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Altan Redes files for bankruptcy protection in Mexico

Reuters
·1 min read

MEXICO CITY, July 13 (Reuters) - Mexican telecommunications company Altan Redes, which has since 2016 been developing an ambitious telecommunications network built for carriers delivering the latest generation of technology, said on Tuesday that it has filed for bankruptcy.

The shared network is part of a reform to the sector aimed at curbing the dominance of the giant America Movil, controlled by the family of billionaire Carlos Slim, and improving the low levels of mobile phone penetration and network coverage.

In a statement, Altan Redes said it was seeking protection under Mexican law to renegotiate its debts.

It said it would "continue with the deployment of its network and the operation of the most important telecommunications project in the history of the country". (Reporting by Dave Graham and Noe Torres; Writing by Stefanie Eschenbacher; Editing by Ana Nicolaci da Costa)