Mexico's Maxcom files for bankruptcy, pursues Ventura deal

miércoles 24 de julio de 2013 03:46 ART

* Maxcom to go ahead with Ventura recapitalization plan

* To receive $45 mln from investor group led by Ventura

* Investor group to launch tender offer for Maxcom stock

July 24 (Reuters) - Maxcom filed for pre-packaged Chapter 11 bankruptcy in a U.S. court, legal filings showed, as the Mexican telecoms firm pursues a recapitalization plan that would give full control to a investor group led by private equity firm Ventura Capital.

Small phone companies in Mexico have struggled to compete with billionaire businessman Carlos Slim's America Movil , which has about 70 percent of Mexican mobile connections and about 80 percent of the country's fixed lines.

Through the court-administered bankruptcy process, Maxcom hopes to go ahead with a recapitalization that had earlier failed owing to lack of support from majority bondholders.

The company, which provides phone, Internet and television services, had negotiated with private equity firm Ventura Capital Privado for a $45 million capital infusion.

The Ventura deal collapsed, however, because not enough of Maxcom's senior noteholders agreed to the terms, which included an exchange of 80 percent of existing notes for new notes with reduced coupon payments and extended maturity.

Maxcom said in the court filing late on Tuesday that along with certain bondholders and holders of equity interests, the company would pursue the same recapitalization plan through the bankruptcy process.   Continuación...