Satmex given more time to formulate rescue plan

12 Jan 2006

Bankrupt Mexican satellite operator Satmex has been granted a second extension to make a financial restructuring proposal to its creditors, according to BNamericas. The operator is thought to have defaulted on USD523 million of debt since 2003. The original deadline for Satmex to present a financial restructuring package to US creditors was the end of October 2005, but this was pushed back until 10 January 2006. The New York bankruptcy court has now set a deadline of 27 April.