Curtis Advises Mexican Development Banks on the Restructuring of Altán Redes

A team led by Mexico City partner Rodrigo Valverde and associate Irene Cuellar advised the Mexican Development Banks (Banco Nacional de Obras y Servicios Públicos, Nacional Financiera, and Banco Nacional de Comercio Exterior), on the restructuring of Altán Redes. Altan Redes is a Mexican company responsible for designing, developing, operating, and marketing the Red Compartida, which aims to introduce competition to Mexico’s telecommunications industry through an open access 700MHz network. The restructuring included a Debtor-in-Possession (DIP) loan for a total amount of approximately 400 million dollars. The DIP loan aims to guarantee the continuity and security of the company’s operations and services, as well as enable the company to continue with its deployment of the Red Compartida during Altán’s Concurso Mercantil (business reorganization proceedings similar to Chapter 11).