Ropes & Gray Team Advising Satmex on Comprehensive Recapitalization
Ropes & Gray is serving as U.S. counsel to a group of secured bondholders in the recapitalization of Satélites Mexicanos, S.A. de C.V. (Satmex), a leading provider of fixed satellite services in Mexico, announced Jan. 25. The recapitalization will de-lever Satmex’s balance sheet, provide the money to finance the timely completion of Satmex 8, a satellite scheduled to be launched in 2012 to replace the company's Satmex 5 satellite, and lay the groundwork for the future construction of Satmex 7, which is intended to replace the Solidaridad 2 satellite. The parties anticipate the recapitalization transactions to be consummated through a pre-packaged bankruptcy in the U.S.
The Ropes & Gray team is led by business restructuring partners Mark Bane (New York) and corporate partner Patrick Diaz (Boston).