Satelites Mexicanos S.A. de C.V. (Satmex) filed in Mexico a voluntary concurso mercantil, which is similar to a bankruptcy filing in the United States, the company announced June 29.

According to a statement, Satmex filed the concurso mercantil “in order to continue its efforts to achieve an equitable financial restructuring and is hopeful that a consensual restructuring can be implemented in the near future.”

The voluntary filing comes after an ad hoc committee of U.S.-based holders of certain Satmex debt filed an involuntary Chapter 11 bankruptcy proceeding for the company May 25 in the U.S. Bankruptcy Court for the Southern District of New York.

“The decision to file for concurso mercantil was made after a thorough analysis conducted alongside experts, which allowed us to conclude that this is the best procedure to achieve an agreement on the terms of a restructuring,” Sergio Autrey, Satmex chairman and acting CEO, said in a statement.

The creditors, through a statement issued June 30, expressed “disappointment” over Satmex’s maneuver. The creditors believe that the United States is the proper venue for a court-supervised restructuring because the only debt to be compromised as part of the restructuring is the bond debt issued by Satmex in the United States, almost all of which is held by U.S.-based creditors. The committee also contends that Satmex consented to jurisdiction in New York in connection with the bond debt.

“While the creditors are hopeful that a consensual restructuring can be reached and remain willing to work with [Satmex] and its shareholders to achieve that goal, they are concerned that their requests to meet with the Mexican government to discuss the terms of a consensual restructuring to date have been rejected,” said Skip Victor, senior managing director of Chanin Capital Partners, financial advisor to some of the Satmex debt holders.