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Altán Redes files for commercial bankruptcy

Salvador Álvarez - Altán Redes 16.9.jpg

Altán Redes, developer and operator of the Red Compartida network in Mexico, confirms that it has filed for commercial bankruptcy.

The news comes forms part of Altán Redes’ restructuring plan under which, it has begun the process of reorganising its financial commitments to create greater agility, and enable it to operate the Red Compartida network and subsequent telecoms services for its customers.

The restructuring in part was driven by the current global crisis that 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 trust of our clients who continue to join Altán," said Salvador Álvarez (pictured), CEO of Altán Redes.

“Altán's business model is successful and we have managed to consolidate our position in the market as the most competitive commercial connectivity offering supported by 4.5G LTE technology. Our 100 clients, 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 operation and the jobs of its collaborators, for the benefit of all its stakeholders”.

Under the commercial bankruptcy, Altan confirms that it will continue with the deployment of the Red Compartida network and its operation.

Due to go live in 2022, the $7 billion Red Compartida project is the wholesale mobile network that aims to provide coverage to 70% of the Mexican population and cover 122 thousand localities that range from 250 to 5,000 in population. Once live the network aims to close the Mexican digital divide.

Consortium owned, Altán Redes has Marapendi Holding BV, a subsidiary of North Haven Infrastructure Partners II as its biggest shareholder with 33.38%. Followed by Caisse de dépôt et placement du Québec in partnership through a co-investment platform with CKD-IM which holds 12.68%.

Miguel S. Escobedo through Hansam SA de CV holding with 9.35%, FFLATAM-15-2 with 6.54%, and Eugenio Galdón through Isla Guadalupe Investments with 3.34%.