1 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...

Filed under: news

Full Story below YouTube Videos

 
 

 

43 weeks 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

 

Don't miss ...

 

<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.

 

blog comments powered by Disqus

Latest stories

5 features an Amazon phone might offer
NEW YORK (AP) — Rumors of an Amazon smartphone reached a fever pitch this week, with the Wall Street Journal reporting that the device could be due out this year. Amazon hasn't confirmed that it has plans...
 
 
Why Drink Organic, Biodynamic And Sustainable Wines For Earth Day?
Six Organic Wines To Try Now Talking about organic wine is surprisingly complicated. When I set out to write this column I planned on rounding up some organic producers, tasting some wines and calling out the tastiest...
 
 
Washington's Anxiety as the President Heads to Asia
Anxiety is everywhere these days in the debate over U.S. policy toward Asia. Here in Washington, there seems to be deep anxiety about the Obama administration’s ability to fulfill its promise to rebalance to Asia. In...
 
 
'The Elder Scrolls Online' Hit With First Major Bug, The Infinite Dupe
When you make an MMO, you will eventually learn a hard lesson about how a single bug can derail your entire game. Right now, that’s exactly what’s happening with The Elder Scrolls Online. Players are rolling around in...
 
 
 

Latest from the Network

Ryan Seacrest to quit 'American Idol'?
Ryan Seacrest is reportedly planning to quit 'American Idol.' The 39-year-old star, who has hosted the US reality singing competition since its first season in 2002, wants to jump ship before the FOX series is cancelled...
Read more on Celebrity Balla
 
iOS 6 Users Facing Problems with FaceTime
The iOS 6 users are getting frustrated with the FaceTime, a popular video calling software, as it is continuing to crash in their iPhones and iPads.The users have informed the problem on a thread of Apple Support...
Read more on Apple Balla
 
Apple Offering Redesigned iPad Mini with Retina Display at 15% Discount
Apple brings a great offer for the iPad lovers, as the company decides to sell the refurbished model of iPad Mini with Retina display with a great discount of 15%.According to Apple Insider, the 16-GB model is being...
Read more on Apple Balla
 
SungardASVoice: Three Things Businesses Can Learn From The Decline Of American Idol
By Adam Wren Thirteen years into its prime-time run, “American Idol” is a brand in decline. But the kinds of things the show can do–and, in some cases, is doing–to change its fortunes can serve as an example to other...
Read more on Apple Balla
 
Justin Bieber crashed Drake Bell's party
Justin Bieber crashed Drake Bell's album party on Thursday night (04.17.14). The 20-year-old singer - who has been repeatedly attacked by the former Nickelodeon star on Twitter in recent months - went out of his way to...
Read more on Celebrity Balla
 
5 features an Amazon phone might offer
NEW YORK (AP) — Rumors of an Amazon smartphone reached a fever pitch this week, with the Wall Street Journal reporting that the device could be due out this year. Amazon hasn't confirmed that it has plans...
Read more on Business Balla
 
Asia's Week: Japan's Rebound Gets More Taxing
Another calamitous loss of human life gripped Asia’s attention this week, relegating economic matters to secondary notice, but they were also of concern. China’s growth pauses never cease to furrow brows but it is Japan...
Read more on Auto Balla
 
Why Drink Organic, Biodynamic And Sustainable Wines For Earth Day?
Six Organic Wines To Try Now Talking about organic wine is surprisingly complicated. When I set out to write this column I planned on rounding up some organic producers, tasting some wines and calling out the tastiest...
Read more on Business Balla
 
Washington's Anxiety as the President Heads to Asia
Anxiety is everywhere these days in the debate over U.S. policy toward Asia. Here in Washington, there seems to be deep anxiety about the Obama administration’s ability to fulfill its promise to rebalance to Asia. In...
Read more on Business Balla
 
 
Auto Balla Sexy Balla Sport Balla TV Balla Politics Balla Movie Balla Apple Balla Business Balla Ad Balla Celebrity Balla