Arbor Redesan operator of wholesale telecommunications services with national reach in Mexico, managed to get out of the commercial bankruptcy to which he underwent since mid-2021 to restructure a debt of 29,811.82 million pesossome 1,517 million dollars of that year, which maintains with about 120 creditors for the construction, maintenance and operation of the infrastructure of its telephone and Internet network with which it currently serves seven million Mexicans.
This Thursday, the first judge of commercial competitions, Olga Borja Cárdenas, approved the bankruptcy agreement through which Altán Networks and the conciliator designated for this process, Gerardo Sierra Arrazola, proposed the times and methods of payment to their creditors, among which which which are development banks (NAFIN/BANOBRAS/BANCOMEXT), tech giants like Nokia y Huaweiand other operators like Megacable y AT&T.
According to files 163/2021-VIII and 08/2022 of the First District Court for Commercial Bankruptcies, residing in Mexico City, Altán Redes and his conciliator obtained the support of the majority of the 119 creditors to the agreement. proposed bankruptcy
The judge, however, departed from the content of clause number 30 of said agreement and that will be known once the Federal Institute of Specialists in Commercial Bankruptcies (Ifecom) detail the content of his sentence, where the ways in which Altán will pay his financial commitments with creditors will also be known.
Those creditors of Altán who express any disagreement with the decision of Judge Borja Cárdenas may appeal to the unitary courts and as long as they make that determination, they will be obliged to abide by the judge’s ruling.
Still on October 20, the Federal Institute of Telecommunications (IFT) resolved through its resolution P/IFT/EXT/201022/16 that it would not exercise its power to veto the bankruptcy agreement presented by Altán, with which the process before the courts in matters of commercial bankruptcy accelerated.
With this ruling, Altán Redes manages, for now, to move away from bankruptcy and time to continue negotiating with its creditors, and direct resources to infrastructure deployments to achieve population coverage of 92% by the year 2024, according to its telecommunications granting title. The company now exceeds 70% of that coverage.
Altán networks, the fourth investor in the telecommunications of Mexico with approximately 1,000 million dollars of investment in 2019, on Tuesday, July 13, 20, 2021, that a global economic and financial context, as well as a depressed economy of the Mexican consumer, complicated that it could Maintain your investment rate in the construction or hiring of infrastructure and at the same time recover money flow for reinvestment and payment of supplies to your suppliers.
On November 17, 2021, the Seventh Judge in Civil Matters of Mexico City declared Altán Redes in bankruptcy, which would allow that company to continue with a restructuring plan in order to also comply with its financial and deployment commitments. infrastructure.
By June of this year, the president Andres Manuel Lopez Obrador announced that the federal government, through development banks, would inject 161 million dollars into the company, with which Altán Redes became, up to now, the only company rescued by the 4T with public money and then the government took control of the company and appointed a new general management, which weeks later raised the possibility of Altán offering its services to the final consumer from the 700 MHz band that it has as its sole concessionaire.
After the capital injection by the federal government, Altán’s suppliers, creditors and shareholders also announced an additional investment of 166 million dollars.
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