Mexico's Altan Redes emerges from bankruptcy with govt's help

MEXICO CITY, Nov 3 (Reuters) - Mexican telecommunications company Altan Redes has emerged from bankruptcy with government assistance, according to a statement published by the firm on Thursday.

Altan Redes announced it filed for bankruptcy in July 2021 and said it was seeking protection under Mexican law to renegotiate its debts.

Mexican President Andres Manuel Lopez Obrador announced in June that the government had signed an agreement to become the majority stakeholder in Altan Redes and would bail it out.

"The Mexican Development Bank's participation in the board of directors of Altan Redes has allowed us to align actions and priorities in telecommunications with other government agencies in order to enhance results," the statement said.

Altan Redes has been developing since 2016 the so-called Red Compartida (shared network), part of a sector reform aimed at curbing the dominance of Mexican giant America Movil, controlled by the family of billionaire Carlos Slim, and improving the low levels of mobile phone penetration and network coverage. (Reporting by Valentine Hilaire; Editing by Sandra Maler)