According to Reuters, a group of investors is planning an offer to buy Mexican satellite firm Satmex. Mexico City-based Constellation Group, an investment vehicle created for the takeover effort, has pledged a cash infusion of $120 million and would assume more that $700 million in debt to rescue the satellite services company. Satmex, 49 percent-owned by Loral Space and Communications Ltd., has defaulted on some $525 million in debt and still needs to raise cash to launch the Satmex 6 satellite, which is seen as key to its survival. The company also has debt with the government, holder of a 25 percent in Satmex, of about $188 million that matures on Dec. 29.

The Constellation Group represents at least four other satellite operators, including Spain’s Hispasat, which are looking to boost capacity and reach more clients across Western Hemisphere.

Constellation believes that if its offer is accepted, it could get Satmex back in the black in 12 months and raise revenues between 20 percent and 25 percent within a 30-month period.