Maxcom Telecomunicaciones SAB, a Mexico City-based carrier, filed for Chapter 11 bankruptcy court protection in the U.S.
Maxcom listed $11.1 billion in assets and $402.3 million in debt in a filing today in U.S. Bankruptcy Court in Wilmington, Delaware. Fourteen of the company’s affiliates will be filing Chapter 11 petitions, according to the filing.
Maxcom, which has struggled to compete with billionaire Carlos Slim’s America Movil (AMXL) SAB, said on April 25 it was considering filing for Chapter 11 after a takeover deal with Ventura Capital Privado SA collapsed when the company failed to persuade 80 percent of bondholders to accept its restructuring proposal.
The company’s defaulted bonds surged to a 10-week high earlier this month after it unveiled a second restructuring proposal with Ventura Capital. The telephone company said June 18 it missed an $11 million bond payment as it held discussions with Ventura and bondholders.
The case is In re Maxcom Telecomunicaciones SAB, 13-11839, U.S. Bankruptcy Court, District of Delaware (Wilmington).
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