◎公開買い付け期間を4月24日に延長　Maxcom Telecomunicaciones

AsiaNet 52704

共同JBN 0412（2013.4.11）

【メキシコ市2013年4月11日PRN=共同JBN】Ventura Capital Privado S.A. de C.V.（以下Ventura）は11日、Trust Number 1387（以下Trust、これにVenturaとJavier Molinar Horcasitas氏およびEnrique Castillo Sanchez Mejorada氏を含めて以下Purchaser）の代理として、Purchaserが公開買い付け提案の有効期限を延長したと発表した。買い付け提案の対象は(i)Maxcom Telecomunicaciones, S.A.B.de C.V.（以下Maxcom）の無額面のシリーズA普通株式のすべて（以下Shares）(ii)Maxcomの普通参加証書のすべて（以下CPOs）(iii)Maxcomの米国預託証券のすべて（以下ADSs、上記SharesとCPOsとADSsを総称して以下Securities）。買い取り先である保有者はメキシコ人以外（この買い付け提案を以下tender offerもしくはU.S. Offerとする）。メキシコでの買い付け（以下Mexican Offer、U.S.

Offerと総称して以下Equity Tender Offer）でPurchaserは、Maxcomの発行済みのSharesとCPOsをすべて買い取る。条件や価格はU.S. Offerと実質的にほぼ同じだ。

買い付け提案はこれまで、米ニューヨーク時間の2013年4月10日の深夜零時に終了する予定だったが、買い付け提案の条項に従って再延長されない限り、ニューヨーク時間2013年4月24日深夜零時までとなる。手続きの完了は2013年4月29日。有効期間が2013年4年24日に延長されたのは、社債交換提案と日程を合わせるため。Maxcomの2014年満期、利率11%の優先債は、2020年満期のステップアップ型優先債に交換される（以下Exchange Offer）。

さらにPurchaserは、Maxcomが2013年4月10日付のプレスリリースで述べたことを盛り込む形で、買い付け提案を以下の通り修正、補足する(i)MaxcomはExchange Offerの最低買い付け条件を61.44%から80%へ引き上げた。ただしMaxcomは、Exchange Offerを延長せず、撤回権を与えずに、最低買い付け条件を75.1%へ引き下げる権利を留保する(ii)Exchange Offerは3回延長され、結果として有効期限が予定より長くなっている(iii)Exchange OfferとEquity Tender Offerはまだ完了していないため、Equity Tender Offerに関連してPurchaserが合意した資本拠出を、Maxcomは受けていない(iv)Exchange Offerが有効な間にMaxcomは、Purchaserから資本拠出を受けていないことで、営業面や資金面での存続の可能性が悪化している(v)2013年3月1日時点でのMaxcomのキャッシュと一時投資収支は8280万ペソ（640万ドル）(vi)Exchange Offerが完了せず、Equity Tender Offerに関連したPurchaserからの資本拠出をMaxcomが受けられない場合、Maxcomは2014年満期優先債の2013年6月15日の利払いが実行できないと予想され、そのほかの債務返済も滞る恐れがある(vii)そうした事態に陥ると、優先債の保有者や債権者はメキシコか米国でMaxcomに対する強制的な破産処理手続きを開始する可能性がある(viii)Exchange Offerが完了しない場合、Maxcomは今のところ(a)米破産法11条の下での再建計画に従って自主再建に着手するか(b)再建計画の早期承認を求めるか(c)その他の形式の破産救済を模索するかのいずれかによって再建を図る意向だが、いずれにしても不透明感や手続きの遅れが予想され、すべての債権者（優先債保有者を含む）への支払いが減少し、訴訟リスクもある。さらにMaxcomはこう指摘する(i)そうした再建は長引いて紛糾し、Maxcomの事業が中断して、顧客や納入業者、従業員との関係がひどく悪化し、関係を維持できなくなる恐れがある(ii)再建によって多額の法的、事務的、専門的経費が発生する(iii)以上のような再建策が成功するとか、Maxcomの債権者が返済請求額を大幅に引き下げて、株式に転換したり、帳消しにしたりするといった保証は一切ない(iv)再建策が成功しなければ、Maxcomは事業や資産の精算を迫られるだろう(v)米破産法11条に基づく再建について助言する弁護士を、Maxcomは取締役会の承認を経て採用した。弁護士はすでに再建に関する準備的手続きを始める態勢にある。Exchange Offerの期間に優先債保有者の一部との間で、計画支援への合意や11条計画の条件について交渉することも、これに含まれている(vi)Maxcomが11条下での再建に入った場合、優先債保有者は新優先債との交換で今のExchange Offerより悪い条件を飲まざるを得ないかもしれない。

Equity Tender Offerの受託人によると、ニューヨーク時間2013年4月10日午後5時の時点で、公開買い付け提案に応じたMaxcomのシリーズA普通株は約3億5454万0391株。これは発行済み株式の44.87%に当たる。

▽追加情報と入手先

今回の発表はSecuritiesの買い付けの提案や、売却するよう勧誘するものではなく、情報提供だけを目的にしている。買い付け提案とそれに応じることが法律に違反する地域のSecurities保有者に対しては、この提案はなされず、提案の受け入れは代理を含めて認められない。Purchaserは改正した買い付け提案や送付状、関係文書を含めて、スケジュールTO-Tに従った買い付け提案届を米証券取引委員会（SEC）に提出した。Securitiesの買い付け提案は、その買い付け提案届とともに提出された買い付け提案、送付書、関係文書に基づいて実行される。そうした文書は買い付け提案のさまざまな条件など重要な情報を含んでいるので、Security保有者は慎重に文書を読まれたい。MaxcomのSecurity保有者は、TrustとMaxcomが提出した文書やほかの文書を無料でSECのウェブサイト（www.sec.gov）から入手できる。さらに株主は公開買い付けのInformation Agent であるGeorgeson Inc.（+1-866-729-6818）か、MaxcomのInvestor Relations 担当部局（+52-55-4770-1170）に連絡すれば、文書のコピーを無料で入手できる。

ソース： Ventura Capital Privado S.A. de C.V.

Extension of the Tender Offer for Securities of Maxcom

PR52704

MEXICO CITY, April 11, 2013 /PRN=KYODO JBN/ --

Ventura Capital Privado S.A. de C.V. ("Ventura"), on behalf of Trust Number

1387 (the "Trust" and, collectively with Ventura, Javier Molinar Horcasitas and

Enrique Castillo Sanchez Mejorada, the "Purchaser"), today announced that the

Purchaser has extended the expiration date of its tender offer to purchase (i)

all of the outstanding Series A Common Stock, without par value (the "Shares")

of Maxcom Telecomunicaciones, S.A.B. de C.V. ("Maxcom"), (ii) all of the

outstanding Ordinary Participation Certificates ("CPOs") of Maxcom, and (iii)

all of the outstanding American Depository Shares ("ADSs," and collectively

with the Shares and CPOs, the "Securities") of Maxcom, in each case held by

persons who are not Mexican residents (the "tender offer" or "U.S. Offer"). In

Mexico (the "Mexican Offer," and collectively with the U.S. Offer, the "Equity

Tender Offer"), the Purchaser is offering to purchase all of the outstanding

Shares and CPOs of Maxcom. The Mexican Offer is being made on substantially the

same terms and at the same prices as the U.S. Offer.

The tender offer, which was previously scheduled to expire at 12:00 midnight,

New York time, on April 10, 2013, will now expire at 12:00 midnight, New York

City time, on April 24, 2013, unless further extended in accordance with the

terms of the tender offer. The closing of the tender offer will occur on April

29, 2013. The extension to April 24, 2013 was made to accommodate the timetable

for the simultaneous exchange offer for any and all outstanding Maxcom's 11%

Senior Notes due 2014 for Maxcom's Step-Up Senior Notes due 2020 ("Exchange

Offer").

In addition, the Purchaser is also amending and supplementing the tender offer

to reflect that Maxcom, according to a press release issued on April 10, 2013,

has stated that (i) Maxcom has increased the minimum tender condition in the

Exchange Offer from 61.44% to 80%, subject to Maxcom's right, in its sole

discretion, to decrease the minimum tender condition to 75.1% without extending

the Exchange Offer or granting withdrawal rights; (ii) the Exchange Offer has

been extended three times and as a result has remained open longer than

anticipated; (iii) since the Exchange Offer and the Equity Tender Offer have

not been consummated to date, Maxcom has not yet received the capital

contribution the Purchaser agreed to make in connection with the Equity Tender

Offer; (iv) during the period that the Exchange Offer has remained open,

Maxcom's operational and financial viability has further deteriorated in light

of not having received the capital contribution from the Purchaser; (v) as of

March 1, 2013, Maxcom's cash and temporary investment balance was Ps.82.8

million (US$6.4 million); (vi) if the Exchange Offer is not consummated and

Maxcom does not receive the capital contribution from the Purchaser in

connection with the Equity Tender Offer, Maxcom does not expect to be able to

make the coupon payment due on June 15, 2013 with respect to the Old Notes and

Maxcom may not be able to meet other financial obligations as they come due;

(vii) if this occurs, holders of the Old Notes and the creditors could commence

involuntary bankruptcy proceedings against Maxcom in Mexico or in the United

States; and (viii) if the Exchange Offer is not consummated, Maxcom currently

intends to implement a restructuring by (a) commencing voluntary cases under

Chapter 11 of the United States Bankruptcy Code through a plan of

reorganization; (b) seeking expedited confirmation of a plan of reorganization

or (c) seeking other forms of bankruptcy relief, all of which involve

uncertainties, potential delays, reduced payments to all creditors (including

holders of the Old Notes) and litigation risks. Moreover, Maxcom has also

stated that (i) such a restructuring may be protracted and contentious and

disruptive to Maxcom's business and could materially adversely affect Maxcom's

relationships with its customers, suppliers and employees who may terminate

their relationships with Maxcom; (ii) a restructuring would also cause Maxcom

to incur significant legal, administrative and other professional expenses;

(iii) no assurances can be given that any such restructuring will be successful

or that holders of Maxcom's debt obligations will not have their claims

significantly reduced, converted into equity or eliminated; (iv) if a

restructuring is not successful, Maxcom may be forced to liquidate its business

and assets; (v) the board of directors of Maxcom has approved the engagement

of, and the Maxcom has engaged, counsel to advise it on a Chapter 11

reorganization and authorized the preparatory activities related to a

restructuring, including the negotiating of a plan support agreement and a

Chapter 11 plan term sheet with certain of the holders of the Old Notes during

the pendency of the Exchange Offer; and (vi) in the event Maxcom implements a

restructuring through Chapter 11, holders of the Old Notes may receive New

Notes with terms less favorable than those offered pursuant to the Exchange

Offer .

The depositary for the Equity Tender Offer has advised the Purchaser in

connection with the Equity Tender Offer that as of 5:00 p.m., New York City

time, on April 10, 2013, approximately 354,540,391 of Maxcom's Series A Common

Stock, or 44.87% of the total outstanding Series A Common Stock, had been

validly tendered and not withdrawn in the Equity Tender Offer.

Additional Information and Where to Find It

This communication is neither an offer to purchase nor a solicitation of an

offer to sell any Securities. This communication is for informational purpose

only. The tender offer is not being made to, nor will tenders be accepted from,

or on behalf of, holders of Securities in any jurisdiction in which the making

of the tender offer or the acceptance thereof would not comply with the laws of

that jurisdiction. The Purchaser has filed a tender offer statement on Schedule

TO-T, as amended, including an offer to purchase, a letter of transmittal and

related documents, with the Securities and Exchange Commission ("SEC"). The

offer to purchase the Securities is only being made pursuant to the offer to

purchase, the letter of transmittal and related documents filed with such

tender offer statement. Security holders should read those materials carefully

because they contain important information, including the various terms and

conditions of the tender offer. Security holders of Maxcom may obtain a free

copy of these documents and other documents filed by the Trust and Maxcom with

the SEC at the website maintained by the SEC at www.sec.gov. In addition,

stockholders may obtain a free copy of these documents from the Purchaser by

contacting Georgeson Inc., the Information Agent for the tender offer, at

+1-866-729-6818 or by contacting Maxcom's Investor Relations department at

+52-55-4770-1170.

SOURCE:  Ventura Capital Privado S.A. de C.V.