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Satelites Mexicanos bankruptcy protection

Posted by modeFinance on April 15, 2011 at 18:02
According to the news released by Reuters (link) on Wednesday, April 6, 2011; Satelites Mexicanos S.A. de C.V. (Satmex) filed for bankruptcy protection in a Delaware court. Reuters stated that in court papers, Satmex said it will raise about $325 million in new financing by issuing high yield debt. It will also raise $96.2 million of new equity through a rights issue.
Thanks to the MORE rating evaluation done by modeFinance (link), the company’s deterioration in the credit ratings (in 2009 the MORE rating was CC, download here the modeFinance Credit Report) could be easily seen. The alarming results in solvency and immediately afterwards worsening profitability results were unfortunately giving clear hints regarding the bankruptcy news.
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Tags: credit, rating, risk
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