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

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Mexican telecom firm in talks to restructure debt
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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

 
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3 days ago

Mexico detains 8 soldiers in June killing of 22

Sep 26 2014 6:00am CDT | Source: Elyria Chronicle-Telegram

MEXICO CITY (AP) — An army officer and seven soldiers have been detained in connection with the killing of 22 people in rural southern Mexico, authorities announced late Thursday. The Mexican Defense Department said in a statement that the eight were involved in the June 30 incident in San Pedro Limon. They were being held at a prison in Mexico City Read More...The post Mexico detains 8 soldiers in June killing of 22 appeared first on Chronicle-Telegram.Click here ...
Source: Elyria Chronicle-Telegram   Full article at: Elyria Chronicle-Telegram
 

 
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4 days ago

Café Ynez’s Carnitas Cemitas

Sep 25 2014 10:51am CDT | Source: South Philly Review

A vacation to Mexico City requires an estimated four-and-a-half hours of travel time from Philadelphia International Airport. For those looking to experience the authentic flavors of the nation’s culinary delights, all that is required is a short commute to Café Ynez, a 28-seat Mexico... [This is a summary. To read the full ...
Source: South Philly Review   Full article at: South Philly Review
 

 
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5 days ago

Luxury dine-in movie chain to open first U.S. theatre in Brickell City Centre

Sep 24 2014 10:24am CDT | Source: South Florida Business Journal

Cinemex, a dine-in cinema chain, will debut its first U.S. theater at Brickell City Centre in 2016. The Mexico City-based company announced that it will open a 35,677-square-foot space within the 565,000-square-foot shopping complex at the development. Saks Fifth Avenue announced earlier that it will be the complex's retail anchor. Once it opens, Cinemex will offer gourmet meal offerings with wine and cocktail options. All 622 seats within the 11-screen theater will be plu ...
Source: South Florida Business Journal   Full article at: South Florida Business Journal
 

 
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1 week ago

Mexican Tycoon Carlos Slim Rolls Out The Red Carpet For Italian Diva Sofia Loren's 80th Birthday

Sep 22 2014 2:44pm CDT | Source: Forbes Real Time

Mexican billionaire Carlos Slim celebrated Italian screen legend Sofia Loren's 80th birthday with a new exhibit of personal objects portraying her life-long talent at the Soumaya Museum ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
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7

1 week ago

New Mexican restaurant opens in Cary

Sep 22 2014 5:10am CDT | Source: Triangle Business Journal

Totopos, a new Mexican restaurant and tequila bar, has opened at 1388 Kildaire Farm Road in Cary, across from Trader Joe's. The restaurant's Craiglist hiring notice describes itself as "a vibrant celebration of the culture and cuisine of Mexico City, with a chef-driven menu focused on the diverse street foods that are popular throughout this cosmopolitan city as well as other contemporary Mexican plates." The 5,400 square-foot restaurant is ...
Source: Triangle Business Journal   Full article at: Triangle Business Journal
 

 
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1 week ago

Civil Lawsuit Accuses Yahoo And Baker and McKenzie Of Allegedly "Perverting" Mexico's Judicial System, Bribing A Judge

Sep 19 2014 1:51pm CDT | Source: Forbes Real Time

Yahoo Inc. and the global law firm Baker & McKenzie are charged with "conspiring" to subvert the Mexican judicial system by bribing Mexico City's Chief Justice to overturn a multimillion dollar judgment against the technology giant, a new a civil lawsuit in New York c ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
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1 week ago

Mexico displays military might in Independence celebrations

Sep 17 2014 12:08am CDT | Source: Euronews

Mexico's armed forces took to the streets of Mexico city in a show of strength to mark the country's Independence ...
Source: Euronews   Full article at: Euronews
 

 
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1 week ago

VIDEO: Mexico's earthquake 'moles'

Sep 16 2014 6:21pm CDT | Source: BBC News

The aftermath of the 1985 Mexico City earthquake saw the founding of the elite rescue group Los Topos or 'T ...
Source: BBC News   Full article at: BBC News
 

 
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1 week ago

Mexico Has Reformed Its Energy Sector, Now What?

Sep 16 2014 8:28am CDT | Source: Forbes Real Time

By Dwight Dyer MEXICO CITY – When Mexican President Enrique Peña Nieto signed into law the enabling reforms for his country’s energy sector last month, it marked the fulfillment of a campaign promise two years in the making. Although Mexico’s Congress last year agreed in principle to ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
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2 weeks ago

Mexico removes limits on monthly US dollar cash deposits by businesses in border region

Sep 12 2014 6:15pm CDT | Source: Canadian Business Online

MEXICO CITY – The Mexican government says it will no longer limit the monthly cash deposits of U.S. dollars that border businesses can make if the companies allow authorities to monitor their financial transactions and meet other requirements. President Enrique Pena Nieto says the $14,000 monthly cash deposit limit set in 2010 by the previous administration to fight the laundering of drug money has hurt honest businesses. Pena Niet ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 

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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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