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Technology Stocks : Nuevo Grupo Iusacell (CEL)

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To: Rob Preuss who started this subject	5/25/2003 9:36:28 AM
From: Dennis Roth	Read Replies (2) of 206

Mexico Iusacell gets extension for bank loan payment biz.yahoo.com Thursday May 22, 11:01 pm ET MEXICO CITY, May 22 (Reuters) - Mexican mobile telephone company Iusacell (NYSE:CEL - News; Mexico:CELV.MX - News) said on Thursday it had received an extension of a temporary dispensation for paying off a $266 million syndicated bank loan as part of the process of restructuring its debt. In a statement the firm, whose majority shareholders are Verizon Communications Inc (NYSE:VZ - News) and Vodafone Group Plc (London:VOD.L - News), said the dispensation for the payment was originally granted to May 22 but that creditors agreed to postpone it until June 13. "The extension gives the company additional time to continue to work with its financial consultant Morgan Stanley towards an integral restructuring plan," said Iusacell. Apart from the bank loan, Iusacell, the No. 3 mobile phone operator in Mexico, has $350 million in notes due in 2006 and $150 million in 2004 notes. The company has said it is looking at various options for restructuring its debt, including a bond swap or a cash offer in exchange for bonds.

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