Iusacell Extends Swap Deadline

Mexican cell phone operator Iusacell has extended the deadline of its $350 million debt swap offer until June 1. The company is offering to swap 14 ¼% bonds, due 2006, for new bonds at 10%, maturing in 2013. The offer was originally due to expire on May 18. The swap is part of a larger debt restructuring program. The firm reached an agreement with creditors to restructure $750 million of debt in January, following protracted negotiations.