Iusacell close to bankruptcy

20 Jul 2004

Directors at Mexican cellco Iusacell have reportedly admitted to a local tabloid that the company is close to bankruptcy, with its short term debts amounting to more than its capital. The company has spent around USD80 million in the development of 3G services, and currently has a USD350 million bond maturing in 2006, USD266 million of syndicated credit and a further USD150 million in additional debts.