August 19, 2019 / 3:41 PM / 3 months ago

Mexican telecommunications company Maxcom files for bankruptcy in U.S.

Aug 19 (Reuters) - Maxcom Telecomunicaciones SAB , a Mexican telecommunications company, filed for U.S. bankruptcy protection on Monday, to enable it to restructure its debt.

The company and its Maxcom USA affiliate filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code in White Plains, New York, with between $100 million and $500 million in both assets and liabilities.

Maxcom said it provides voice and data services to residential, small business and medium-sized business customers in markets it believed were underserved by Telefonos de Mexico SAB, a unit of billionaire Carlos Slim’s America Movil SAB, and other rivals.

It said the bankruptcy anticipates a debt exchange under which holders of step-up senior notes that mature in 2020 will receive new notes and cash.

Holders of two-thirds of the step-up notes have agreed to the swap, and general unsecured and equity claims would be unimpaired, Maxcom said. (Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis)

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