BUENOS AIRES, Argentina-The Court of New York accepted Impsat’s restructuring plan, which includes the reduction of its US$990 million debt to US$270 million, the passing of the company to its creditors and the confirmation of a directorate integrated by the new stockholders. The approved plan by the Court has allowed Impsat to emerge from Chapter 11 bankruptcy.
Before this restructuring, the president of the company was Ricardo Verdaguer, and the major shareholders of the company included the Argentine group Pescarmona (with 46 percent of its shares) British Telecom (20 percent) Morgan Stanley (16 percent) and the rest traded on Nasdaq. As a consequence of the new agreement, the president will remain unchanged, although a new board has been implemented, which consists of two Morgan Stanley representatives, one representative from Nortel Networks, one from the WR Huff fund and two independent directors. Impsat did not disclose how the new stock structure was arranged
Impsat Fiber Networks offers integrated voice, data and Internet services to 3,000 companies, over its own fibre optic network, using last-mile wireless technology, in Argentina, Brazil, Chile, Colombia, Ecuador, the United States, M
