Mexican Telecom Co. Files For Bankruptcy In New York

Law360, New York (August 14, 2006, 12:00 AM EDT) -- Satelites Mexicanos, S.A. de C.V.—a Mexican radio and telecom company—has filed for Chapter 11 protection in Manhattan, listing assets of $906 million and debts of $743 million.

Satelites Mexicanos—or SatMex—is at the forefront of satellite services in Mexico, and is looking to expand throughout Latin America, according to court papers. Forty-nine perscent of the company’s revenue comes from customers in the United States, the company’s bankruptcy petition says.

“The company’s hopeful that it will emerge from Chapter 11 in October of this year,” said Luc Despin,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.