Maxcom Telecomunicaciones SAB (MAXCOMCP), the Mexican phone carrier that agreed to a private-equity takeover, said it may have to seek a restructuring if terms of its debt exchange offer aren’t met.
Maxcom extended until April 24 a deadline for holders of its bonds due in 2014 to exchange them for new ones due in 2020, according to a filing yesterday to Mexico’s stock exchange. The offer had been set to expire yesterday.
The company, based in Mexico City, is pushing to complete a deal in which Ventura Capital Privado SA would take control by acquiring shares in a tender offer. That process was also extended through April 24, Maxcom said yesterday.
Maxcom would restructure by beginning voluntary Chapter 11 bankruptcy proceedings in the U.S. and obtaining “other forms of protection in case of insolvency,” it said.
Maxcom said March 27 that debtholders representing 61.4 percent of the bonds had accepted the exchange, and that Ventura had waived a requirement that the rate reach 90 percent to complete its tender offer. The carrier didn’t provide an updated figure yesterday.
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