Maxcom Heads for US Bankruptcy

Maxcom Heads for US Bankruptcy

Mexico Corporate & Sovereign Strategy

Maxcom Telecomunicaciones has filed for bankruptcy in the US, it says, advancing its debt restructuring plans. Holders representing more than 98% of the Mexican Telecom’s 11% 2014 bonds have accepted the plan. Maxcom expects to complete the restructuring in 60 days, and emerge from Chapter 11 by “early fall.” Ventura Capital Privado, which agreed to purchase Maxcom last year, has agreed to put in $45m cash and buy up Maxcom shares for up to MXP2.90 ($0.23) each. The telecom says all creditors wi

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