Satmex Ch. 11 Plan Gets Green Light

Law360, Wilmington (May 11, 2011, 4:17 PM EDT) -- Satelites Mexicanos SA de CV won a Delaware bankruptcy court’s blessing Wednesday for its prepackaged reorganization plan, allowing the satellite operator to rearrange its bond debt and upgrade an aging fleet of satellites.

After its bid to be acquired by EchoStar Corp. fell through in March, and facing the maturation of $238 million in senior notes in 2011, Satmex ducked into bankruptcy protection April 6 with its plan in hand. The confirmed plan marks the company’s second successful restructuring in five years and, once the plan...
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