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Satélites Mexicanos, S.A. de C.V. Announces Commencement of Solicitation of Votes on Proposed Joint Chapter 11 Plan of Reorganization

8 March 2011

 

Satélites Mexicanos, S.A. de C.V. announced on January 25, 2011 that it had reached an agreement with the holders of more than two-thirds of the outstanding principal amount of its 10 1/8% Second Priority Senior Secured Notes due 2013 regarding a comprehensive recapitalization to be effected through a prepackaged plan of reorganization to be filed in the United States Bankruptcy Court for the District of Delaware (the “Prepackaged Plan”).

 

As part of the implementation of the Prepackaged Plan, Satmex and its subsidiaries Alterna’TV Corporation and Alterna’TV International Corporation (collectively, the “Debtors”) today commenced a solicitation of votes on the Prepackaged Plan from holders of record as of March 3, 2011 of the Company’s First Priority Senior Secured Notes due 2011, and the Company’s 10 1/8% Second Priority Senior Secured Notes due 2013. The solicitation period will expire on April 4, 2011. If sufficient votes are received for the Prepackaged Plan, the Debtors intend to file voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code and seek prompt confirmation of the Prepackaged Plan.