Indebted Mexican telco Maxcom Telecomunicaciones is discussing a possible pre-packaged Chapter 11 restructuring after it missed an US$11m interest payment on a bond yesterday.
It is negotiating terms of a restructuring and recapitalisation with an ad…
Indebted Mexican telco Maxcom Telecomunicaciones is discussing a possible pre-packaged Chapter 11 restructuring after it missed an US$11m interest payment on a bond yesterday.
It is negotiating terms of a restructuring and recapitalisation with an ad hoc committee of note-holders, some shareholders, and PE firm Ventura Capital Privado, which could see the parties take over Maxcom.
Ventura agreed a rescue deal for the distressed operator last December, but pulled the plug in late April as Maxcom could not complete a note exchange which the transaction was contingent upon.
If the parties cannot agree on a pre-packaged restructuring within 30 days the telco may have to file for bankruptcy.
Lazard and Alfaro, Davila y Rios are financial advisers to Maxcom, which offers voice, internet and cable services.
Kirkland & Ellis is its US legal adviser and Santamarina y Steta is its Mexican legal adviser.
Cleary Gottlieb Steen & Hamilton and Cervantes Sainz are advising the ad hoc committee.
Ventura has retained Vace Partners as its financial adviser and Paul Hastings and Jones Day as its US and Mexican legal advisers respectively.
