Satelites Mexicanos S.A. de C.V. (Satmex) reached an agreement with debt holders who filed an involuntary bankruptcy petition against the company to extend Satmex’s deadline for responding to the petition.

According to documents filed June 14 in the U.S. Bankruptcy Court for the Southern District of New York, Satmex and the informal committees representing holders of the company’s Senior Secured Floating Rate Notes due 2004 and of the 10 1/8 percent Senior Notes due 2004 agreed to extend the deadline from June 14 to July 7.

The bankruptcy petition, filed by the ad hoc committees May 25, calls for the bankruptcy court to impose an involuntary chapter 11 proceeding on Satmex to help bring about the necessary funding for the launch of the Satmex 6 satellite, which is currently in storage at Arianespace‘s Kourou, French Guiana, spaceport.

The agreement, which still requires bankruptcy court approval, would extend the deadline for Satmex to respond to the filing provided Satmex does not file for bankruptcy in Mexico prior to the new deadline. According to press reports, the Mexican government, part owner of the company, is pushing Satmex to file for bankruptcy in Mexico.