

The hunt for a fugitive ex-mayor and his wife accused of running their Mexican town as a narco-fiefdom and ordering an attack that killed six people and left 43 college students missing ended Tuesday in a rough-and-tumble neighborhood of M ...
Source: Wicked Local - Brewster   Full article at: Wicked Local - Brewster
 

 
Update
7

6 weeks ago

Mexico catches mayor blamed for students' disappearance

Nov 4 2014 7:09am CST | Source: Business Insider

Mexico City (AFP) - Mexican police detained Tuesday a fugitive ex-mayor and his wife accused of ordering a police attack that left six people dead and 43 college students missing.Jose Luis Abarca, the former mayor of the city of Iguala, and Maria de los Angeles Pineda "were detained by federal police in Mexico City," the spokesman said."There was no violence in the operation," the spokesman said, adding that the couple was ta ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
6

6 weeks ago

Mexico's 43 Missing Students: Iguala Mayor Jose Luis Abarca 'Arrested in Mexico City'

Nov 4 2014 5:35am CST | Source: IBTimes UK

BREAKING - 'Mastermind' behind students' disappearance arrested in Mexico City, according to local m ...
Source: IBTimes UK   Full article at: IBTimes UK
 

 
Update
5

6 weeks ago

Mexico general fighting drug cartels shot dead

Nov 3 2014 10:55pm CST | Source: Business Insider

Mexico City (AFP) - Mexican authorities have  confirmed that a general tasked with taming violence in Mexico's drug cartel-plagued northern border with the United States was shot dead with his wife.The Tamaulipas state security task force said in a statement that gunmen killed General Ricardo Cesar Nino Villareal and his wife as the couple drove in the neighbo ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
4

6 weeks ago

Chinese firm submits only bid on Mexican project for inter-city rail line, wins contract

Nov 3 2014 3:44pm CST | Source: Canadian Business Online

MEXICO CITY – A consortium headed by China Railway Construction Corp. Ltd. has won the contract to build a high-speed inter-city rail line in central Mexico after submitting the only bid on the project. Another Chinese firm, CSR Corporation Limited, and the Mexican companies GIA, GHP, Prodemex and Teya are included in the consortium. Mexico’s Communications and Transport Department announced the awarding of the contract Monday. The rail line will connect Mex ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
3

6 weeks ago

Southwest Airlines now flying from SAT to MEX

Nov 3 2014 8:27am CST | Source: San Antonio Business Journal

Southwest Airlines celebrated its first direct flight from San Antonio to Mexico City this past weekend. The route, which was previously operated by AirTran Airways, will depart once daily from San Antonio International Airport (SAT) at 11:45 a.m. and maintain one arrival at 6:15 p.m. daily from Mexico City similar to AirTran's schedule. Southwest Airlines inherited the new international route with the compl ...
Source: San Antonio Business Journal   Full article at: San Antonio Business Journal
 

 
Update
2

7 weeks ago

Mexico Supreme Court: Referendum on energy reform unconstitutional; vote was sought by left

Oct 30 2014 3:25pm CDT | Source: Canadian Business Online

MEXICO CITY – Mexico’s Supreme Court has rejected a bid to hold a national referendum on a major energy overhaul that opened the sector to widespread private investment for the first time in decades. The court ruled Thursday that referendum petitions filed by two leftist parties are unconstitutional because matters of state revenue cannot be subjected to popular vote. Energy reform’s passage in August has been President Enrique Pena Nieto’s biggest political victory since taking offi ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
1

7 weeks ago

Mexico archaeologists reach end of Teotihuacan tunnel sealed 2,000 years ago, find offering and three chambers beyond

Oct 30 2014 11:40am CDT | Source: National Post

MEXICO CITY – A yearslong exploration of a tunnel sealed almost 2,000 years ago at the ancient city of Teotihuacan yielded thousands of relics and the discovery of three chambers that could hold more important finds, Mexican archaeologists said Wednesday. Project leader Sergio Gomez said researchers recently reached the end of the 103-meter tunnel after meticulously working their way down its length, collect ...
Source: National Post   Full article at: National Post
 

 
 

<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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