Satelites Mexicanos, S.A. de C.V. announced that it has appointed Raul Cisneros Matusita to serve as the new CEO of Satmex, effective November 30, 2006, to help chart a new direction for the Company. Mr. Cisneros's appointment was made on the same day the Company officially concluded its U.S. bankruptcy case.
Mr. Cisneros succeeds Sergio Miguel Angel Autrey Maza, who was designated by Satmex's Board as interim CEO in February 2005. Mr. Autrey will continue serving as a member of Reorganized Satmex's Board of Directors.
Mr. Cisneros, stated: "It is an honor to take the reins of this great company. I am excited about the opportunity to work together with the entire Satmex team and with our customers, suppliers and shareholders and other constituents towards long-term success."
Mr. Cisneros added that, "The Company is pleased that in only a matter of a few months, it exited its U.S. bankruptcy case having achieved the implementation of its restructuring set out in the restructuring agreement entered into between Satmex and representatives of its primary creditor constituencies in March of this year and approved by the Mexican Bankruptcy
Court in Satmex's former Concurso Mercantil proceeding. This is a historic day for the employees of Satmex and everyone else that worked tirelessly to achieve these goals. The restructuring of our indebtedness and our speedy emergence from chapter 11 will enhance our financial stability and enable us to continue delivering our premier satellite services to our customer base going forward."