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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14 hours ago

Mexico's Pemex aims to start importing light crude this year

Aug 28 2014 6:03am CDT | Source: Reuters India

MEXICO CITY (Reuters) - Mexican state-owned oil company Pemex wants to launch light crude oil imports later this year, potentially reaching up to 70,000 barrels per day (bpd) and aimed at boosting refinery o ...
Source: Reuters India   Full article at: Reuters India
 

 
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1 week ago

Wild Hong Kong Concept Tower Would Have Its Own Fish Farms And Rice Paddies

Aug 20 2014 2:15pm CDT | Source: Business Insider

In a bold attempt to create a building that contains practically everything humans could need to survive, architects at Studio Cachoua Torres Camilletti designed a multi-multi-purpose skyscraper for Hong Kong. Called "Rice Terraces," the design is an effort to meld agricultural space and big cities. It features two uniquely shaped towers connected by braces, trusses and bridges. The larger tower on the right would be for commercial use, with space for offices, retail, and entertainmen ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
9

1 week ago

Berry goes to Mexico for ribbon cutting

Aug 20 2014 7:40am CDT | Source: New Mexico Business Weekly

Mayor Richard J. Berry and University of New Mexico President Robert G. Frank were in Mexico City Tuesday for a ribbon cutting ceremony for the New Mexico Trade and Higher Education Center. “New Mexico is serious about expanding commercial, educational and cultural ties with Mexico,” Berry said in a statement released by his office. “This collaborative investment in Mexico City makes our intentions very clear.” Berry and Frank were joined by U.S. Ambas ...
Source: New Mexico Business Weekly   Full article at: New Mexico Business Weekly
 

 
Update
8

1 week ago

Mexico environment official says mining company lied about chemical spill into rivers

Aug 19 2014 4:48pm CDT | Source: Canadian Business Online

MEXICO CITY – Mexico’s top environmental official says a mining company lied about a spill of millions of gallons of acids and heavy metals. Environment Secretary Juan Jose Guerra Abud says the mine falsely claimed the spill was caused by unusually heavy rain. Officials say a construction defect at a holding pond allowed mining waste to flow into two rivers and a dam downstream. Guerra Abud says the Buenavista copper mine could face fin ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
7

1 week ago

Buck has more bang in New Mexico, study finds

Aug 19 2014 10:06am CDT | Source: New Mexico Business Weekly

In New Mexico, $100 goes farther than in many other states, according to a new study by the Washington D.C.-based Tax Foundation. The real value of $100 in New Mexico is $105.49, meaning that’s what $100 would buy in the state as opposed to states where prices for goods and services are higher, according to the study. The lowest-priced state is Mississippi, where $100 will buy $115.74 worth of goods and services; Hawaii is the highest-priced state, where $100 will buy $85.32 worth o ...
Source: New Mexico Business Weekly   Full article at: New Mexico Business Weekly
 

 
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1 week ago

Mexico environmental prosecutors file complaint against copper mine that spilled acids

Aug 18 2014 8:23pm CDT | Source: Canadian Business Online

MEXICO CITY – Environmental authorities filed a criminal complaint Monday against a copper mine that spilled 10 million gallons (40,000 cubic meters) of acids into two rivers that supply water to tens of thousands of people in northern Mexico. The Attorney General for Environmental Protection said in a statement that it filed the complaint against the Buena Vista del Cobre mining company, which runs the Grupo Mexico-owned mine in Sonora state. The office said it has also ordered an inspection o ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
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4

1 week ago

Mexico plans to put $4.9 billion in electricity projects, natural gas pipelines up for bid

Aug 18 2014 3:56pm CDT | Source: Canadian Business Online

MEXICO CITY – Mexico says it expects to put out for bid $4.9 billion in electrical generation and natural gas pipeline projects as part of the opening of the nation’s state-run energy sector. The Federal Electricity Commission wants to build several power plants, but didn’t set a date for the opening of bidding. Commission director Enrique Ochoa said Monday the bidding will be open to private and foreign firms. The government wants to build more natural gas-fired plants, to r ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
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2 weeks ago

EYVoice: Mexico And Brazil: Bright Spots For RGM Progress

Aug 14 2014 2:40pm CDT | Source: Forbes Real Time

Of the five rapid growth markets (RGMs) situated in the Americas — Argentina, Brazil, Chile, Colombia and Mexico — I’d like to focus on how Brazil and Mexico in particular are asserting green business initiat ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
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2

2 weeks ago

Why Millennials Should Try Their Luck In Mexico

Aug 14 2014 1:29pm CDT | Source: SeekingAlpha

By Larry Fink: A couple of weeks ago, I visited Mexico City—one of my favorite cities in the world. It’s a remarkable place, not least because of the food, the museums, and the culture, but also because of the incredible economic changes taking place in Mexico right now—both in the capital and all around the country. Every time I visit, I think the same thing: if I were starting my career, especially i ...
Source: SeekingAlpha   Full article at: SeekingAlpha
 

 
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2 weeks ago

Mexico: state oil firm to get 83 pct of proven, probable reserves

Aug 13 2014 1:43pm CDT | Source: Canadian Business Online

MEXICO CITY – Mexico’s state-owned oil company will retain rights to exploit 83 per cent of the country’s proven and probable reserves, but could form alliances with private firms in some of those fields. Petroleos Mexicanos will only get dibs on 21 per cent of the country’s possible reserves, less than it asked for. In subsequent rounds of bidding, private firms will vie for rights to explore the 79 per cent of remaining fields where reserves are suspected. Mexico enacted new r ...
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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