Iusacell defaults on USD226 million loan

1 Jun 2004

Grupo Iusacell has issued a statement saying that it has missed a USD33.2 million payment on a USD226 million loan, but declined to offer an explanation for its actions. Iusacell is believed to have amassed a debt pile in excess of USD800 million and has been trying to renegotiate the debt for several months following its purchase by Ricardo Salinas.