Bankruptcy Judge Robert Drain said yesterday that Mexican telecommunications company Maxcom Telecomunicaciones S.A.B. de C.V. will be allowed to fast-track its plan for restructuring about $103 million in bond debt, WSJ Pro Bankruptcy reported. Judge Drain said that he would consider approving Maxcom’s pre-negotiated debt-cutting plan at a hearing in September. Maxcom and a U.S. subsidiary filed for chapter 11 protection this week with backing from creditors holding the majority of the bond debt. Pedro Jimenez, a Paul Hastings LLP lawyer representing Maxcom, said that the company originally intended to complete an exchange outside of court but changed course in part because the bonds were more widely held than the telecommunications firm first realized. The proposed plan would exchange Maxcom notes for $56.9 million in senior bonds, about $10.3 million in junior payment-in-kind notes and cash. The plan is intended to restructure the bonds, only, and would leave all other company stakeholders unimpaired, Jimenez said. Maxcom commenced the exchange offer in June, court papers say.
