Blog

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.
Views: 72
Tags: credit, rating, risk
★
★
★
★
★
Votes: 0
E-mail me when people leave their comments –
Follow

You need to be a member of Global Risk Community to add comments!

Join Global Risk Community

FEATURED BLOG POSTS

LATEST BLOG POSTS

    About Us

    The GlobalRisk Community is a thriving community of risk managers and associated service providers. Our purpose is to foster business, networking and educational explorations among members. Our goal is to be the worlds premier Risk forum and contribute to better understanding of the complex world of risk.

    Business Partners

    For companies wanting to create a greater visibility for their products and services among their prospects in the Risk market: Send your business partnership request by filling in the form here!

lead