DirecTV Latin America (DLA) Chairman Kevin McGrath admitted to SATELLITE TODAY that the company has its work cut out to avoid going into bankruptcy protection. “I think the chance we will enter into Chapter 11 is very real. The amount of cash we are spending considering the money we have coming in is unacceptable,” he said.

DLA earlier this month announced a major restructuring initiative to address its growing financial problems. DLA, an affiliate of Hughes Electronics‘ [NYSE: GMH] DirecTV unit, is the leading satellite pay-TV provider in Latin America with more than 1.6 million customers.

An exclusive in-depth interview with Kevin McGrath can be found in the next edition of Interspace. –Mark Holmes