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
11

2 days ago

Ecclestone Confirms Mexican Grand Prix Will Return In 2015

Jul 22 2014 12:46pm CDT | Source: Forbes Real Time

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Formula One boss Bernie Ecclestone has confirmed that the Mexican Grand Prix will return next year, after a 23-year hiatus, with a race in Mexico City. Mr Ecclestone first revealed the plan to bring F1 back to Mexico City in February last year in an interview with American motoring magazine Auto ...
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1 week ago

Mexico’s president signs into law tough new restrictions on communications businesses

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MEXICO CITY – Mexican President Enrique Pena Nieto has signed into law a communications overhaul with tough restrictions on dominant companies in the telephone and television sectors. The bill signed by Pena Nieto on Monday imposes fee limits and infrastructure-sharing requirements on any company that controls more than half the market in sectors like telephones, Internet or television. Companies judged to have “preponderant” market positions face limits on how ...
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2 weeks ago

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Mexican Cargo Train Carrying 1,300 Migrants To The US Derails

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 said. Since last October, more ...
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7

2 weeks ago

Mexico passes telecom reform laws to foment more competition

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

Mexican tycoon Carlos Slim delivers a sp
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 any company that controls more than half the ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
5

2 weeks ago

Carlos Slim’s telecom giant America Movil will sell assets to avoid limits of Mexico reform

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

MEXICO-AMERICA MOVIL
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 8 ...
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4

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EnergyTech Mexico 2014

Jun 18 2014 2:10pm CDT | Source: Africa Business

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Green World Conferences is pleased to announce EnergyTech Mexico 2014 conference and exhibition. This event will take place on 7 and 8 October in Mexico City. It will be the most important event in the field of renewable energy in Mexico in 2014. The conference will attract over 300 companies and person ...
Source: Africa Business   Full article at: Africa Business
 

 
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5 weeks ago

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People in Mexico City and Caracas have taken part in the annual World Nak ...
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6 weeks ago

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Jun 10 2014 5:00pm CDT | Source: BBC News

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1

6 weeks ago

Africa: National Laws On Climate Change Crucial to Global Deal - Legislators

Jun 10 2014 9:25am CDT | Source: AllAfrica.com

CHINA-ENVIRONMENTAL ISSUES
[AlertNet]Mexico City -Passing strong national laws to combat climate change is the surest way to take effective action against the problem, and will increase the odds that a 2015 international climate deal will be effective, world legislators sai ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 

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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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