BUENOS AIRES, Argentina—As a result of the Argentine crisis, company Impsat Fiber Networks reached an agreement with its creditors to transfer all its shares to them in exchange for renegotiating the debt of US$990 million. Thus, Pescarmona group and British Telecom cease to be shareholders, and the new owners are the holders of debt bonds and technological providers Lucent Technologies and Nortel Networks.
During the next few weeks, Impsat will come before the U.S. Justice under Chapter 11 bankruptcy to obtain approval for the transfer of the company to its providers. For now, a change in management is not being considered, until the new owners meet and decide how the new board will be formed.
“The agreement reached shows that interest exists in the continued functioning of Impsat,” said Guillermo Jofr
