Iusacell plans to delist, will seek shareholder approval at end-December

15 Dec 2009

Mexican mobile operator Iusacell has revealed that it plans to delist from the stock market in a bid to cut costs, Reuters reports. It is understood that the cellco has called a shareholder meeting on 30 December 2009 to discuss the proposals, and Iusacell has said that around 95% of its existing shareholders have already indicated they plan to support the plan. Subject to gaining the necessary approval, following the delisting Iusacell plans to carry out an offer to purchase all outstanding shares.

The operator has been struggling with debts in recent months, culminating in reports at the beginning of the month that it was facing bankruptcy having defaulted on its supplier credit.

Mexico, Iusacell (inc. Unefon)