DirecTV Latin America files for Chapter 11
Tue March 18, 2003 09:18 AM ET
NEW YORK, March 18 (Reuters) - Satellite television operator DirecTV Latin America LLC said on Tuesday it filed for Chapter 11 bankruptcy protection, hurt by economic turmoil in the region.
The filing does not apply to the company's parent, Hughes Electronics Corp GMH.N , or to DirecTV Latin America's operating companies in Latin America and the Caribbean, which will continue regular operations. Hughes is controlled by General Motors Corp. GM.N .
DirecTV Latin America said Hughes has agreed to provide $300 million in debtor-in-possession financing, subject to bankruptcy court approval. The filing was made in the U.S. Bankruptcy Court in Wilmington, Delaware.
DirecTV Latin America also said that Kevin McGrath has retired as chairman, and that Larry Chapman has been named president and chief operating officer, effective immediately.
DirecTV Latin America files for Chapter 11
Member #: 21526
Registered: 2/13/2003
Posted:
11
Name:
Archie Wright
Name:
Archie Wright
Company:
TWC
Occupation:
SAT Installer
Location:
DFW
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