Satmex Hangs Out The Sign

Mexican satellite operator Satélites Mexicanos (Satmex), which successfully restructured itself last year to position the company as a target in the consolidating satellite communications sector, says it will open its books to potential investors next month and expects to receive bids by mid-April. The company appointed Morgan Stanley at the end of last year to advise on the sale to a strategic buyer. Satmex’s restructuring last year, which has been praised for its fair treatment of foreign creditors, left 78% of the company’s equity in the hands of the debtholders. The remaining 22% is held by the Mexican government (20%) and jointly by local telco Principa and US operator Loral (2%).