Mexican fixed-line operator Maxcom Telecomunicaciones, currently in bankruptcy protection, has received an expected bid from investor Ventura Capital Privado and related parties.
The private equity firm agreed to buy the indebted telco and…
Mexican fixed-line operator Maxcom Telecomunicaciones, currently in bankruptcy protection, has received an expected bid from investor Ventura Capital Privado and related parties.
The private equity firm agreed to buy the indebted telco and recapitalise it to the tune of US$45m as part of its restructuring plan to appease creditors.
Ventura, together with a banking institution and the co-founders of Ventura, will purchase all of the distressed operator’s series A common stock at a price of Ps0.96 per share, all of its outstanding ordinary participation certificates (CPO) at Ps2.90 each, and all of its outstanding American depository shares (ADS) at a price of Ps20.30 per ADS. The offer expires on 26 September.
Earlier this month, a Delaware bankruptcy court judge approved Maxcom’s recapitalisation plan.
That decision followed approval from bondholders, which endorsed the pre-packaged Chapter 11 restructuring in late July.
A hearing on Maxcom’s Chapter 11 exit plan has been scheduled for 10 September. Provided everything goes ahead without a hitch, Maxcom could emerge from bankruptcy protection in early autumn.
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 its Mexican legal adviser.
Ventura has retained Vace Partners as its financial adviser and Paul Hastings and Jones Day as its US and Mexican legal advisers respectively.
