Iusacell slides closer to bankruptcy

12 Sep 2003

The holders of Grupo Iusacell’s USD150 million bond due in 2004 have demanded immediate repayment, setting in train the legal process to put the company into bankruptcy. The move raises the stakes in the battle between bondholders and the owner Ricardo Salinas, who bought 75% of the company for USD7.5 million in June from Verizon and Vodafone after the company defaulted on debts earlier in that month.