Mexico's SatMex exploring debt restructuring options, CEO says

By Stephanie N. Rotondo

Portland, Ore., June 4 - Satelites Mexicanos SA de CV is looking at ways to restructure its balance sheet, the company's chief executive officer told investors and analysts during a quarterly conference call on Thursday.

Patricio Northland, CEO, said the potential restructuring is part of its 13-point business strategy for 2009.

Northland noted that discussions with stakeholders - both debt and equity - were already underway.

"We are exploring various alternatives," he said. However, he declined to enumerate what those alternatives are or give any sort of timing regarding a possible plan.

"We believe that the most important alternative to growth is to rapidly enter into a financial arrangement to build our SatMex 7 satellite," Northland said. In order to do that, he added, the company's capital structure must first be strengthened.

"We continue to be very aggressive in developing new initiatives and inviting new investors to participate in this wonderful business," he said.

SatMex is a Juarez, Mexico-based satellite coverage provider.

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