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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of July, 2006
GRUPO IUSACELL, S.A. de C.V.
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(Translation of registrant's name into English)
Montes Urales 460
Col. Lomas de Chapultepec, Deleg. Miguel Hidalgo
11000, Mexico D.F.
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(Address of principal executive office)
Indicate by check mark whether the registrant files or will fill annual reports
under cover of Form 20-F or Form 40-F: Form 20-F [X] Form 40-F [ ]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g-3-2(b) under the Securities and Exchange Act of
1934. Yes [ ] No [X]
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Documents Furnished By the Registrant
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1. Press Release of the Registrant dated July 14, 2006
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IUSACELL CONCLUDES RESTRUCTURING WITH BNP AND GIEK
MEXICO CITY, July 14 /PRNewswire-FirstCall/ -- Grupo Iusacell, S.A. de C.V.
(BMV: CEL) ("Iusacell") announces that on July 10, 2006, its subsidiary,
Iusacell Infraestructura S.A. de C.V. ("Iusacell Infraestructura"), concluded
the successful restructuring of its debt with the signing of the corresponding
restructuring documentation.
Before the restructuring, Iusacell Infraestructura owed to BNP Paribas
(Oslo Branch) ("BNP") debt in an outstanding principal amount of U.S.$26.6
million. This debt consisted of: (1) a senior amortizing term facility in an
outstanding principal amount of U.S.$23.2 million, guaranteed by the Export
Import Bank of Norway ("GIEK") and due in 2007 (the "Guaranteed Facility"); and
(2) a refaccionario loan in an outstanding principal amount of U.S.$3.4 million
due in 2004 (the "Refaccionario Loan").
"The conclusion of this restructuring, along with the agreements reached
with creditors representing a majority in principal amount of the debt of the
company that were previously announced, represents one more step toward the
consensual restructuring of Iusacell's debt and that of its subsidiaries and
toward the continuous strengthening of our operations," commented Gustavo
Guzman, CEO of Iusacell.
The terms of the restructuring signed with BNP/GIEK are as follows:
Guaranteed Facility
The Guaranteed Facility has a new principal amount of U.S.$20.3 million
consisting of two tranches that bear interest at the 3-month LIBOR rate plus
2.5%. Tranche A is in an aggregate principal amount of U.S.$17.4 million due in
2010 and began accruing interest on July 10, 2006 and Tranche B is in an
aggregate principal amount of U.S.$2.9 million due in 2011 and will begin to
accrue interest on January 1, 2011.
Refaccionario Loan
The Refaccionario Loan has a new principal amount of U.S.$3.0 million
consisting of two tranches that bear interest at the 3-month LIBOR rate plus
3.5%: Tranche A is in an aggregate principal amount of U.S.$2.6 million due in
2009 and began accruing interest on July 10, 2006 and Tranche B is in an
aggregate principal amount of U.S.$0.4 million due in 2011 and will begin to
accrue interest on January 1, 2011.
"Iusacell will continue to take firm steps to restructure its operations
and guarantee the continuity of the company. We expect all of this to benefit
our clients and the development of the telecommunications industry of our
country," concluded Mr. Guzman.
About Iusacell
Grupo Iusacell, S.A. de C.V. (Iusacell, BMV: CEL) is a wireless cellular
and PCS service provider in Mexico with a national footprint. Iusacell offers
more and better voice communication and data services through state-of-the-art
technology, such as its new 3G network, throughout all of the regions in which
it operates. In addition to our core mobile telephony services, we also provide
a wide range of other telecommunications services, including long distance,
wireless local telephony and data transmission services. Additional information
is available at www.iusacell.com .
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Legal Disclaimer
Grupo Iusacell, S.A. de C.V. quarterly reports and all other written
materials may from time to time contain statements about expected future events
and financial results that are forward-looking and subject to risks and
uncertainties. For those statements, the Company claims the protection of the
safe harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Discussion of factors that may affect future
results is contained in our filings with the Securities and Exchange Commission.
SOURCE Grupo Iusacell, S.A. de C.V.
-0- 07/14/2006
/CONTACT: Investors, Jose Luis Riera K., Chief Financial Officer,
+011-52-55-5109-5927, or J.Victor Ferrer, Finance Manager,
+011-52-55-5109-5273, or vferrer@iusacell.com.mx, both of Grupo Iusacell/
/Web site: http://www.iusacell.com /
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GRUPO IUSACELL, S.A. DE C.V.
Date: July 14, 2006
/s/
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Name: Fernando Cabrera
Title: Attorney in fact
/s/
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Name: Jose Luis Riera
Title: Attorney in fact
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