[Satellite TODAY 04-11-11] Mexican FSS operator Satelites Mexicanos S.A. de C.V. (Satmex) has filed for bankruptcy protection in the United States as part of a prearranged plan with creditors to reduce its debt, Satmex announced April 8.
In its filing with the U.S. Bankruptcy Court of Delaware, the company said it would raise about $325 million in new financing by issuing high-yield debt, which would then be used to repay its first priority notes and fund the completion of Satmex 8, a satellite scheduled to be launched in 2012. The operator also said it could raise $96.2 million of new equity through a rights sale. Satmex listed total assets worth $441.6 million and liabilities of $531.6 million. Two units, Alterna TV Corp. and Alterna TV International Corp., also were included in the bankruptcy filing.
The prearranged bankruptcy structure allowed Satmex and its creditors to agree on a reorganization plan prior to the bankruptcy filing. Companies that make prepackaged filings are able to exit court protection in 30 days to 90 days.
Satmex Files for U.S. Bankruptcy Protection
By 
Jeffrey Hill
Jeffrey Hill
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