Satellite TV Firm DirecTV Latin America Files for Bankruptcy

Authored by Mark Hefflinger on March 18, 2003 - 4:56am.

Fort Lauderdale, Fla. -- DirecTV Latin America, a subsidiary of Hughes Electronics that serves 1.6 million satellite TV subscribers in 28 countries, announced on Tuesday that it has filed for Chapter 11 bankruptcy protection. The company also announced the retirement of chairman Kevin N. McGrath, to be replaced by Eddy W. Hartenstein, and the appointment of Larry N. Chapman as its new president and chief operating officer. The company -- which blamed its current situation on "excessive fixed costs and a substantial debt burden during a time of economic deterioration throughout Latin America" -- will continue normal operations during the process, due in part to a new $300 million debtor-in-possession financing package from parent company Hughes.
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