Mexico City, November 10, 2022.- The law firm Pérez Correa González (PCG), advised and represented China Development Bank as a creditor in the insolvency proceedings of Altan Redes, as well as in the negotiations that took place with the conciliator Gerardo Sierra Arrazola and the rest of the creditors, to enter into the Reorganization Agreement approved in the judgment of October 28, 2022.
China Development Bank (CDB) is one of the development banks of the People's Republic of China, which promotes economic development policies and is positioned as one of the three main banks in the country, in addition to being responsible for raising funds for large-scale infrastructure projects.
Altan Redes is the Mexican company responsible for designing, deploying, operating, and marketing the high-speed 5G and 4.5G LTE broadband shared network, as a provider of operating services to concessionaires and marketers.
Through the Reorganization Agreement, signed by 94% of the creditors of Altán Redes, a company that was declared bankrupt in November 2021, bankruptcy was avoided, and the debt of approximately $29,811.82 million pesos was restructured, which will allow them to continue in the market providing public interest services to Mexican society.
The bankruptcy proceeding ended on November 3, 2022, date on which the First District Court in Commercial Bankruptcy Matters in Mexico City and with jurisdiction throughout the Mexican Republic published the judgment approving the Reorganization Agreement entered between Altan Redes, S.A.P.I. de C.V. ("Altan Redes") and the majority of its recognized creditors.
The legal team that represented China Development Bank was led by the Bankruptcy team of Perez Correa Gonzalez headed by the firm's partner Zulima Gonzalez.