MEXICO CITY, Dec. 1 /PRNewswire/ -- Satelites Mexicanos, S.A. de C.V.
("Satmex" or the "Company"), Mexico's leading satellite service provider,
today announced that it has appointed Raul Cisneros Matusita to serve as
the new CEO of Satmex, effective November 30, 2006, to help chart a new
direction for the Company. Mr. Cisneros's appointment was made on the same
day the Company officially concluded its U.S. bankruptcy case.
Mr. Cisneros brings to Satmex over 22 years of experience, specializing
in turnaround strategies, asset sales and restructurings. Most recently, he
has been an operative partner of Advent International Corp., supervising
investments in mortgage lending institutions, leasing operations and
turnaround of distressed assets. He was also Deputy Director General of
Compania Mexicana de Aviacion through January of 2006, entrusted with the
successful sale of Mexico's leading airline to Grupo Posadas, and for three
years, Director of Asset Administration and Financial Planning. For five
years, he was the CEO of Consultoria Internacional, a leading foreign
exchange trader and from 1996 to 1999, he was appointed by Banco de Mexico
to turnaround or sell troubled corporations.
Mr. Cisneros succeeds Sergio Miguel Angel Autrey Maza, who was
designated by Satmex's Board as interim CEO in February 2005. Mr. Autrey
will continue serving as a member of Reorganized Satmex's Board of
Mr. Cisneros, stated: "It is an honor to take the reins of this great
company. I am excited about the opportunity to work together with the
entire Satmex team and with our customers, suppliers and shareholders and
other constituents towards long-term success."
Mr. Cisneros added that, "The Company is pleased that in only a matter
of a few months, it exited its U.S. bankruptcy case having achieved the
implementation of its restructuring set out in the restructuring agreement
entered into between Satmex and representatives of its primary creditor
constituencies in March of this year and approved by the Mexican Bankruptcy
Court in Satmex's former Concurso Mercantil proceeding. This is a historic
day for the employees of Satmex and everyone else that worked tirelessly to
achieve these goals. The restructuring of our indebtedness and our speedy
emergence from chapter 11 will enhance our financial stability and enable
us to continue delivering our premier satellite services to our customer
base going forward."
Safe Harbor Disclosure: This press release contains forward-looking
statements within the meaning of the Securities Act of 1933 and of the
Securities Exchange Act of 1934. Such forward-looking statements include,
but are not limited to, those related to Satmex's future performance.
Forward- looking statements are not intended to be a guarantee of future
results, but instead constitute Satmex's current expectations based on
reasonable assumptions. Actual results could differ materially from those
stated in Satmex's forward-looking statements due to risks, uncertainties
and other factors. Important factors that could affect actual results are
discussed in Satmex's filings with the Securities and Exchange Commission,
including, but not limited to, the risks discussed under Item 3 "Risk
Factors" in Satmex's 2005 Annual Report on Form 20-F. Readers are
encouraged to read Satmex's filings to learn more about the risk factors
associated with Satmex's business. Satmex undertakes no obligation to
update or revise any forward- looking statements, whether as a result of
new information, future events or otherwise.