Iusacell Announcement
biz.yahoo.com
Thursday May 22, 11:47 pm ET
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Comment: An extention of time. Debt problrms still not fixed. DPR
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MEXICO CITY--(BUSINESS WIRE)--May 22, 2003--Grupo
Iusacell, S.A. de C.V. (BMV:CEL)(NYSE:CEL - News) announced
today that as part of its debt restructuring effort, its subsidiary,
Grupo Iusacell Celular, S.A. de C.V. ("Iusacell Celular") in
cooperation with its Senior Syndicated lender group, has
received an extension of its temporary Amendment and Waiver
(the "Amendment") of certain provisions and technical defaults
under its US$266 million Amended and Restated Credit
Agreement, dated as of March 29, 2001 (the "Credit
Agreement"). The Amendment was originally scheduled to expire
on May 22, 2003.
The Amendment, as extended, is scheduled to expire on June
13, 2003, subject to earlier termination in certain circumstances,
no other provisions were amended and provides the Company
with additional time to continue working together with its financial
advisors Morgan Stanley towards the formulation of a consensual
and comprehensive restructuring plan.
If the Amendment is not further extended, upon its expiration,
Iusacell Celular would be in default of a financial ratio under the
Credit Agreement which would constitute an Event of Default
thereunder as if the Amendment had not been granted.
About Iusacell
Grupo Iusacell, S.A. de C.V. (Iusacell, NYSE:CEL; BMV:CEL) is
a wireless cellular and PCS service provider in seven of Mexico's
nine regions, including Mexico City, Guadalajara, Monterrey,
Tijuana, Acapulco, Puebla, Leon and Merida. The Company's
service regions encompass a total of approximately 92 million
POPs, representing approximately 90% of the country's total
population.
Iusacell is under the management and operating control of
subsidiaries of Verizon Communications Inc. (NYSE:VZ - News).
This press release contains statements about expected future
events and financial results that are forward-looking and subject
to risks and uncertainties. For those statements, the Company
claims the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995. Discussion of factors that may affect future results is
contained in our filings with the Securities and Exchange
Commission.
Contact:
Grupo Iusacell, S.A. de C.V.
Investor Contact
Russell A. Olson, 011-5255-5109-5751
russell.olson@iusacell.com.mx
or
Investor Contact
Carlos J. Moctezuma, 011-5255-5109-5780
carlos.moctezuma@iusacell.com.mx
Source: Grupo Iusacell, S.A. de C.V. |
