The Seventh Judge in Civil Matters of Mexico City requested the company Gazebo Redes bankruptcy, which could allow a company to continue with a restructuring plan in order to also comply with its financial commitments with its creditors.
The priority, Altán said in a press release, is to maintain the operation and expansion of its network, and continue with the provision of telecommunications services. to wholesale customers and end users.
Altán said that the declaration in commercial bankruptcy issued by the judge will not have a major impact on the daily operations of the company.
Altán Redes will continue to report on the course of the commercial bankruptcy process before the competent authority, ”said the company.
On August 2, the Seventh Court for Civil Matters in Mexico City had already accepted Altán Redes’s request to initiate the commercial bankruptcy process.
The objective of this action is to seek the renegotiation of Altán’s debt with its creditors due to the company’s lack of liquidity and to also continue with its coverage deployments to which it is obliged as a concessionaire of the Red Compartida, a plan promoted by the Mexican State to increase and improve the connectivity of fixed wireless and mobile telecommunications in the country.
Altán Redes wants to renegotiate its liabilities with creditors such as manufacturers Nokia and Huawei and national and foreign financial entities, such as the Mexican development bank and the China Development Bank.
This renegotiation will be mediated by the Federal Institute of Commercial Insolvency Specialists (Ifecom), an authority that will also appoint a visitor who will analyze the financial statements of Altán Redes.
Altán Redes, a company that provides wholesale telecommunications services and operator of the 700 MHz band nationwide in Mexico, announced in July its decision to take advantage of the bankruptcy figure, this with the aim of restructuring its debt with creditors and banks, and in the meantime it also solves their financial liquidity problems that can now affect the continuity of their network deployments.
With the commercial bankruptcy process, Altán Redes intends to gain time to renegotiate its debt with creditors and thereby ensure the continuity of the deployments of mobile network with 4G-LTE technology to which it has been committed by contract since January 25, 2017 as the winning company of an international tender that began in the past six years, through the Ministry of Communications and Transportation (SCT).
In September, Altán Redes announced that it obtained a loan of 50 million dollars to meet its financial commitments with creditors and to continue with deployments of 4.5G coverage of Red Compartida, a wholesale telecommunications services network with the constitutional mandate of have a national reach by the year 2024.
Reference-www.eleconomista.com.mx