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Technology Stocks : Nuevo Grupo Iusacell (CEL)

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To: Dennis Roth who wrote (177)	7/25/2003 9:58:44 AM
From: Rob Preuss	Read Replies (1) of 206

Fintech doubles bid for Mexico Iusacell to $40 mln Friday July 25, 9:44 am ET MEXICO CITY, July 25 (Reuters) - Bond investor Fintech Advisory on Friday doubled its bid for Mexican wireless telecom Iusacell, upping its offer to $40 million from $20 million. Fintech Advisory subsidiary Fintech Mobile on Thursday made a public offer to buy 100 percent of debt-laden Iusacell, but received no response from majority owners Vodafone Group Plc and Verizon Communications. Verizon and Vodafone agreed in June to sell their stakes in Iusacell to Movil Access, a paging firm owned by tycoon Ricardo Salinas's Grupo Salinas for $10 million. Their combined stakes control 73.9 percent of Iusacell. Iusacell (Mexico:CELV.MX - News; NYSE:CEL - News) is in default on a $266 million syndicated bank loan and has $350 million in bonds due in 2006 and $150 million due next year. Distressed bond investor Fintech has a significant debt investment in Iusacell. A Grupo Salinas spokesman told Reuters on Wednesday the deal to buy Iusacell had included a "lock-down" clause effectively blocking other bids.

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