Altán Redes files for commercial bankruptcy
10am | Natalie Bannrman
Altán Redes, developer and operator of the Red Compartida network in Mexico, confirms that it has filed for commercial bankruptcy.
The news is part of Altan Redes’ restructuring plan where it began the process of reorganizing its financial commitments to create greater agility and allow it to operate the Red Compartida network and subsequent telecommunications services for his clients.
The restructuring was in part motivated by the current global crisis which has seen many other infrastructure companies attempt to improve their financial conditions.
“We have the support of our shareholders and the government of Mexico in this process, in addition to the confidence of our clients who continue to join Altán,” said Salvador Álvarez (photo), CEO of Altan Redes.
“Altán’s business model is a success and we have succeeded in consolidating our position in the market as the most competitive business connectivity offering supported by 4.5G LTE technology. Our 100 customers, who today serve more than 3 million end users, are proof of this.
The company confirms that it is in “positive negotiations” with a large number of creditors to “preserve the value of the company, safeguard the assets, its operations and the jobs of its employees, for the benefit of all its stakeholders”.
In the context of the commercial bankruptcy, Altan confirms that it will continue to deploy the Red Compartida network and to operate it.
The $ 7 billion Red Compartida project, due to launch in 2022, is the wholesale mobile network that aims to cover 70% of the Mexican population and cover 122,000 localities ranging from 250 to 5,000 residents. Once live, the network aims to bridge the Mexican digital divide.
Owned by the consortium, Altán Redes has Marapendi Holding BV, a subsidiary of North Haven Infrastructure Partners II, as its largest shareholder with 33.38%. Followed by the Caisse de dépôt et placement du Québec in partnership via a co-investment platform with CKD-IM which holds 12.68%.
Miguel S. Escobedo via Hansam SA de CV holding with 9.35%, FFLATAM-15-2 with 6.54% and Eugenio Galdón via Isla Guadalupe Investments with 3.34%.