Satmex Wins Court Order

Mexican satellite company Satelites Mexicanos (Satmex), has won a court order preventing US creditors from seizing its assets as the company reorganizes in Mexico. Satmex filed for bankruptcy protection in Mexico in June and last week asked for protection in New York under Section 304 of the US Bankruptcy Code, which bars creditors and others from interfering while a debtor reorganizes in another country. Satmex has defaulted on more than $520 million in bonds issued in the US.