Maxcom files for Chapter 11 bankruptcy in US

21 Aug 2019

Mexico City-based Maxcom Telecomunicaciones and its subsidiary Maxcom USA Telecom have filed voluntary petitions under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York in order to obtain approval of their pre-packaged plan of reorganisation, which will permit Maxcom to complete the restructuring of its 2020 Step-Up Senior Notes.

Erik Gonzalez, chief financial officer of Maxcom, commented: ‘The company has worked through an extremely complex and difficult situation over the past five years, such as currency devaluations and industry rules changes that have impacted the company’s results … The approval of the pre-packaged Chapter 11 plan, along with the equity injection associated to this process, remain as the last steps to completing a successful restructuring, and we are very optimistic about the future of the company and its business.’

Mexico, Maxcom