DirecTV Latin America Emerges from Chapter 112/25/2004 5:34 AM Eastern
DirecTV Latin America LLC has emerged from Chapter 11 bankruptcy protection, Reuters reported.
The direct-broadcast satellite provider filed for Chapter 11 protection from creditors last March after losing subscribers due to recessions, political unrest and currency fluctuations in Argentina, Venezuela and Brazil.
It filed its reorganization plan with U.S. Bankruptcy Court in Delaware in December. The plan included an agreement between majority owner Hughes Electronics Corp. and company creditors in which they agreed to take 20 cents on the dollar for allowed claims, according to Reuters.
The filing only applied to the company’s U.S. entity, and did not include any of its operating companies in Latin America and the Caribbean, which have continued regular operations.