Satelites Mexicanos Flies Out Of Chapter 11

Law360, New York (December 5, 2006, 12:00 AM EST) -- After barely five months in Chapter 11 protection, Mexican radio and telecommunications company Satelites Mexicanos S.A. de C.V. has emerged from bankruptcy.

The company exited through a debt-for-equity swap on Nov 30 under a pre-negotiated plan confirmed in late October by Judge Robert Drain of the New York Southern Bankruptcy Court.

SatMex’s bankruptcy was prearranged, meaning that the company’s creditors agreed in advance to the terms of the company’s disclosure statement.

Noteholders of $203.39 million in senior secured floating notes exchanged them for $234.4 million in...
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