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

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IANS

Source: IANS

 
Update
11

17 hours ago

New mass grave found in case of 43 missing Mexicans

Oct 28 2014 6:06am CDT | Source: Business Insider

Mexico City (AFP) - Mexican authorities looking for 43 students missing since late last month have found another mass grave, prosecutors said Monday.The students went missing in the town of Iguala and the mass grave was located in the nearby town of Cocula, prosecutors said.Previously, a mass grave found containing 38 bodies was found near Iguala. But tests on 28 of the sets of remains showed they were not those of the students.Meanwhile two drug gang members were arrested Mon ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
10

4 days ago

Thousands gather in Mexico City demanding justice for missing students

Oct 24 2014 3:21am CDT | Source: Euronews

no comment : Thousands gather in Mexico City demanding justice for missing ...
Source: Euronews   Full article at: Euronews
 

 
Update
9

1 week ago

Mexico is next frontier for Sun Mountain Capital and more than $100M

Oct 20 2014 1:00pm CDT | Source: New Mexico Business Weekly

The company Carrot isn't well known here. Headquartered in Mexico City, it's like the Zipcar car-sharing service, with electric Nissan Leafs and Nissan March compact cars tooling around the capital. The company is growing and has about 9,000 members after two years in business. But Carrot wouldn't have its fleet of cars without New Mexico's Sun Mountain capital. Sun Mountain Capital of Santa Fe is in the midst of investing more than $100 million in Mexican compan ...
Source: New Mexico Business Weekly   Full article at: New Mexico Business Weekly
 

 
Update
8

2 weeks ago

Mexican budget airline to add new routes to Fort Lauderdale

Oct 14 2014 6:18am CDT | Source: South Florida Business Journal

Mexican budget airline Volaris is planning on adding new direct service between Fort Lauderdale and Mexico City and Guadalajara. The Mexico City route will be a first for Fort Lauderdale-Hollywood since AeroMexico ceased service there in September 2007, while Guadalajara is a completely new route for it, the Sun Sentinel reports. Flights from Fort Lauderdale-Hollywood International Airport and Mexico ...
Source: South Florida Business Journal   Full article at: South Florida Business Journal
 

 
Update
7

2 weeks ago

Traffic checkpoint nets alleged Juarez Cartel capo

Oct 10 2014 6:11am CDT | Source: Elyria Chronicle-Telegram

MEXICO CITY (AP) — Federal police used a seemingly routine traffic checkpoint to nabVicente Carrillo Fuentes, the alleged drug cartel boss accused by Mexico’s government of turning the border city of Juarez into one of the deadliest places on the planet. Over the course of an 11-month investigation, agents identified two homes in the northern city of Read More...The post Traffic checkpoint nets alleged Juarez Cartel capo appeared firs ...
Source: Elyria Chronicle-Telegram   Full article at: Elyria Chronicle-Telegram
 

 
Update
5

3 weeks ago

AZ Commerce, Phoenix, Tucson open Mexico City trade office

Oct 7 2014 5:47pm CDT | Source: Business Journal of Phoenix

A collection of 70 Arizona elected officials, business and economic development representatives are in Mexico City to officially open the Arizona Mexico City Trade and Investment Office. Led by House Speaker Andy Tobin and Phoenix Mayor Greg Stanton, the ribbon was cut on the fully staffed facility intended to increase Arizona exports into Mexico and trade opportunities in Arizona. The new office is a partnership of Arizona Commerce Authority, ...
Source: Business Journal of Phoenix   Full article at: Business Journal of Phoenix
 

 
Update
4

3 weeks ago

VIDEO: Classic car record set in Mexico

Oct 6 2014 4:12am CDT | Source: BBC News

Car enthusiasts in Mexico City have set a new Guinness World Record for the largest parad ...
Source: BBC News   Full article at: BBC News
 

 
Update
3

3 weeks ago

Citigroup Mexico unit cites ‘difficulties’ in director’s resignation, following fraud losses

Oct 3 2014 1:08pm CDT | Source: Canadian Business Online

MEXICO CITY – Citigroup’s Mexico unit has announced the resignation of its director, and the chairman of the board says the move came after this year’s “difficulties.” Citigroup’s Banamex subsidiary announced earlier this year it had lost about $400 million on loans to a Mexican oil services company. Banamex said in a statement to the Mexican Stock Exchange Friday that General Director Javier Arrigunaga had “decided that new leadership was needed.” Boar ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
2

4 weeks 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 ...
Source: Elyria Chronicle-Telegram   Full article at: Elyria Chronicle-Telegram
 

 
Update
1

4 weeks 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 article on SouthPhillyReview ...
Source: South Philly Review   Full article at: South Philly Review
 

 

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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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