0001193125-12-291998.txt : 20120702 0001193125-12-291998.hdr.sgml : 20120702 20120702155832 ACCESSION NUMBER: 0001193125-12-291998 CONFORMED SUBMISSION TYPE: F-4 PUBLIC DOCUMENT COUNT: 18 FILED AS OF DATE: 20120702 DATE AS OF CHANGE: 20120702 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SATELITES MEXICANOS SA DE CV CENTRAL INDEX KEY: 0001063131 STANDARD INDUSTRIAL CLASSIFICATION: RADIO TELEPHONE COMMUNICATIONS [4812] IRS NUMBER: 000000000 STATE OF INCORPORATION: O5 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: F-4 SEC ACT: 1933 Act SEC FILE NUMBER: 333-182497 FILM NUMBER: 12940361 BUSINESS ADDRESS: STREET 1: PASEO DE LA REFORMA NO. 222, PISO 20 Y 2 STREET 2: COL. JUAREZ CITY: MEXICO, D.F. STATE: O5 ZIP: 06600 BUSINESS PHONE: 5255-2629-5800 MAIL ADDRESS: STREET 1: PASEO DE LA REFORMA NO. 222, PISO 20 Y 2 STREET 2: COL. JUAREZ CITY: MEXICO, D.F. STATE: O5 ZIP: 06600 F-4 1 d373151df4.htm F-4 F-4
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As filed with the Securities and Exchange Commission on July 2, 2012

Registration No. 333-            

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

For the quarterly period ended March 31, 2012

Form F-4

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

 

 

SATÉLITES MEXICANOS, S.A. DE C.V.

(Exact name of registrant as specified in its charter)

MEXICAN SATELLITES,

A Mexican Company of Variable Capital

(Translation of registrant name into English)

 

 

 

Mexico   4812   Not Applicable
(State or other jurisdiction of
incorporation or organization)
 

(Primary Standard Industrial

Classification Code Number)

 

(I.R.S. Employer

Identification No.)

 

Avenida Paseo de la Reforma 222 Pisos 20 y 21   CT Corporation
Colonia Juárez   111 Eighth Avenue
06600 México, D.F.   New York, NY 10011
+(52) 55-2629-5800   (800) 432-3434

(Address, including zip code, and telephone number, including

area code, of registrant’s principal executive offices)

 

(Name, address, including zip code, and telephone number,

including area code, of agent for service)

 

 

With a copy to:

Randy Bullard

Greenberg Traurig

333 Avenue of the Americas

Miami, Florida 33131

(305) 579-0500

 

 

Approximate date of commencement of proposed sale of the securities to the public: As soon as practicable after this Registration Statement becomes effective and the other conditions to the exchange offer described in the accompanying prospectus have been satisfied or waived.

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.    ¨

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.    ¨

If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:

Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer)    ¨

Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)    ¨

 

 

CALCULATION OF REGISTRATION FEE

 

 

Title of each class of

Securities to be Registered

 

Amount

to be

Registered

 

Proposed

Maximum

Offering Price

Per Unit

 

Proposed

Maximum
Aggregate

Offering Price(1)

  Amount of
Registration Fee(2)

9.50% Senior Secured Notes due 2017

  $35,000,000   102%   $35,700,000   $4,091.22

Guarantees of 9.50% Senior Secured Notes June 2017

  (3)   (3)   (3)   (3)

 

 

 

(1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(f) of the Securities act of 1933, as amended (the “Securities Act”).
(2) Calculated pursuant to Rule 457(f)(2) under the Securities Act.
(3) No separate consideration will be received for the guarantees of the notes being registered. Pursuant to Rule 457(a) under the Securities Act, no separate fee is payable for the guarantees of the notes being registered.

 

 

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment that specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

TABLE OF SUBSIDIARY GUARANTORS

 

Name*

   State or Other
Jurisdiction of
Incorporation or
Organization
   I.R.S. Employer
Identification Number
   Primary Standard
Industrial Classification
Code

Alterna’TV Corporation

   Delaware    35-2353840    4812

Alterna’TV International Corporation

   Delaware    35-2364784    4811

 

* All subsidiary guarantors have the following principal executive office: 1500 San Remo Avenue, Suite 248, Coral Gables, Florida 33146.

 

 

 


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The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission (the “SEC”) is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

 

SUBJECT TO COMPLETION, DATED             , 2012

PRELIMINARY PROSPECTUS

Satélites Mexicanos, S.A. de C.V.

Offer to Exchange

9.50% Senior Secured Notes due 2017

For a Like Principal Amount of

New 9.50% Senior Secured Notes due 2017

 

 

Fully and Unconditionally, jointly and severally, guaranteed by Alterna’TV

Corporation and Alterna’TV International Corporation

 

   

We are offering to exchange, commencing on             , 2012, $35,000,000 aggregate principal amount of 9.50% Senior Secured Notes due 2017 we previously issued in a private placement (the “New Notes”) on April 9, 2012 for a like principal amount of new registered exchange notes due 2017 (the “Exchange Notes”).

 

   

The terms of the Exchange Notes are identical in all material respects to the terms of the New Notes, including the guarantees endorsed thereon, except for references to series and restrictive legends relating to the New Notes.

 

   

We will exchange all New Notes that are validly tendered and not validly withdrawn.

 

   

The exchange offer will expire at 5:00 p.m., New York City time, on             , 2012 unless we extend it.

 

   

You may withdraw tenders of New Notes at any time before 5:00 p.m., New York City time, on the date of the expiration of the exchange offer.

 

   

We will not receive any proceeds from the exchange offer.

 

   

We will pay the expenses of the exchange offer.

 

   

No dealer-manager is being used in connection with the exchange offer.

 

   

The exchange of notes will not be a taxable exchange for U.S. federal income tax purposes.

 

   

Our wholly-owned subsidiaries Alterna’TV Corporation, a corporation organized and existing under the laws of the State of Delaware (“Alterna’TV Corporation”), and Alterna’TV International Corporation, a corporation organized and existing under the laws of the State of Delaware (“Alterna’TV International Corporation” and, together with Alterna’TV Corporation, the “Guarantors”), have irrevocably and unconditionally agreed to guarantee the payment of principal, premium, if any, interest and all other amounts in respect of the Exchange Notes.

 

   

No public market currently exists for the Exchange Notes, and we do not intend to apply for listing on any securities exchange or to arrange for them to be quoted on any quotation system.

 

 

You should consider carefully the “Risk Factors” beginning on page 14 of this prospectus before you make a decision as to whether to tender your New Notes and consent to the proposed amendments.

 

 

Each broker-dealer that receives Exchange Notes for its own account pursuant to this exchange offer must acknowledge that it will deliver a prospectus in connection with any resales of such Exchange Notes. The letter of transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” under the Securities Act of 1933, as amended, or the Securities Act. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Notes received in exchange for New Notes where such New Notes were acquired by such broker-dealer as a result of market-making activities or other trading activities. We have agreed that for such period as this prospectus must be delivered by such persons under the prospectus delivery requirements of the Securities Act, we will make this prospectus available to any broker-dealer for use in connection with any such resale. See “Plan of Distribution.”

 

 

Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

 

 

The date of this prospectus is             , 2012.


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TABLE OF CONTENTS

 

GENERAL INFORMATION

     ii   

WHERE YOU CAN FIND MORE INFORMATION

     iii   

SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES

     iv   

FORWARD-LOOKING INFORMATION

     v   

MARKET AND INDUSTRY DATA

     vi   

PROSPECTUS SUMMARY

     1   

RISK FACTORS

     14   

USE OF PROCEEDS

     38   

RATIO OF EARNINGS TO FIXED CHARGES

     39   

CAPITALIZATION

     40   

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

     41   

SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA

     45   

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

     48   

BUSINESS

     69   

REGULATION

     88   

DESCRIPTION OF THE EXCHANGE NOTES

     97   

THE EXCHANGE OFFER

     172   

CERTAIN MEXICAN TAX CONSIDERATIONS

     180   

CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS

     183   

PLAN OF DISTRIBUTION

     186   

VALIDITY OF THE EXCHANGE NOTES

     186   

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     186   

EX-5.1

  

EX-5.2

  

EX-12.1

  

EX-21.1

  

EX-23.3

  

EX-25.1

  

EX-99.1

  

EX-99.2

  

EX-99.3

  

EX-99.4

  

EX-99.5

  

 

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GENERAL INFORMATION

We are responsible for the information contained and incorporated by reference in this prospectus and in any related free-writing prospectus we prepare or authorize. We have not authorized anyone to give you any other information, and we take no responsibility for any other information that others may give you.

We are not making the exchange offer in places where it is not permitted.

You should not assume that the information contained in this prospectus is accurate as of any date other than the date on the front cover of this prospectus.

As used in this prospectus, “Satmex,” “we,” “our” and “us” refer to Satélites Mexicanos, S.A. de C.V. and its consolidated subsidiaries, unless the context otherwise requires or unless otherwise specified.

 

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WHERE YOU CAN FIND MORE INFORMATION

This prospectus is part of a registration statement for the Exchange Notes, including exhibits, that we have filed with the SEC, on Form F-4 under the Securities Act. This prospectus does not contain all of the information set forth in the registration statement. Statements made in this prospectus as to the contents of any contract, agreement or other document are not necessarily complete. We have filed certain of these documents as exhibits to our registration statement and we refer you to those documents. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

We file or furnish annual, quarterly and current reports and other information with the SEC as a foreign private issuer on Forms 20-F and 6-K. These filings or furnishings are available to the public on the Internet on the SEC’s website located at http://www.sec.gov. You may read and copy any of such documents at the SEC public reference room, 100F Street, N.E., Room 1580, Washington D.C. 20549. Call the SEC at (800) 732-0330 for more information about the public reference room and how to request documents. We also make available on or through our website press releases and certain corporate governance documents as well as other information about us. Information contained in the website is not a part of and shall not be deemed incorporated by reference in this Form F-4.

Under the terms of the indenture governing the Exchange Notes, we agree that, whether or not we are required to do so by the rules and regulations of the SEC, and for so long as any of the Exchange Notes remain outstanding, we will furnish to the trustees and the holders of the Exchange Notes (the “Noteholders”), or (a) file or furnish with the SEC for public availability on Forms 20-F and 6-K annual and quarterly reports, respectively, and, with respect to the annual report on Form 20-F only, a report thereon by our independent registered public accounting firm and (b) promptly furnish all current reports that would be required to be filed with the SEC on Form 8-K if we were required to file such reports, unless the SEC will not accept such filings or furnishings. In addition, for so long as any of the Exchange Notes remain outstanding, at any time we are not required to file reports with the SEC, we have agreed to make available to any holder of the Exchange Notes, securities analysts and prospective investors, at their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act, so long as the Exchange Notes are not freely transferable under the Securities Act.

 

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SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES

Satmex and its subsidiaries (except for the Guarantors, Satmex USA LLC and Satmex do Brasil Ltda.), are either organized under the laws of Mexico or headquartered, managed and operated outside of the United States of America (the “U.S.”). Most of our directors and officers reside in Mexico. A substantial portion of our assets and the assets of most of our directors and officers are located outside of the U.S. (principally in Mexico). As a result, it may not be possible for Noteholders to effect service of process outside of Mexico (including within the U.S.) upon Satmex or such persons, or to enforce a judgment obtained in the U.S. against Satmex or such persons outside of Mexico or in the U.S. courts that is based on the civil liability provisions under laws of jurisdictions other than Mexico, including the federal and state securities laws or other laws of the U.S.

We have been advised by our special Mexican counsel, Cervantes Sainz, S.C., that no treaty is in effect between the U.S. and Mexico calling for the mutual recognition and enforcement of their respective judgments. The recognition by Mexican courts of a judgment rendered in the U.S. is usually done under the principle of reciprocity, which means that Mexican courts would reexamine judgments rendered in the U.S. if such foreign country would reexamine Mexican judgments. Under the applicable provisions of the Mexican Federal Code of Civil Procedure and the Mexican Commerce Code, Mexican courts may enforce judgments rendered in the U.S. through a homologation procedure consisting of the review by such Mexican courts of the foreign judgment to ascertain whether certain requirements of due process, reciprocity and public policy have been complied with, without further reviewing the merits of the subject matter of the case. A judgment rendered in the U.S. may or need not be recognized if, among others:

 

   

the foreign court did not have jurisdiction over the subject matter in a manner that is compatible with or analogous to Mexican laws or the subject matter is within the exclusive jurisdiction of Mexican courts;

 

   

the judgment was rendered under a system that does not provide procedures compatible with Mexican due process requirements;

 

   

the enforcement of the judgment would be contrary to Mexican law, public policy of Mexico, international treaties or agreements binding upon Mexico or generally accepted principles of international law;

 

   

the defendant did not receive adequate personal notice (served personally on the defendant or a duly empowered attorney-in-fact acting as process agent in the legal domicile of the defendant or the domicile designated by the defendant for such purposes) in sufficient time to defend itself;

 

   

the judgment is not final in the rendering state or it was not obtained in compliance with the legal requirements of the jurisdiction of the foreign court rending such foreign judgment;

 

   

the judgment conflicts with another final judgment;

 

   

the action in respect of which such judgment is rendered is the subject matter of a pending lawsuit or a final, non-appealable judgment among the same parties before a Mexican court;

 

   

the applicable procedure under the laws of Mexico with respect to the enforcement of foreign judgments (including issuance of a letter rogatory by a competent authority of such foreign jurisdiction requesting enforcement of such judgment and the certification of such judgment as authentic by the corresponding authorities of such jurisdiction in accordance with the laws thereof) was not observed; or

 

   

the court of the rendering state would not enforce Mexican judgments as a matter of reciprocity.

Furthermore, there is doubt as to the enforceability, in actions originated in Mexico, of liabilities based in whole or in part on the U.S. federal or state securities laws and as to the enforceability of judgments obtained in the U.S. in actions based in whole or in part on the civil liability provisions of U.S. federal or state securities laws.

 

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FORWARD-LOOKING INFORMATION

This prospectus contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act. In addition, from time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. They can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words, or by discussion of strategy that involves risks and uncertainties. These forward-looking statements may be included in, but are not limited to, various filings made by us with the SEC, press releases or oral statements made by or with the approval of one of our authorized executive officers. Forward-looking statements are only predictions. Actual events or results could differ materially from those projected or suggested in any forward-looking statement as a result of a wide variety of factors and conditions, including, but not limited to, the factors summarized below. We undertake no obligation to update any forward-looking statement.

This prospectus identifies important factors which could cause our actual results to differ materially from those indicated by the forward-looking statements, particularly those set forth in the sections “Summary” and “Risk Factors.” The factors that could affect our actual results include the following:

 

   

our history of significant net operating losses;

 

   

our ability to pay the Exchange Notes in full at maturity;

 

   

our high degree of leverage and significant debt service obligations;

 

   

our inability to continue to finance, complete building and successfully launch our currently anticipated Satmex 8 satellite and our planned Satmex 7 satellite;

 

   

our in-orbit satellites are vulnerable to failure;

 

   

a small number of customers accounts for a large portion of our revenue;

 

   

competition;

 

   

our ability to incur more debt;

 

   

restrictions and limitations imposed on us by the agreements and instruments governing the Exchange Notes;

 

   

our ability to maintain satellites in the orbital slots we currently use;

 

   

our government concessions may be revoked under certain circumstances;

 

   

the effects of changes to the current Mexican telecommunications laws and regulations;

 

   

Mexican social, political and economic developments; and

 

   

foreign currency exchange fluctuations relative to the U.S. dollar or the Mexican peso.

The risk factors included in this prospectus are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors could also harm our future results. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date of this prospectus and are expressly qualified in their entirety by the cautionary statements included in this prospectus. We undertake no obligations to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. In evaluating forward-looking statements, you should consider these risks and uncertainties.

 

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MARKET AND INDUSTRY DATA

Market data and certain industry data and forecasts used throughout this prospectus were obtained from internal company surveys, market research, consultant surveys, publicly available information, reports of governmental agencies and industry publications and surveys, including the following: Projection Model Satmex 2020; 17th Satellite Communications & Broadcasting Markets Survey Forecasts to 2010, by Euroconsult; Convergencia Latina Map 2011; Via Satellite’s 2010 Industry Directory; Company Profiles, Analysis of FSS Operators, dated 2011, by Euroconsult; Company Profiles, Analysis of FSS Operators, dated June 2010, by Euroconsult; Price Assumptions in C-bands, dated December 2010, by Satmex; Satmex Industry Analysis; Executive Summary of Satmex 8 Market Validation, dated January 2010, by Euroconsult; Satmex 8 Market Study, dated October 2010, by Northern Sky Research; Satmex 8 Market Validation, dated October 2010, by Euroconsult; Executive Summary of Satmex 8 Market Study, dated December 2009, by Northern Sky Research; Satmex 8 Market Study, dated December 2009, by Northern Sky Research; Satmex 8 Market Validation, dated December 2009, by Euroconsult; and Global assessment of satellite supply and demand 8th edition, dated 2011 by Northern Sky Research. Industry surveys, publications, consultant surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. We have not independently verified any of the data from third-party sources, nor have we ascertained the underlying economic assumptions relied upon therein. Similarly, internal surveys, industry forecasts and market research, which we believe to be reliable based upon our management’s knowledge of the industry, have not been independently verified. Forecasts are particularly likely to be inaccurate, especially over long periods of time. In addition, we do not necessarily know what assumptions regarding general economic growth were used in preparing the forecasts we cite. We do not make any representation as to the accuracy of information contained in this prospectus based upon such market and industry data and forecasts. Statements as to our market position are based on the most currently available data. While we are not aware of any misstatements regarding the industry data presented in this prospectus, our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under the heading “Risk Factors” in this prospectus. We cannot guarantee the accuracy or completeness of any such information contained in this prospectus.

 

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PROSPECTUS SUMMARY

This summary highlights information contained elsewhere in this prospectus. This summary is not complete and does not contain all of the information that you should consider before investing in the Exchange Notes. You should carefully read this entire prospectus, including the risk factors and financial statements. As a result of the transactions described below under the heading “Recapitalization Transactions,” our operational results are divided between a predecessor entity through May 25, 2011 and a successor entity thereafter. See “Selected Consolidated Financial and Other Data” for further detail of the results of operations of the predecessor and successor entity. This prospectus contains forward-looking statements, which involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth in “Risk Factors” and elsewhere in this prospectus.

Our Company

Satmex is a significant provider of fixed satellite services (“FSS”) in the Americas, with coverage of more than 90% of the population of the region across more than 45 nations and territories. As one of only two privately-managed FSS providers based in Latin America, we have designed, procured, launched and operated three generations of satellites during a period of over 26 years. Our current fleet is comprised of three satellites in highly attractive, adjacent orbital slots that enable our customers to effectively serve our entire coverage footprint utilizing a single satellite connection. We believe that our attractive orbital locations, long operating history, extensive customer relationships and experienced management team have resulted in high utilization rates, strong customer retention, significant Adjusted EBITDA margins and substantial backlog. For the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net loss, see “Selected Consolidated Financial and Other Data.”

Our business provides mission-critical communication services to a diverse range of high-quality customers, including large telecommunications companies, private and state-owned broadcasting networks, cable and direct-to-home satellite (“DTH”) television operators, and public and private telecommunications networks operated by financial, industrial, transportation, tourism, educational and media companies as well as governmental entities. Some of our significant customers include: Hughes Network Systems, LLC, Telmex Perú, Teléfonos de México, S.A.B. de C.V., Hunter Communications, Inc., Newcom International, Inc. and Telefónica del Perú, S.A.A. Our contract renewal rate for the four years ended December 31, 2011, measured on a capacity basis (i.e., the total amount of MHz expiring annually), was 96.3%. Our contract renewal rate for the three months ended March 31, 2012, measured on a capacity basis (i.e., the total amount of MHz expiring annually), was 96.7%.

We have experienced substantial growth in our revenue and Adjusted EBITDA over the last several years. Our revenue increased from $114.7 million for 2008 to $128.4 million for 2011, a cumulative annual growth rate, or CAGR, of 3.83%. Despite the increase in our net loss from $35.3 million in 2008 to $47.6 million in 2011, which mainly was a result of significant interest expense on our then existing First Priority Senior Secured Notes due 2011 (the “First Priority Old Notes”) and our then existing Second Priority Senior Secured Notes due 2013 (the “Second Priority Old Notes” and together with the First Priority Old Notes, the “Old Notes”), our Adjusted EBITDA grew from $74.7 million to $88.9 million over the same period, a CAGR of 5.94%, and we maintained an average combined capacity utilization rate for our Satmex 5 and Satmex 6 satellites in excess of 96%. The stability of our revenue is supported by multi-year contracts with our non-governmental customers, which are typically three to five years in duration and denominated in U.S. dollars. Our satellite services revenue backlog, which is our expected future revenue under existing customer contracts, was approximately $195.0 million as of March 31, 2012.

Our FSS business serves a diverse group of customers in terms of the nature of their content, their ownership structure and their geographic location. We provide our services primarily to three types of customers who we believe will demand increasing transponder capacity and drive the expansion of the FSS industry in the Americas over the next decade:

 

   

Data and voice-over IP networks Our data and voice-over IP networks services include voice and data backhaul for telecommunication companies as well as the sale of satellite transmission capacity to broadband Internet service providers, public communications carriers, government agencies and multinational corporations. Demand from private and public network providers in Latin America for broadband Internet services and cellular telephony backhaul is anticipated to be a strong source of future growth. Approximately 71.4% of our satellite revenue for the three months ended March 31, 2012 was attributed to our data and voice-over IP network services.

 

 

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Video – Our video distribution services include providing FSS to television broadcast networks, cable and DTH television operators and broadcasters of special events. The increased transmission of high-definition television, or HDTV, signals requires greater transmission capacity than standard television signals. We also expect continued demand for bandwidth as a result of increased offerings of television services by non-traditional providers offering bundled services (i.e., “triple play”), such as telecommunication companies. A third source of video demand growth is the trend towards a greater number of television channel offerings, driven by consumer demands for more diverse and specialized content. Approximately 21.2% of our satellite services revenue for the three months ended March 31, 2012 was attributed to our video services.

 

   

Government – Our government services include providing data and voice-over IP services to the public sector, the sale of satellite transmission capacity to national security networks and government-sponsored connectivity programs to provide broadband Internet access to rural and often remote geographic areas. Governments have experienced an increased need for commercial satellite communications services driven, in part, by expanded services for voice-over IP networks, disaster recovery, military, counterterrorism, anti-drug efforts and social programs. There has also been a trend of increased outsourcing of broadband services from government-owned to commercial satellite fleets. Approximately 7.4% of our satellite services revenue for the three months ended March 31, 2012 was attributed to our government services.

On October 23, 1997, the Mexican government granted us three concessions related to our use of certain associated C- and Ku- frequency bands at the orbital slots occupied by our satellites (the “Orbital Concessions”). Under Mexican law, the assignment of the rights and obligations deriving from the Orbital Concessions to a buyer in a foreclosure sale would require the consent and approval of the Ministry of Communications and Transportation (Secretaria de Comunicaciones y Transportes), or the SCT. A fourth concession was granted on October 15, 1997 and relates to our use of the land and buildings on which our satellite control centers are located and allows us to base our ground station equipment within telecommunication facilities that belong to the Mexican government (the “Property Concession” and, together with the Orbital Concessions, the “Concessions”). We provide FSS through our fleet of three satellites: Satmex 6, Satmex 5 and Solidaridad 2.

We primarily provide commercial FSS through Satmex 6 and Satmex 5, which generate materially all of our satellite services Adjusted EBITDA. Satmex 5 and Satmex 6 have a total of 108 C- and Ku-band 36 MHz transponder equivalents. In November 2011, Boeing Satellite Systems International, Inc. (“Boeing”) updated the remaining useful life of Satmex 5 based on analyses of the remaining propellant, deorbit propellant, residual propellant and uncertainties. As of March 31, 2012, we estimate the remaining useful lives of Satmex 6 and Satmex 5 were approximately 10.94 years and 0.88 years, respectively. As of the date of this prospectus, Satmex 6 and Satmex 5 are insured with coverage of $288.0 million and $14.8 million, respectively. Our in-orbit insurance for Satmex 5 is based upon the asset value of such satellite (which insurance shall be reduced from $20.2 million in January 2012 to $5.4 million in December 2012).

We have started construction and entered into a launch services agreement for a new satellite, Satmex 8, which will replace Satmex 5. In April 2010, we entered into definitive construction agreement with the Space Systems/Loral, Inc. (“Loral”) for the design, construction and delivery of the satellite. It will be based on Loral’s well-established LS-1300 platform, which has been periodically upgraded since its original introduction in the mid-1980s. The agreement provides for a 27-month construction schedule, including two months of contingency margin for the completion of construction. We currently anticipate that the launch of Satmex 8 will take place by late September 2012. We anticipate that Satmex 8 will be fully operational and that substantially all of Satmex 5’s customers will have been transferred to Satmex 8 in the fourth quarter of 2012. Satmex 8 has a design life of 15 years and will provide approximately an additional 45% of commercial transponder capacity compared to that of Satmex 5.

In March 2008, Solidaridad 2 was placed in inclined orbit. It only provides L-band service to the Mexican government for national security and social services. The L-band sub-system installed on Solidaridad 2 is owned by the Mexican government and may not be transferred by us or used for other purposes. As of December 31, 2010, we estimated that Solidaridad 2 could remain in inclined orbit for 2.5 years but in early 2011 we began to suspect that it

 

 

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had less propellant than needed to continue to operate in inclined orbit for that period. On June 1, 2011, we received the results of an independent study and based on such study we have decided to de-orbit the satellite. The Mexican government, however, has contracted a consultant to evaluate the feasibility of extending the Solidaridad 2 life for providing L-band services. We are currently in negotiations with the Mexican government regarding our analysis of their request. On March 13, 2012, we entered into a definitive construction agreement with Boeing for the design, construction and delivery of a new satellite, Satmex 7, which will occupy the orbital slot of Solidaridad 2 and offer both C- and Ku-band services. See “Prospectus Summary – The Satmex 7 and F4 Programs.” Once Satmex 8 is launched and in-orbit, however, we currently anticipate transferring Satmex 5 to the orbital slot currently occupied by Solidaridad 2 until the end of Satmex 5’s remaining useful life. See “Business-Our Satellites-Solidaridad 2.”

We operate and monitor our satellite fleet from two specialized earth stations, or satellite control centers, located in Iztapalapa, Mexico City, and Hermosillo, State of Sonora, Mexico. The Mexican government granted us the Property Concession to use the land and buildings on which our satellite control centers are located for an initial term expiring in October 2037, at which time the Property Concession may be renewed. The Property Concession also allows us to locate our ground station equipment within telecommunications facilities that belong to the Mexican government. Operating two redundant satellite control centers in separate locations mitigates the risk of any service interruptions. The Property Concession does not cover any radiofrequency operations.

We have a proven track record for operational and engineering reliability, built on our experience of over 26 years in the FSS sector. Our Satmex 5 and Satmex 6 satellites have been highly reliable, delivering nearly 100% availability to our customers on such station-kept satellites for the three months ended March 31, 2012.

In addition to our core FSS business, which we report as our “Satellite services” segment, we also offer broadband satellite services through our 75%-owned subsidiary Enlaces Integra, S. de R.L. de C.V. (“Enlaces”) and programming distribution services through our “Alterna’TV” digital distribution platform (“Alterna’TV”).

Enlaces offers private networks for voice, video and data, as well as other value-added satellite services to a number of leading retailers and financial institutions as well as other commercial, governmental, educational and nonprofit organizations, primarily throughout Mexico. In order to provide these services, on January 20, 2000, Enlaces was granted a concession (the “Networks Concession”) to install and operate a public telecommunications network and stream data, voice, video and audio to authorized public telecommunications networks, certain private networks and value-added services providers in Mexico (the “Value-Added Services Certificate”). The Networks Concession is for a term of 30 years, subject to renewal pursuant to the Mexican Ley Federal de Telecomunicaciones (the “Federal Telecommunications Law” or the “Telecommunications Law”). Enlaces generated $2.3 million and $12.6 million of revenue for the three months ended March 31, 2012 and the year ended December 31, 2011, respectively, or 7.3% and 9.8%, respectively of our total revenue.

Through Alterna’TV, we offer Latin American programming to the U.S.’s fast-growing Hispanic community via DTH satellite and cable TV systems. As part of the Alterna’TV platform, we hold exclusive distribution rights in the U.S. to a number of Spanish-language television channels from various Mexican and South American programmers. Our Alterna’TV operations generated $3.7 million and $12.3 million of revenue for the three months ended March 31, 2012 and the year ended December 31, 2011, respectively, or 11.6% and 9.6%, respectively of our total revenue.

We believe our desirable orbital locations, strong customer relationships and sizable backlog of contracted revenue underpin our established, predictable core business and position us to capitalize on the growing opportunities in the satellite industry

Recapitalization Transactions

In June 2005, due in part to both the broader telecommunications industry downturn and our post-privatization debt structure, we filed a petition for a concurso mercantil (the “2005 Concurso Mercantil”), which is a Mexican reorganization proceeding. In 2006, we entered into a court-approved comprehensive restructuring agreement (the “Concurso Agreement”) with the holders of a majority of our then outstanding debt and a pre-negotiated plan of reorganization (the “2006 Plan”) voluntarily filed under Chapter 11 of the Bankruptcy Code. We successfully concluded our 2006 reorganization and emerged from our U.S. bankruptcy case on November 30, 2006.

 

 

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Beginning in April 2011, in order to address our future liquidity needs and to enhance our long-term growth and competitive position we undertook the following actions (which we refer to in this prospectus, collectively, as the “Recapitalization Transactions”):

 

   

the voluntary filing, on April 6, 2011, by Satmex and the Guarantors for protection under Chapter 11 of Title 11 of the U.S. Code, the federal bankruptcy law (the “U.S. Bankruptcy Code”), and confirmation of the plan of reorganization (the “Plan”), which occurred on May 11, 2011;

 

   

the consummation of the Plan, which occurred on May 26, 2011 (the “Plan Effective Date”);

 

   

the conversion of our then existing Second Priority Old Notes into direct or indirect equity interests in reorganized Satmex, which occurred on May 26, 2011;

 

   

the offering to holders of the Second Priority Old Notes of rights to purchase direct or indirect equity interests in reorganized Satmex (the “Rights Offering”), which closed on May 26, 2011;

 

   

the offering and sale of $325 million in principal amount of 9.5% Senior Secured Notes due 2017 (the “Original Notes”), which were initially offered on May 2, 2011 to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended, or the Securities Act, and to persons outside of the U.S. in compliance with Regulation S of the Securities Act, pursuant to an Indenture with Wilmington Trust, National Association, as successor by merger to Wilmington Trust FSB, as trustee (the “New Indenture”), dated as of May 5, 2011;

 

   

the release of the net proceeds from the offering and sale of the New Notes with Satmex becoming a co-obligor for the obligations for the New Notes through the execution of a supplemental indenture (the “Supplemental Indenture” and together with the New Indenture, the “Indenture”), which occurred on May 26, 2011;

 

   

the payment of distributions and reserves for distributions under the Plan, including the repayment of our then outstanding First Priority Old Notes, which occurred on May 26, 2011;

 

   

the exchange of $322,975,000 of the total $325,000,000 of the Original Notes, through separate transactions dated November 3, 2011 and January 9, 2012, for the exchange notes (the “Original Exchange Notes,” and together with the Original Notes, the New Notes and the Exchange Notes, the “Notes”) registered under the Securities Act pursuant to a registration statement on Form F-4;

 

   

the offering and sale of $35 million in principal amount of the New Notes, which were initially offered on April 9, 2012 as additional debt securities under our existing Indenture to qualified institutional buyers under Rule 144A of the Securities Act; and

 

   

the payment of fees and expenses related to the foregoing.

The Exchange Notes will be issued under the Indenture. The terms of the Exchange Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended, or TIA.

Our Corporate Structure

Satmex is owned principally by Holdsat México, S.A.P.I. de C.V., a sociedad anónima promotora de inversión de capital variable organized and existing under the laws of Mexico (“Holdsat México”), and Satmex International B.V., a limited liability company organized under the laws of The Netherlands (“Satmex International BV”). Satmex International BV equity interests are owned indirectly by Satmex Investment Holdings L.P., an exempted limited partnership organized under the laws of the Cayman Islands (“Investment Holdings LP”), which owns 99.99% of such equity interests, and Satmex Investment Holdings GP Ltd., an exempted limited company organized under the laws of the Cayman Islands (“Investment Holdings GP” and together with Investment Holdings LP, “Investment Holdings”), which is the general partner of Investment Holdings LP and owns 0.01% of such equity interests. Eligible former holders of the Second Priority Old Notes own 100.00% of the interests in Investment Holdings. Holders that are not eligible to hold their interests through Investment Holdings (if any) hold shares of reorganized Satmex directly, as described below.

 

 

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Satmex is authorized to issue three types of shares: Series A shares, Series B shares and Series N shares.

 

   

The Series A shares of Satmex entitle holders thereof to 51.0% of Satmex’s voting rights and 5.1% of the economic rights of all shares. The Series A shares may be owned only by Mexican individuals, Mexican entities that are owned only by Mexican individuals or entities or Mexican entities in which 51.0% of the capital is owned by Mexican individuals or entities (if entities, only if 51.0% of the capital of such entities is also owned by Mexican individuals or entities). All 6,630,000 Series A shares of Satmex are owned by Holdsat México.

 

   

Series B shares of Satmex entitle the holders thereof to 49.0% of Satmex’s voting rights and 4.9% of the economic rights of all shares. The Series B shares may be owned by any person including foreign investors. The Series B shares of Satmex are currently held by (i) Satmex International BV, with 6,363,339 shares, (ii) EJA Holdings LTD., with 1,113 shares, and (iii) Centerbridge Capital Partners SBS (Cayman) L.P., with 4,081 shares. Satmex currently holds 1,467 Series B shares in its treasury.

 

   

Series N shares of Satmex entitle holders of such Series N shares to 90.0% of the economic rights of all shares and limited voting rights. The holders of Series N shares may vote only on the following matters: (i) extension of Satmex’s corporate existence; (ii) dissolution; (iii) change of corporate purpose; (iv) change of nationality; (v) transformation of Satmex from one type of entity to another; and (vi) merger of Satmex with and into another entity. The Series N shares may be owned by any person, including foreign investors. Under Mexican law, foreign investment in Satmex’s capital, represented by full voting rights shares, may not exceed 49.0%. The Series N shares, however, are not taken into account in determining the level of foreign investment. The Series N shares of Satmex are currently held by (i) Satmex International BV, with 116,877,651 shares, (ii) EJA Holdings LTD., with 20,448 shares, and (iii) Centerbridge Capital Partners SBS (Cayman) L.P., with 74,963 shares. Satmex currently holds 26,938 Series N shares in its treasury.

The Satmex 7 and F4 Programs

Satmex 7 is a new generation Boeing 702 SP satellite that will replace our existing Solidaridad 2 satellite and occupy the 114.9° W.L. orbital slot. Satmex 7 presents attractive opportunities for C-band and Ku-band applications including data applications, enterprise data, cellular backhaul and commercial mobility. On March 13, 2012, we entered into a definitive construction agreement with Boeing for the design, construction and delivery of Satmex 7, and the option to purchase an additional Boeing 702 SP satellite, to be named F4. On February 3, 2012, we entered into a launch services agreement (the “Launch Services Agreement”) with Space Exploration Technologies, Corp. (“SpaceX”) for the launch of a dual-satellite payload. The Satmex 7 construction program provides for a 34-month construction schedule, with a scheduled launch period between December 2014 and February 2015, and with operations expected to commence in October 2015. The design, construction, launch and insurance costs of Satmex 7 are expected to be approximately $165.0 million. We expect to finance Satmex 7 through a combination of the proceeds obtained from the offering of the New Notes and cash flow from operations.

New Satellite Program Agreements

Satmex entered into the Launch Services Agreement for the launch of a dual-satellite payload consisting of Satmex 7 and another similar-model satellite to be owned by another satellite operator, Asia Broadcast Satellite Holdings Ltd (“ABS”). The Launch Services Agreement is one among other agreements described below involving the purchase of four C- and Ku-band satellites to be developed and manufactured by Boeing under a joint procurement program with Satmex and ABS (the “Program”). On March 13, 2012, Satmex and ABS entered into a master procurement agreement with Boeing (the “Master Procurement Agreement”), which establishes the framework for the joint administration by Satmex and ABS of the Program.

In connection with the Program, on March 13, 2012, Satmex entered into a construction agreement, (the “Satmex Procurement Agreement”), with Boeing for the design, construction and delivery of Satmex 7. In addition to

 

 

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entering into the Satmex Procurement Agreement, Satmex also entered into a bilateral agreement with ABS on March 13, 2012 (the “Bilateral Agreement”), each as described below. The Master Procurement Agreement, the Launch Services Agreement, the Satmex Procurement Agreement and the Bilateral Agreement are collectively referred to as the “New Satellite Program Agreements.”

Master Procurement Agreement

Under the Master Procurement Agreement, Satmex committed to purchase one of the initial four satellites, designated Satmex 7, and agreed to enter into the Satmex Procurement Agreement pursuant to which Boeing will develop and manufacture Satmex 7. ABS committed to purchase two of the initial four satellites and agreed to enter into a separate satellite procurement agreement with Boeing for the development and manufacture of those satellites. The allocation of the fourth initial satellite (“F4”) as between Satmex and ABS is subject to determination at a later date, but the total costs of F4 are expected to be similar to those of Satmex 7. Satmex and ABS have each agreed to be responsible for 50% of the initial deposit for F4. If Satmex and ABS elect to terminate their obligation to purchase F4 prior to July 13, 2013, Boeing will be entitled to retain the initial deposit and Satmex will have no further liability to Boeing for F4. Satmex and ABS are severally and not jointly liable to Boeing for the purchase of their respective satellite or satellites under their respective satellite procurement agreements. However, if Satmex or ABS defaults on its purchase obligation and, as a result, Boeing terminates the defaulting party’s satellite procurement agreement, Boeing is entitled to increase the price of the non-defaulting party’s satellite to preserve its expected economic benefit of the joint procurement of the satellites pursuant to the Program. If Boeing terminates the satellite procurement agreement with ABS as a result of a default by ABS, the purchase price of Satmex 7 will increase. Satmex will have a corresponding damage claim against ABS for the cost of the resulting increase.

Under the Master Procurement Agreement, Boeing also granted to Satmex and ABS the right to purchase up to four additional satellites. The rights expire between April 13, 2014 and October 13, 2015, if not previously exercised and will expire if the obligation to purchase F4 is terminated by Satmex and ABS. If such options are exercised, the party exercising the right may either enter into an additional contract or an amendment to its existing satellite procurement agreement, on terms and conditions identical in all material respects to the terms and conditions of its satellite procurement agreement. Delivery of an additional satellite subject to this right shall occur no later than 24 months after the configuration authorization to proceed, which sets forth the final payload configuration for such satellite.

Satmex Procurement Agreement

Under the Satmex Procurement Agreement, Boeing will manufacture and deliver Satmex 7 and provide satellite simulator software, satellite control software and training. Boeing is to deliver Satmex 7 34 months following the execution of this agreement. Satmex has the right to terminate the agreement at any time for any reason for its convenience, subject to making a required termination payment and paying to ABS the amount of any increased costs incurred by ABS that are attributable to a non-dual launch of satellites. If Satmex purchases F4, or elects to purchase any of the optional satellites thereafter, the cost of each satellite is expected to be substantially the same as Satmex 7.

Launch Services Agreement

Under the Launch Services Agreement, Satmex has contracted with SpaceX for launch services for Satmex 7 on a Falcon 9 launch vehicle. The launch is for a dual-satellite payload, which will include Satmex 7 and is expected to include one of the ABS satellites under the Program. Satmex 7 has a launch window between December 2014 and February 2015. However, Satmex or SpaceX have the right to request the postponement or advancement of the launch for a limited period of time, without any penalty. Satmex also has the right to terminate the Launch Services Agreement for any reason for its convenience with notice to SpaceX and the payment of an agreed termination fee (which fee escalates over time).

If Satmex terminates the Launch Services Agreement without the consent of ABS, Satmex would additionally be responsible to ABS for any increased costs incurred by ABS that are attributable to a non-dual launch of satellites or the termination of the Launch Services Agreement. Satmex has agreed with ABS that it will not terminate the Launch Services Agreement without the consent of ABS.

 

 

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Bilateral Agreement

Under the Bilateral Agreement by Satmex and ABS, the parties agreed to share launch services, allocate common Program costs and cross-indemnify each other for any actions or changes to the Program made by Satmex or ABS that adversely affect the costs, timing, delivery or launch of the other party’s satellite or satellites.

Satmex has agreed to include one of the ABS satellites in the Program on a dual-satellite payload SpaceX launch under the Launch Services Agreement. In consideration thereof, ABS will pay Satmex 50% of the total price for launch services under the Launch Services Agreement. Considering that ABS will include F4 in its launch services agreement, Satmex has agreed with ABS that it will pay ABS for 25% of the total price for launch services under the ABS-SpaceX launch agreement. The aforementioned will be the maximum liability for Satmex in the event F4 is terminated as provided above. On the other hand, Satmex shall reimburse ABS for the other 25% for an aggregate of 50% of the total price of the launch services under the ABS-SpaceX launch agreement if F4 is elected by Satmex. The terms and conditions for the launch services under the ABS-SpaceX launch agreement are substantially similar to the terms and price of the launch services under the Launch Services Agreement.

 

 

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Summary of the Exchange Offer

 

Background

   On April 9, 2012, Satmex issued $35,000,000 aggregate principal amount of 9.50% Senior Secured Notes due 2017 in a private placement. In connection with that issuance, Satmex entered into a registration rights agreement in which we agreed, among other things, to complete this exchange offer. Under the terms of the exchange offer, you are entitled to exchange the New Notes for Exchange Notes evidencing the same indebtedness and with substantially similar terms, except for restrictive legends relating to the New Notes. The exchange offer is intended to satisfy our and the Guarantors’ obligations under the registration rights agreement. If the exchange offer is not completed by November 10, 2012, which is the time period specified in the registration rights agreement, we will be required to pay additional interest on the New Notes. You should read the discussion under the heading “Description of the Exchange Notes” for further information regarding the Exchange Notes.

Exchange offer

   We are offering to exchange up to $35,000,000 aggregate principal amount of the Exchange Notes that have been registered under the Securities Act for the New Notes that were issued on April 9, 2012 in a private placement. To participate in the exchange offer, you must follow the automatic tender offer program, or “ATOP,” procedures established by The Depository Trust Company, or “DTC,” for tendering notes held in book-entry form. The ATOP procedures require that the exchange agent receive, prior to the expiration date of the exchange offer, a computer-generated message known as an “agent’s message” that is transmitted through ATOP and that DTC confirm that:
      DTC has received instructions to exchange your New Notes; and
      you agree to be bound by the terms of the letter of transmittal.
   For more details, please read “The Exchange Offer – Terms of the Exchange Offer” and “The Exchange Offer – Procedures for Tendering.” Any holder electing to have New Notes exchanged pursuant to this exchange offer must properly tender your New Notes prior to the close of business on the expiration date. All New Notes validly tendered and not properly withdrawn will be accepted for exchange. New Notes may be exchanged only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Resales

   Under existing interpretations of the Securities Act by the staff of the SEC contained in several no-action letters to third parties, and subject to the immediately following sentence, we believe that the Exchange Notes will generally be freely transferable by holders after the exchange offer without further compliance with the registration and prospectus delivery requirements of the Securities Act, if:
      you are not one of our “affiliates” as defined in Rule 405 under the Securities Act;
      you are acquiring the Exchange Notes in the ordinary course of your business; and
      you have not engaged in, do not intend to engage in and have no arrangement or understanding with any person to participate in a distribution of the Exchange Notes.
   If you are our affiliate, or are engaging in, or intend to engage in, or have any arrangement or understanding with any person to participate in, a distribution of the Exchange Notes, or are not acquiring the Exchange Notes in the ordinary course of your business, you will not be able to rely on the interpretations of the staff of the

 

 

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SEC, will not be permitted to tender New Notes in the exchange offer and, in the absence of any exemption, you must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any resale of the Exchange Notes.

 

Our belief that transfers of Exchange Notes would be permitted without registration or prospectus delivery under the conditions described above is based on SEC interpretations given to other, unrelated issuers in similar exchange offers. We cannot assure you that the SEC would make a similar interpretation with respect to our exchange offer.

 

If you are a broker-dealer and receive Exchange Notes for your own account in exchange for New Notes that were acquired as a result of market-making activities or other trading activities, you must represent to us that you will deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of the Exchange Notes.

Consequences of failure to exchange

   If we complete the exchange offer and you do not participate in it, then:
  

 

  

 

your New Notes will continue to be subject to the existing restrictions upon their transfer;

      we and the Guarantors will have no further obligation to provide for the registration under the Securities Act of those New Notes except under certain limited circumstances; and
      the liquidity of the market for your New Notes could be adversely affected.

Expiration date

   This exchange offer will remain open for at least 20 full business days (as defined by Rule 14d-1(g)(3) of the Exchange Act) and will expire at 5:00 p.m., New York City time, on , 2012, or such later date and time to which we extend it (the “expiration date”).

Withdrawal of tenders

   You may withdraw your tender of New Notes at any time prior to the expiration date. To withdraw, you must submit a notice of withdrawal to the exchange agent using ATOP procedures before 5:00 p.m., New York City time, on the expiration date of the exchange offer. Please read “The Exchange Offer – Withdrawal of Tenders.”

Conditions

   The exchange offer is subject to certain customary conditions. See “The Exchange Offer – Conditions.”

Certain income tax considerations

   This exchange will not be a taxable exchange for U.S. federal income tax purposes.

Accounting treatment

   We will not recognize any gain or loss for accounting purposes upon the completion of this exchange offer.

Use of proceeds

   We will not receive any cash proceeds from the issuance of the Exchange Notes in this exchange offer.

Exchange agent

   Wilmington Trust, National Association is serving as exchange agent in connection with the exchange offer.

 

 

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Summary of the Terms of the Exchange Notes

The terms of the Exchange Notes are identical in all respects to the terms of the New Notes, except that the Exchange Notes have been registered under the Securities Act and, therefore, will not bear legends restricting their transfer and will not be subject to registration rights or the related provisions for increased interest if we default under the registration rights agreement. The following summary contains basic information about the Exchange Notes and is not intended to be complete. It does not contain all the information that is important to you. For a more complete understanding of the Exchange Notes, please refer to the section of this prospectus entitled “Description of Exchange Notes.”

 

Issuer

   Satélites Mexicanos, S.A. de C.V., a sociedad anónima de capital variable organized under the laws of Mexico.

Notes offered

   $35,000,000 aggregate principal amount of 9.50% Senior Secured Notes due 2017.

Maturity date

   May 15, 2017.

Interest

   9.50% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2012. Interest will accrue from the issue date.

Guarantees

   The Exchange Notes are fully and unconditionally guaranteed, jointly and severally, on a first priority senior secured basis by the Guarantors and all of our future material subsidiaries (excluding any such subsidiary formed after the issue date and solely to design, construct, launch and own one or more satellites, including Satmex 7). Under certain circumstances, guarantors may be released from their guarantees without the consent of the Noteholders. See “Description of the Exchange Notes – Exchange Note Guarantees.”

Security

   The Exchange Notes and the guarantees are secured, equally and ratably with all of our and the guarantors’ other first lien obligations, by a first priority lien on substantially all of our and the Guarantors’ assets, including the pledge of all of the equity interests of Enlaces owned by Satmex, representing 75% of the outstanding equity interests of Enlaces, and 100% of all outstanding equity interests of each of the Guarantors (collectively, the “Collateral”), subject to certain exceptions and permitted liens.

Ranking

   The Exchange Notes are:
      our general obligations;
      effectively junior to all of our other indebtedness that is secured by liens on our other assets that do not constitute collateral to the extent of the value of those other assets;
      pari passu in right of payment with all of our existing and future senior indebtedness and effectively senior to any of our future senior unsecured obligations or junior lien obligations to the extent of the value of the collateral;
      structurally subordinated to any existing and future indebtedness and other liabilities of our non-guarantor subsidiaries; and
      senior in right of payment to any of our future subordinated indebtedness.

 

 

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   Each guarantee of the Exchange Notes is:
      a general obligation of that guarantor;
      pari passu in right of payment with all existing and future senior indebtedness of the guarantor and effectively senior to any future senior unsecured obligations or junior lien obligations of that guarantor to the extent of the value of the collateral; and
      senior in right of payment to any future subordinated indebtedness of that guarantor.
   For the three months ended March 31, 2012 and for the year ended December 31, 2011 (after intercompany eliminations), our non-guarantor subsidiaries accounted for approximately 7.3% and 9.8% of our consolidated revenue, respectively, and 5.8% and 3.3% of our Adjusted EBITDA, respectively, and for approximately 4.4% and 4.0% of our total assets as of such dates, respectively.

Optional redemption

   Prior to May 15, 2014, we may redeem up to 35% of the aggregate principal amount of the Exchange Notes at the premium set forth in this prospectus, plus accrued and unpaid interest, with the net cash proceeds of certain equity offerings. Prior to May 15, 2014, we may redeem some or all of the Exchange Notes at a “make-whole” premium set forth in this prospectus, plus accrued and unpaid interest. On or after May 15, 2014, we may redeem some or all of the Exchange Notes at a premium that will decrease over time as set forth in this prospectus, plus accrued and unpaid interest. See “Description of the Exchange Notes – Optional Redemption.”

Additional amounts

   Subject to certain exceptions, we will pay additional amounts (as defined under “Description of Notes – Additional Amounts”) so that the net amount received by each Noteholder after the payment of certain withholding taxes will be equal to the amount that would have been received by each such holder if no such withholding tax had been payable. Under current Mexican Income Tax Law, payment to a Foreign Holder (as defined in “Taxation – Certain Mexican Tax Considerations”) will be subject to a Mexican withholding tax of 4.9% if certain conditions are met.

Redemption for tax reasons

   Under certain circumstances, we may redeem the Exchange Notes in whole but not in part upon not less than 30 and no more than 60 days prior notice at a price equal to 100% of the principal amount thereof, together with accrued and unpaid interest to the date fixed for redemption plus any additional amounts in respect of the Exchange Notes then due and that will become due on the redemption date as a result of the redemption or otherwise. See “Description of the Exchange Notes – Redemption for Changes in Withholding Taxes.”

Change of control

   Upon occurrence of a change of control (as defined in “Description of Exchange Notes – Repurchase at the option of Noteholders – Change of Control”), we will be required to commence and consummate an offer to purchase all of the Exchange Notes then outstanding at a purchase price equal to 101% of their principal amount, together with accrued and unpaid interest, if any, to the date of repurchase. We may not have sufficient funds available at the time of a change of control to repurchase the Exchange Notes. See “Risk Factors – We may not be able to make the change of control offer required by the Indenture” See “Description of the Exchange Notes – Repurchase at the Option of Noteholders – Change of Control.”

 

 

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Asset disposition offer

   Upon certain asset dispositions as defined in “Description of Notes – Repurchase at the option of Noteholders – Asset Dispositions” (which includes the sale of the interests of Satmex in a subsidiary), we may be required to use the proceeds of the asset disposition to purchase some of the Exchange Notes at 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date of repurchase. Subject to certain exceptions, if we or our restricted subsidiaries (as of the date of this prospectus all of our subsidiaries are restricted subsidiaries) receive insurance proceeds as a result of an event of loss with respect to Satmex 6 or Satmex 8, we may be required to use those proceeds to make an offer to purchase the Exchange Notes at 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date of repurchase. See “Description of the Exchange Notes – Repurchase at the Option of Noteholders – Asset Dispositions.”

Certain covenants

   The Indenture limits our ability and the ability of our restricted subsidiaries to, among other things:
      incur or guarantee additional indebtedness or issue certain preferred equity;
      pay dividends on and make certain distributions in respect of capital stock or make other restricted payments;
      create or incur certain liens;
      make certain investments;
      sell certain assets;
      enter into certain transactions with affiliates;
      agree to certain restrictions on the ability of restricted subsidiaries to make payments to us;
      merge, consolidate, sell all or otherwise dispose of all or substantially all of our assets; and
      designate our subsidiaries as unrestricted subsidiaries.
   These covenants are subject to a number of important exceptions and qualifications, which are described under “Description of Notes – Certain Covenants.”
   The Indenture will also require that we and our restricted subsidiaries, among other things, keep in effect in-orbit insurance and launch insurance, as applicable, in specified amounts described under “Description of Notes – Insurance.”

Use of proceeds

   We will not receive any cash proceeds from the issuance of the Exchange Notes in the exchange offer. See “Use of Proceeds.”

Form and denomination

  

The Exchange Notes will be issued only in registered form without coupons and in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof.

 

Except in limited circumstances, the Exchange Notes will be issued in the form of global notes. See “Description of the Exchange Notes – Book-Entry, Delivery and Form.”

 

 

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Trustee, registrar, principal paying agent and transfer agent

   Wilmington Trust, National Association.

Governing law

   The Indenture and the Exchange Notes and guarantees will be governed by the laws of the State of New York.

Risk factors

   Before investing in the Exchange Notes, you should carefully consider all of the information set forth in this prospectus and, in particular, the specific risks set forth under “Risk Factors” beginning on page 14.

 

 

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RISK FACTORS

Investing in the Exchange Notes involves risks. You should carefully consider the following information about these risks before investing in the Exchange Notes. The risks and uncertainties described below are not the only risks and uncertainties we face. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. If any of these risks actually occur, our business, financial condition or results of operations would likely suffer. In such case, the value of the Exchange Notes could decline, and you may lose all or part of the money you paid to buy the Exchange Notes.

Risks Relating to the Exchange Notes and the Exchange Offer

There may not be a liquid trading market for the Exchange Notes.

The Exchange Notes are being offered to the holders of the New Notes. No active trading market for the Exchange Notes may develop. If a market for any of the Exchange Notes does develop, the price of such Exchange Notes may fluctuate and liquidity may be limited. If a market for any of the Exchange Notes does not develop, Noteholders may be unable to resell such Exchange Notes for an extended period of time, if at all.

Your failure to tender New Notes in the exchange offer may affect their marketability.

If you do not exchange your New Notes for Exchange Notes in the exchange offer, you will continue to be subject to the existing restrictions on transfers of the New Notes. If the exchange offer is completed, we and the Guarantors will have no further obligation to provide for registration of New Notes except under limited circumstances described under “The Exchange Offer-Issuances of Exchange Notes; Consequences of Failures to Properly Tender New Notes in the Exchange Offer” and those New Notes will bear interest at the same rate as the Exchange Notes.

Consequently, after we complete the exchange offer, if you continue to hold New Notes and you seek to liquidate your investment, you will have to rely on an exemption from the registration requirements under applicable securities laws, including the Securities Act, regarding any sale or other disposition of New Notes. Further, to the extent that New Notes are tendered and accepted in the exchange offer, that trading market, if any, for the New Notes could be adversely affected.

The Exchange Notes will be structurally subordinated to all obligations of our existing and future subsidiaries that are not and do not become guarantors of the Exchange Notes.

The Exchange Notes will be guaranteed by the Guarantors, our subsequently acquired or organized U.S. subsidiaries (other than any such subsidiary formed after the issue date and solely to design, construct, launch and own one or more satellites, including Satmex 7), our subsequently acquired or organized material non-U.S. subsidiaries (other than such subsidiaries existing solely for payroll purposes), or our subsidiaries that, in the future, guarantee our indebtedness or indebtedness of another guarantor. Our subsidiaries that do not guarantee the Exchange Notes, including all of our existing non-U.S. subsidiaries, will have no obligation, contingent or otherwise, to pay amounts due under the Exchange Notes or to make any funds available to pay those amounts, whether by dividend, distribution, loan or other payment. Accordingly, the Exchange Notes will be structurally subordinated to all indebtedness and other obligations of any non-guarantor subsidiary such that in the event of insolvency, concurso mercantil, quiebra, liquidation, reorganization, dissolution or other winding up of any non-guarantor subsidiary, all of that subsidiary’s creditors (including trade creditors and preferred stockholders, if any) would be entitled to payment in full out of that subsidiary’s assets before we would be entitled to any payment. In addition, the Indenture, subject to some limitations, permits these non-guarantor subsidiaries to incur substantial additional indebtedness and does not contain any limitation on the amount of other liabilities, such as trade payables, that may be incurred by these subsidiaries. For the three months ended March 31, 2012 and the year ended December 31, 2011, our non-guarantor subsidiaries represented approximately 7.3% and 9.8% of our consolidated revenue, respectively, and 5.8% and 3.3% of our Adjusted EBITDA (after intercompany eliminations), respectively, and as of March 31, 2012 and December 31, 2011, our non-guarantor subsidiaries, excluding intercompany balances, represented approximately 4.4% and 4.0%, respectively, or our total assets and had $1.7 million and $1.6 million of our total liabilities, respectively. In addition, our subsidiaries that provide, or will provide, guarantees of the Exchange Notes will be automatically released from those guarantees upon the occurrence of certain events, including the following:

 

   

the designation of that subsidiary guarantor as an unrestricted subsidiary;

 

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the release or discharge of any guarantee or indebtedness that resulted in the creation of the guarantee of the Exchange Notes by such subsidiary guarantor; or

 

   

the sale or other disposition, including the sale of substantially all the assets, of that subsidiary guarantor.

If any subsidiary guarantee is released, no holder of the Exchange Notes will have a claim as a creditor against that subsidiary, and the indebtedness and other liabilities, including trade payables and preferred stock, if any, whether secured or unsecured, of that subsidiary will be effectively senior to the claim of any Noteholders. See “Description of the Exchange Notes – Exchange Note Guarantees.”

The agreements and instruments governing the Exchange Notes contain restrictions and limitations that, together with the high level of indebtedness that we may incur in the future, could significantly affect our ability to operate our business, as well as significantly affect our liquidity.

The Indenture contains a number of significant covenants that could adversely affect our ability to operate our business, as well as significantly affect our liquidity, and therefore could adversely affect our results of operations. These covenants restrict, among other things, our ability to:

 

   

repurchase or redeem equity interests and debt;

 

   

issue preferred equity;

 

   

incur additional debt (except non-recourse debt with respect to assets of any subsidiary formed after the issue date and solely to design, construct, launch and own one or more satellites, including Satmex 7 and F4) or amend the terms of existing debt;

 

   

grant liens and pledge assets (except with respect to any subsidiary formed after the issue date and solely to design, construct, launch and own one or more satellites, including Satmex 7 and F4);

 

   

merge or consolidate with any other person or enter into a change of control transaction;

 

   

sell, assign, transfer, lease or otherwise convey certain of our assets;

 

   

spend proceeds of asset dispositions or insurance proceeds;

 

   

make certain investments, loans, guarantees or acquisitions;

 

   

pay dividends or make other distributions;

 

   

enter into agreements that restrict dividends or other distributions from restricted subsidiaries;

 

   

enter into related party transactions; and

 

   

enter into new lines of business.

Our ability to comply with these covenants may be affected by events beyond our control and we may need to refinance existing debt in the future. A breach of any of these covenants together with the expiration of any cure period, if applicable, could result in a default under the Exchange Notes. If any such default occurs, the Noteholders may elect to declare all outstanding borrowings, together with accrued interest and other amounts payable thereunder, to be immediately due and payable. In addition, following a default under the Exchange Notes, the Noteholders will have the right to foreclose on the collateral. If the obligations under the Exchange Notes were to be accelerated, our financial resources may be insufficient to repay the Exchange Notes in full.

 

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Our substantial indebtedness could adversely affect our growth and financial health and prevent us from fulfilling our obligations under the Exchange Notes.

We have a significant amount of debt and, subject to applicable restrictions in our debt instruments, may incur additional debt in the future. As of April 9, 2012, as adjusted to give effect to the issuance of the Notes, we had approximately $360.0 million of total consolidated debt.

A high level of indebtedness may have important consequences. Among others, it could:

 

   

limit cash flow available for capital expenditures, acquisitions, working capital and other general corporate purposes as a result of dedicating a substantial portion of our cash flow from operations to servicing our debt;

 

   

increase our vulnerability to general adverse economic and industry conditions;

 

   

limit our flexibility in planning for, or reacting to competitive and other changes in our business and the industries in which we operate;

 

   

place us at a relative disadvantage to our competitors that have less debt and greater operating and financing flexibility than we do;

 

   

require that we make financial concessions in order to pursue our business strategy;

 

   

expose us to increased interest expense to the extent we refinance existing debt with higher cost debt;

 

   

limit, through covenants in our indebtedness, our ability to borrow additional funds;

 

   

adversely affect our relationship with customers and suppliers; and

 

   

limit future increases or cause a decline in the value of our equity, which could limit our ability to raise additional capital by issuing equity.

Any default under our debt could adversely affect our growth, our financial condition, our results of operations, and our ability to make payments on our debt, and could force us to seek the protection of the bankruptcy laws. We may incur significant additional debt in the future, including the financing of Satmex 7 and F4; if so, the related risks that we now face may intensify.

U.S. bankruptcy laws may limit your ability to realize value from the collateral.

The right of the collateral trustee to repossess and dispose of the collateral securing the Exchange Notes and guarantees is likely to be significantly impaired by applicable bankruptcy law if a bankruptcy proceeding were to be commenced by or against us. Even if the repossession and disposition has occurred, a subsequent bankruptcy proceeding could give rise to causes of action against the collateral trustee and the Noteholders. Following the commencement of a case under the U.S. Bankruptcy Code, a secured creditor such as the collateral trustee is prohibited from repossessing its security from a debtor in a bankruptcy case, or from disposing of security repossessed from such debtor, without prior bankruptcy court approval, which may not be obtained. Moreover, the U.S. Bankruptcy Code permits the debtor to continue to retain and use collateral, and the proceeds, products, rents or profits of the collateral, even though the debtor is in default under the applicable debt instruments so long as the secured creditor is given “adequate protection.” A bankruptcy court may also determine that a secured creditor is not entitled to any compensation or other protection in respect of the diminution in the value of its collateral if the value of the collateral exceeds the amount of the debt it secures.

The meaning of the term “adequate protection” varies according to circumstances, and may include, among other things, cash payments or the granting of additional security, but it is intended generally to protect the value of the secured creditor’s interest in the collateral as of the commencement of the bankruptcy case and is granted in the bankruptcy court’s sole discretion.

 

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Given the uncertainty as to the value of the collateral securing the Exchange Notes at the time any bankruptcy case may be commenced, and in view of the fact that the granting of “adequate protection” varies on a case-by-case basis and remains within the broad discretionary power of the bankruptcy court, it is impossible to predict:

 

   

how long payments under the Exchange Notes could be delayed following commencement of a bankruptcy case;

 

   

whether or when the collateral trustee could repossess or dispose of any collateral; and

 

   

whether or to what extent the Noteholders would be compensated for any delay in payment or loss of value of the collateral through any grant of “adequate protection.”

The rights of Noteholders in the collateral may be adversely affected by a future concurso mercantil.

Certain collateral documents and the applicable remedies, including foreclosure, are perfected and governed by Mexican law. Such remedies may vary materially to the rights and remedies commonly available to secured Noteholders in the U.S.

Although the Exchange Notes are secured, in the event of a future Mexican concurso mercantil, a secured creditor (such as the indenture trustee for the Exchange Notes) is prohibited from repossessing collateral from a debtor, or from disposing of collateral repossessed from a debtor, without court approval. Moreover, in the event of a future concurso mercantil, during its reorganization phase, Mexican law would permit the debtor to continue to retain and use collateral, and the proceeds, products, rents, or profits of such collateral, even though the debtor is in default under the applicable debt instruments. In such an event, the secured creditor would be granted protection from the court through certain measures, including the appointment of a conciliador by the SCT and the appointment of an interventor by creditors representing a minimum of 10% of the reorganized debts. During such reorganization phase, the court would have broad discretionary powers to provide protection to creditors and may prohibit the debtor from making overdue payments; order the suspension of any foreclosure proceeding; prohibit any disposal, sale or transfer of any asset of the debtor; secure assets; order the judicial administration of the business; prohibit the transfer of assets or securities for the benefit of third parties or order any other measure that the court may deem necessary to protect the creditors’ interests.

We are granting the Orbital Concessions as collateral for the Exchange Notes. In the event the Orbital Concessions are foreclosed upon, the assignee would need to comply with the requirements provided in the Ley de Inversión Extranjera (the Foreign Investment Law of Mexico) and the Telecommunications Law, and would also need to obtain the prior approval of the assignment from the SCT.

It may be difficult to realize the value of the collateral securing the Exchange Notes.

The collateral securing the Exchange Notes is subject to any and all exceptions, defects, encumbrances, liens and other imperfections as may be accepted from time to time by the collateral trustee and any other creditors that also have the benefit of first priority liens on the collateral securing the Exchange Notes, whether on or after the date the Exchange Notes are issued. The existence of any such exceptions, defects, encumbrances, liens or other imperfections could adversely affect the value of the collateral securing the Exchange Notes as well as the ability of the collateral trustee to realize or foreclose on such collateral.

The security interest of the collateral trustee is subject to practical problems generally associated with the realization of security interests in collateral. For example, the collateral trustee may need to obtain the consent of a third party to obtain or enforce a security interest in a contract, and the collateral trustee may be unable to obtain any such consent. We also cannot assure you that the consents of any third parties will be given if required to facilitate a foreclosure on any particular assets. Accordingly, the collateral trustee may not have the ability to foreclose upon such assets and the value of the collateral may significantly decrease.

 

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Under the terms of the Property Concession, it is not possible to create and perfect a security interest over the Property Concession. However, a security interest may be created and perfected over the Orbital Concession. In the event of a foreclosure and subsequent transfer of that portion of the Collateral consisting of the Orbital Concession, the Property Concession may be transferred to the beneficiary, transferee or assignee of the Orbital Concession, as permissible under Mexican law, upon (x) the actual transfer of the Orbital Concession, and (y) the written authorization from the SCT to transfer the Property Concession in favor of the Collateral Trustee, for the benefit of the secured parties, or directly in favor of the transferee of the Orbital Concession, as the Property Concession is linked to having the actual right to utilize the Orbital Concession. However, the SCT may withhold or delay such consent to the transfer of the Property Concession. Therefore the collateral trustee may not have the ability to foreclose upon such assets, and the value of the collateral may decrease.

The collateral is subject to casualty risks.

We may insure certain collateral against loss or damage by fire or other hazards. However, we may not maintain or continue such insurance and there are some losses that may be either uninsurable or not economically insurable, in whole or in part. As a result, the insurance proceeds may not compensate us fully for our losses. If there is a total or partial loss of any of the pledged assets, the proceeds received by us in respect thereof may not be sufficient to repay the Exchange Notes. In the event of a total or partial loss of any of the pledged assets, certain items of equipment and inventory may not be easily replaced. Accordingly, even though there may be insurance coverage, the extended period needed to manufacture replacement units or inventory could cause significant delays.

The value of the collateral securing the Exchange Notes may not be sufficient to satisfy our obligations under the Exchange Notes.

The Exchange Notes are secured by liens on the collateral. The value of the collateral and the amount to be received upon a sale of such collateral will depend upon many factors including, among others, the condition of the collateral and the satellite industry, the ability to sell the collateral in an orderly sale, the condition of the international, national, and local economies, the availability of buyers and other similar factors. No appraisal of the fair market value of the collateral has been prepared in connection with this offering. You should not rely upon the book value of the collateral as a measure of realizable value for such assets. By their nature, portions of the collateral may be illiquid and may have no readily ascertainable market value. In addition, a significant portion of the collateral includes assets that may only be usable, and thus retain value, as part of our existing operating businesses. Accordingly, any such sale of the collateral separate from the sale of certain operating businesses may not be feasible or have significant value.

There may not be sufficient proceeds of collateral to pay off all amounts due under the Exchange Notes and any other debt that we may issue that would be secured on the same basis as the Exchange Notes. In addition, to the extent that third parties hold liens (including statutory liens), whether or not permitted by the Indenture, such third parties may have rights and remedies with respect to the collateral securing the Exchange Notes that, if exercised, could reduce the proceeds available to satisfy the obligations under the Exchange Notes. Consequently, foreclosing on the collateral securing the Exchange Notes may not result in proceeds in an amount sufficient to pay all amounts due under the Exchange Notes. If the proceeds of any sale of collateral are not sufficient to repay all amounts due on the Exchange Notes, the holders of the Exchange Notes (to the extent not repaid from the proceeds of the sale of the collateral) would have only a senior unsecured claim against our remaining assets. In the event of a subsequent concurso mercantil, the rights of a creditor with a senior unsecured claim would differ from the rights of a creditor with a senior secured claim.

It is possible that the guarantees by our Guarantors may not be enforceable.

The guarantees being given by the Guarantors provide a basis for a direct claim against the Guarantors. However, it is possible that such guarantees may not be enforceable. In the event that such a Guarantor is declared insolvent or bankrupt, the guarantee may be deemed to have been a fraudulent transfer and declared void if such Guarantor failed to receive fair consideration or reasonably equivalent value in exchange for such guarantee. In addition, under the U.S. Bankruptcy Code, if we are judicially declared insolvent or bankrupt, our secured obligations under the Exchange Notes will rank pari passu with other secured claims and will be subordinated to certain statutorily preferred creditors, such as those holding labor, tax and social security related claims, which will have preference over any other claims, including claims by any investor in respect of the Exchange Notes or such

 

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guarantees. Furthermore, the validity of each guarantee is subject to the existence and validity of the primary obligation being guaranteed. As a consequence thereof, its enforcement is not independent or irrespective of such primary obligation being guaranteed. Furthermore, a Guarantor may be released from its obligations under the guarantee if (i) the holder of the Exchange Notes gives us an extension for payment under the Exchange Notes without the express consent of such Guarantor or (ii) Satmex waives any cause that would otherwise release Satmex of its obligations under the Exchange Notes, including expirations or statute of limitation provisions, without the express consent of such Guarantor. Furthermore, in the event that our debt obligations under the Original Notes and the Exchange Notes are restructured as result of a future concurso mercantil proceeding, a Guarantor may be released from its obligations under the guarantees as a result of the restructuring of the underlying debt without the express consent of such Guarantor.

Because each guarantor’s liability under its guarantees may be reduced to zero, avoided or released under certain circumstances, you may not receive any payments from some or all of the guarantors.

The guarantees by the guarantors are limited to the maximum amount that the guarantors are permitted to guarantee under applicable law. As a result, a guarantor’s liability under its guarantee could be reduced, including to zero, depending upon the amount of assets and other obligations of such guarantor. Further, a court under federal and state fraudulent conveyance and transfer statutes could void the obligations under a guarantee or further subordinate it to all other obligations of the guarantor.

The claim of a holder of Exchange Notes in bankruptcy may be less than the face amount of the Exchange Notes.

In the event of a bankruptcy proceeding involving us, your claim as a creditor of ours may not equal the face amount of the Exchange Notes received by you in this exchange offer. The difference between the purchase price of the New Notes in the private placement and the face amount of the Exchange Notes received in exchange for those New Notes may be considered to be “unmatured interest” for purposes of the U.S. Bankruptcy Code, which could not be an allowable claim in a bankruptcy proceeding involving us. Each guarantee will contain a provision intended to limit the guarantor’s liability to the maximum amount that it could incur without causing the incurrence of obligations under its guarantee to be a fraudulent transfer. This provision may not be effective to protect the subsidiary guarantees from being voided under applicable fraudulent transfer laws or may reduce the guarantor’s obligation to an amount that effectively makes the subsidiary guarantee worthless. In a recent Florida bankruptcy case, this kind of provision was found to be ineffective to protect the guarantees.

Our ability to obtain additional financing and to refinance the Exchange Notes in the future may be limited.

In the future, we are likely to require additional financing to service or refinance the Exchange Notes, fund our operations and/or invest in the growth of our business. The Indenture severely restricts our ability to incur additional debt. Among other things, we will need to seek financing in connection with the construction of Satmex 7. We may not be able to access financing for Satmex 7 on terms acceptable to us and permitted by the Indenture, if at all. In addition, we are highly leveraged, so our ability to satisfy our obligations will depend upon our future performance, which will be subject to prevailing economic conditions in Mexico and the other countries where our customers are located, the state of the global telecommunications industry and by financial, business, regulatory and other factors. Many of these factors are largely beyond our control.

We may not be able to make the change of control offer required by the Indenture.

Upon a change of control, subject to certain conditions, we are required to offer to repurchase all outstanding Exchange Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the date of repurchase. The source of funds for the purchases of the Exchange Notes will be our available cash or cash generated from our subsidiaries’ operations or other potential sources, including borrowings, sales of assets or sales of equity. Sufficient funds from such sources may not be available at the time of any change of control to make required repurchases of Exchange Notes tendered. Our future indebtedness agreements may limit our ability to repurchase your Exchange Notes and/or provide that certain change of control events will constitute an event of default thereunder. See “Description of the Exchange Notes – Repurchase at the Option of Noteholders – Change of Control” for additional information.

 

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Noteholders may not be able to determine when a change of control giving rise to their right to have the Exchange Notes repurchased has occurred following a sale of “substantially all” of our assets.

The definition of change of control in the Indenture includes a phrase relating to the sale of “all or substantially all” of our assets. There is no precise established definition of the phrase “substantially all” under applicable law. Accordingly, the ability of a Noteholder to require us to repurchase its Exchange Notes as a result of a sale of less than all our assets to another person may be uncertain.

Ratings of the Exchange Notes may cause their trading price to fall and affect the marketability of the Exchange Notes.

We currently expect that the Exchange Notes will be rated by both rating agencies and that the Exchange Notes will receive the same rating as the New Notes. A rating agency’s rating of the Exchange Notes is not a recommendation to purchase, sell or hold any particular security, including the Exchange Notes. Such ratings are limited in scope and do not comment as to material risks relating to an investment in the Exchange Notes. An explanation of the significance of such ratings may be obtained from such rating agencies. There is no assurance that such credit ratings will be issued or remain in effect for any given period of time. The rating agencies also may lower, suspend or withdraw ratings on the Exchange Notes or our other debt in the future. Noteholders will have no recourse against us or any other parties in the event of a change in, or suspension or withdrawal of, such ratings. Any lowering, suspension or withdrawal of such ratings may have an adverse effect on the market prices or marketability of the Exchange Notes.

Fraudulent transfer statutes may limit your rights as a Noteholder.

Federal and state fraudulent transfer laws of the U.S. as previously interpreted by various courts permit a court, if it makes certain findings, to:

 

   

avoid all or a portion of our obligations to the Noteholders;

 

   

subordinate our obligations to the Noteholders to our other existing and future creditors, entitling such creditors to be paid in full before any payment is made on the Exchange Notes; and

 

   

take other action detrimental to the Noteholders, including invalidating the Exchange Notes.

In the event of a future bankruptcy, liquidation, dissolution, reorganization or similar proceeding against us, you may not be repaid. There is also no assurance that amounts previously paid to you pursuant to the Exchange Notes or guarantees would not be subject to return.

Under U.S. federal and state fraudulent transfer laws, in order to take any of those actions, courts will typically need to find that we or the guarantors received less than fair consideration or reasonably equivalent value for incurring the indebtedness represented by the Exchange Notes and at the time the Exchange Notes were issued we:

 

   

were insolvent or were rendered insolvent by reason of the issuance of the Exchange Notes;

 

   

were engaged, or were about to engage, in a business or transaction for which our capital was unreasonably small; or

 

   

intended to incur, or believed or should have believed we would incur, indebtedness beyond our ability to pay as such indebtedness matures.

A court may also void the issuance of the Exchange Notes, a guarantee or grant of security without regard to the above factors if the court found that we issued the Exchange Notes or the guarantors entered into their respective guaranty or security agreements with actual intent to hinder, delay or defraud current or future creditors.

Many of the foregoing terms are defined in or interpreted under those fraudulent transfer statutes and as judicially interpreted.

 

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The measure of insolvency for purposes of the foregoing considerations will vary depending on the law of the jurisdiction that is being applied in any such proceeding. Generally, a company would be considered insolvent if, at the time it incurred the indebtedness:

 

   

the sum of its indebtedness (including contingent liabilities) is greater than its assets, at fair valuation;

 

   

the present fair saleable value of its assets is less than the amount required to pay the probable liability on its total existing indebtedness and liabilities (including contingent liabilities) as they become absolute and matured; or

 

   

it could not pay its debts as they became due.

We cannot assure you what standard a court would apply in determining our solvency and whether it would conclude that we were solvent when we incurred our obligations under the Exchange Notes.

In addition, the guarantees of the Exchange Notes may also be subject to review under various laws for the protection of creditors. A court would likely find that we or a guarantor did not receive reasonably equivalent value or fair consideration for the Exchange Notes or the guarantees and security agreements, respectively, if we or a guarantor did not substantially benefit, directly or indirectly, from the issuance of the Exchange Notes. If a court were to void the issuance of the Exchange Notes, the guarantees or the related security documents, you would no longer have a claim against us or the guarantors or, in the case of the security agreements, a claim with respect to the related collateral. Sufficient funds to repay the Exchange Notes may not be available from other sources, including the remaining guarantors, if any. In addition, the court might direct you to repay any amounts that you already received from us or the guarantors or, with respect to the Exchange Notes, any guarantee or the collateral. Also, any payment by us pursuant to the Exchange Notes made at a time we were found to be insolvent could be voided and required to be returned to us or to a fund for the benefit of our creditors if such payment is made to an insider within a one-year period prior to a bankruptcy filing , within 90 days to any outside party under the U.S. Bankruptcy Code or within 270 days to any outside party in the event of a concurso mercantil under Mexican law and would give the creditors more than such creditors would have received in a liquidation under the U.S. Bankruptcy Code or a Mexican concurso mercantil.

The value of the collateral securing the Exchange Notes may not be sufficient to entitle Noteholders to payment of post-petition interest, and Noteholders may be deemed to have an unsecured claim to the extent that our obligations in respect of the Exchange Notes exceed the fair market value of the collateral securing the Exchange Notes.

In the event of a future bankruptcy, liquidation, dissolution, reorganization or similar proceeding against us, the Noteholders will be entitled to only post-petition interest under the U.S. Bankruptcy Code to the extent that the value of their security interest in the collateral is greater than their pre-bankruptcy claim. Noteholders that have a security interest in collateral with a value equal to or less than their pre-bankruptcy claim will not be entitled to post-petition interest under the U.S. Bankruptcy Code. The bankruptcy trustee, the debtor-in-possession or competing creditors could possibly assert that the fair market value of the collateral with respect to the Exchange Notes on the date of the bankruptcy filing was less than the then-current principal amount of the Exchange Notes and other obligations secured by that collateral. Upon a finding by a bankruptcy court that the Exchange Notes and other obligations are under-collateralized, the claims in the bankruptcy proceeding with respect to the Exchange Notes and other obligations would be bifurcated between a secured claim and an unsecured claim, and the unsecured claim would not be entitled to the benefits of security in the collateral. The consequences of a finding of under collateralization would be, among other things, a lack of entitlement on the part of Noteholders to receive post-petition interest and a lack of entitlement on the part of the unsecured portion of the Exchange Notes to receive other “adequate protection” under the U.S. Bankruptcy Code. In addition, if any payments of post-petition interest were made at the time of such a finding of under collateralization, such payments could be re-characterized by the bankruptcy court as a reduction of the principal amount of the secured claim with respect to the Exchange Notes. No appraisal of the fair market value of the collateral has been prepared in connection with this offering and we cannot assure you that the value of the Noteholders’ interest in the collateral securing the Exchange Notes equals or exceeds the principal amount of the Exchange Notes.

 

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Any future pledge of collateral might be avoidable by a trustee in bankruptcy.

Any future pledge of, or security interest or lien granted on, collateral in favor of the collateral trustee might be avoidable by the pledgor (as debtor in possession) or by its trustee in bankruptcy if certain events or circumstances exist or occur, including, among others, if the pledgor is insolvent at the time of the pledge, the pledge permits the holders of the Exchange Notes to receive a greater recovery than if the pledge had not been given and a bankruptcy proceeding in respect of the pledgor is commenced within 90 days following the pledge, or, in certain circumstances, a longer period.

Certain assets will be excluded from the collateral securing the Exchange Notes.

Certain assets are excluded from the collateral securing the Exchange Notes as described under “Description of Notes – Security,” including, among other things, any assets held by certain unrestricted subsidiaries unless such unrestricted subsidiary is required to become a guarantor under the Indenture, any assets related solely to any subsidiary formed after the issue date and solely to design, construct, launch and own one or more satellites, including Satmex 7, F4 and other typical exclusions. See “Description of the Exchange Notes – Security.”

Your rights in the collateral securing the Exchange Notes may be adversely affected by the failure to perfect security interests in certain collateral acquired in the future.

Applicable law requires that certain property and rights acquired after the grant of a general security interest, such as rights in real property, can only be perfected at the time such property and rights are acquired and identified. Likewise, any rights acquired in a pending, unpublished intellectual property application may be unrecordable until after the application, or resulting registration, is published. There can be no assurance that the trustee or the collateral trustee will monitor, or that we will inform the trustee or the collateral trustee of, the future acquisition of property and rights that constitute collateral, and that the necessary action will be taken to properly perfect the security interest in such after-acquired collateral. The collateral trustee for the Exchange Notes has no obligation to monitor the acquisition of additional property or rights that constitute collateral or the perfection of any security interest in favor of the Exchange Notes against third parties. Failure to perfect any such security interest could result in the loss of such security interest or the priority of the security interest in favor of the Exchange Notes against third parties.

The laws of New York may not be recognized in a judicial proceeding in Mexico.

Although the choice of the laws of New York governing the Exchange Notes would be recognized by the competent courts of Mexico, in the case of a dispute before a Mexican court, the Mexican court would only recognize the substantive laws of New York and would apply the laws of Mexico with respect to procedural matters. The application of any foreign law in Mexico is subject to Mexican procedural rules of evidence. Further, a Mexican court may refuse to apply and/or to enforce provisions governed by the laws of New York if the respective provision is contrary to the public policy (orden público) of Mexico.

Broker-dealers may become subject to the registration and prospectus delivery requirements of the Securities Act, and any profit on the resale of the Exchange Notes may be deemed to be underwriting compensation under the Securities Act.

Any broker-dealer that acquires Exchange Notes in the exchange offer for its own account in exchange for New Notes that it acquired through market-making or other trading activities must acknowledge that it will comply with the registration and prospectus delivery requirements of the Securities Act in connection with any resale transaction by that broker-dealer. Any profit on the resale of the Exchange Notes and any commission or concessions received by a broker-dealer may be deemed to be underwriting compensation under the Securities Act.

 

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Risks Related to Our Business

We have a history of significant net operating losses and may continue to suffer net operating losses in the future.

We incurred consolidated net losses attributable to Satmex of approximately $0.3 million for the three months ended March 31, 2012 and $47.6 million, $14.3 million and $20.2 million for the years ended December 31, 2011, 2010 and 2009, respectively. Improving our operating performance and attaining profitability depends on our ability to maintain operating discipline, improve our cost structure, encourage organic growth within our operating groups, capitalize on licensing and sublicensing opportunities, refinance our existing debt and construct, launch and operate Satmex 8 and Satmex 7. Our failure to achieve any one or more of the foregoing could further adversely affect our operating performance and increase our net operating losses. If we cannot improve our operating performance and become profitable, our financial condition will deteriorate and we may be unable to achieve our business objectives or make payments on our debt obligations.

We may not have enough financial resources to pay the Exchange Notes in full at maturity and finance Satmex 7 and/or F4.

The Exchange Notes mature in 2017. We will need to raise funds to pay the Exchange Notes at maturity, finance the Satmex 7 satellite program and, in the event we elect to purchase F4, finance the F4 satellite program. These cash requirements significantly exceed our available cash and cash equivalents, which were $77.6 million as of March 31, 2012.

We do not anticipate generating sufficient cash from operations to meet the funding requirements for Satmex 7 or F4, and we expect that we will need to raise additional capital for their construction, launch and insurance through issuing equity or additional debt, undergoing a corporate restructuring and/or restructuring the Exchange Notes. The Indenture significantly restricts our ability to incur additional debt. In addition, we are highly leveraged, so our ability to satisfy our obligations will depend upon our future performance, which will be subject to prevailing economic conditions in Mexico and the other countries where our customers are located, the state of the global telecommunications industry, and by financial, business, regulatory and other factors. Many of these factors are largely beyond our control. The global financial markets continue to be uncertain and there may be limited access to funding. This risk has been exacerbated by concerns over the levels of public debt and weakness of the economies in Italy, the Republic of Ireland, Greece, Portugal and the Kingdom of Spain, in particular. It is uncertain how long the effects of the global financial markets will persist and how much impact this will have on the global economy in general. If access to credit tightens further and borrowing costs rise, we may not be able to raise funds to pay the Exchange Notes at maturity, finance Satmex 7 and finance F4.

If our future cash flows from operations are not sufficient for the construction, launch and insurance of Satmex 7, and if we are unable to raise additional capital, Satmex will be required to make termination payments under each of the Master Procurement Agreement, the Satmex Procurement Agreement, the Launch Services Agreement and the Bilateral Agreement, which are based, in part, on the timing of such termination and the amounts paid to the date of termination. If ABS defaults on its purchase obligation and, as a result, Boeing terminates ABS’ satellite procurement agreement, Boeing is entitled to increase the price of Satmex’s satellite to preserve its expected economic benefit of the joint procurement of the satellites pursuant to the program. If Boeing terminates the satellite procurement agreement with ABS as a result of a default by ABS, the purchase price of Satmex 7 will increase. Satmex will have a corresponding damage claim against ABS for the cost of the resulting increase, but there may be additional costs and timing delays in pursuing such claim for damages to recoup such increased costs.

In order to pursue the construction of F4, we expect to have to raise additional funds in the future to cover our obligations under the Master Procurement Agreement for F4. If we do not exercise our option to purchase F4, Boeing will be entitled to retain the portion of the initial deposit paid by Satmex with respect thereto, but Satmex will incur no additional liability with respect to F4. In addition, Satmex may be required to make additional termination payments under the Master Procurement Agreement, the Satmex Procurement Agreement and the Bilateral Agreement if Satmex exercises the option to purchase F4, and such construction is terminated prior to the completion of such satellite.

 

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If we are unable to finance, build and successfully launch our proposed Satmex 8 and Satmex 7 satellites, our ability to grow our business will be materially and adversely affected.

In order to retain our Satmex 5 customer base, we must replace Satmex 5 before the end of its useful life. If Satmex 5 reaches the end of its life and Satmex 8 is not in place, we will not be able to continue offering services to the vast majority of our Satmex 5 customers because Satmex 6 is nearly fully contracted. Moreover, if our customers believe there will be a gap between the end of Satmex 5’s useful life and Satmex 8’s operation, they may prematurely discontinue their use of our services. In addition, because the capacity on Satmex 5 and Satmex 6 is nearly fully contracted, in order for us to increase our satellite services revenue, we will need to either increase the fees we charge our customers upon the renewal of existing contracts or obtain additional satellite capacity through the launch and operation of Satmex 8 and Satmex 7.

We expect to spend approximately $67.3 million through the remaining portion of 2012 to construct, launch and insure Satmex 8. We anticipate that our available cash and cash equivalents, together with funds generated from our operations, will be sufficient to pay for the remaining costs to construct, launch and insure Satmex 8. We will also need additional funding to construct, launch and insure Satmex 7 and if we exercise our option under the Master Procurement Agreement, F4. No assurance can be given that we will be able to generate sufficient funds from operations or obtain third-party financing sufficient to meet our cash requirements for Satmex 8 or Satmex 7. If we are unable to construct, launch and operate Satmex 8 and Satmex 7, on a timely basis or at all, our results of operations, business prospects, financial condition and cash flow will be materially adversely affected.

Further, if we are unable to utilize the orbital slots occupied by Satmex 6, Satmex 5 and Solidaridad 2, the Mexican government may initiate legal action alleging non-compliance with some terms and conditions of the Orbital Concessions for purposes of commencing a procedure to revoke our Concessions and assessing fines. Additionally, we could lose our right to use such orbital slots under Mexican law and the International Telecommunication Union’s (“ITU”) Radio Regulations, which could materially and adversely affect our results of operations, business prospects, financial condition and cash flow. See “Risk Factors – Risks Related to Our Regulatory Environment.”

New or proposed satellites are subject to construction and launch failures (including a failure to reach their intended orbit) and delays, the occurrence of which can materially and adversely affect our results of operations, business prospects, financial condition and cash flow.

Although we have entered into agreements for the construction and launch of each of Satmex 8 and Satmex 7, there may still be delays in them becoming operational. Delays in satellite deployment can result from delays in the construction of satellites, procurement of requisite components, launch vehicles, the limited availability of appropriate launch windows, possible delays in obtaining regulatory approvals and launch failures. Failure to meet a satellite’s construction schedule could result in a significant delay in the future delivery of a satellite. Even after a satellite has been delivered and is ready for launch, an appropriate launch date may not be available for several months. These delays could adversely affect our marketing strategy for such satellites, as well as our results of operations and cash flow during the period of delay.

There are a limited number of companies that we are able to use to launch Satmex 8 or Satmex 7 and a limited number of commercial satellite launch opportunities available in any given time period. Adverse events with respect to ILS International Launch Services, Inc. or SpaceX, our launch service providers, such as satellite launch failures, could result in increased delays in the launch of Satmex 7 or Satmex 8. In the event that either one of our launch service providers is unable to fulfill its obligations, we may have difficulty procuring alternative services in a timely manner and may incur significant additional expenses as a result. Any such increased costs and delays could have a material adverse effect on our business, operating results and financial condition.

Launch vehicles may fail. Launch failures result in significant delays in the deployment of satellites because of the need to construct replacement satellites, which typically take up to 30 months or longer, and obtain another launch vehicle. Launch vehicles may also underperform, in which case the satellite may be lost or unable to be placed into the desired orbital location. Such significant delays could have a material adverse effect on our results of operations, business prospects, financial condition and cash flow. Our contracts with customers who purchase or reserve satellite capacity may allow the customers to terminate their contracts in the event of delays, and in some cases, to impose on us certain penalties, termination fees or indemnification obligations.

 

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Satellites have limited useful lives and are vulnerable to premature failure. The actual useful life may be shorter than we anticipate.

Satellites have limited useful lives. We estimate a satellite’s useful life, or its expected useful life, using a complex calculation involving an estimate of remaining propellant and the probabilities of failure of the satellite’s components from design or manufacturing defects, environmental stresses or other causes. A number of factors could adversely affect or result in damage to or loss of a satellite before the end of its expected useful life, including:

 

   

the amount of propellant used in maintaining the satellite’s orbital location or relocating the satellite to a new orbital location (and, for newly-launched satellites, the amount of propellant used during orbit raising following launch);

 

   

the performance, malfunction or failure of their components;

 

   

conditions in space such as solar flares, space debris and solar and other astronomical events;

 

   

the orbit in which the satellite is placed;

 

   

operational considerations, including operational failures and other anomalies; and

 

   

changes in technology that may make all or a portion of our satellite fleet obsolete.

It is not feasible to repair a satellite in space. As a result, each satellite may not remain in operation for its expected useful life. We expect the performance of any satellite to decline gradually near the end of its expected useful life. If our satellites do not remain in operation for their expected useful life, our results of operations, business prospects, financial condition and cash flow could be adversely affected.

In 2000, we lost Solidaridad 1 in orbit. On January 27, 2010, we lost the primary xenon ion propulsion system, or XIPS, on Satmex 5. XIPS is the electric propulsion system that maintains the satellite’s in-orbit position. The secondary XIPS on Satmex 5 previously failed and is no longer available. Consequently, Satmex 5 is currently operating on its backup bi-propellant propulsion system. In November 2011, Boeing updated the remaining useful life of Satmex 5 based on analyses of the remaining propellant, deorbit propellant, residual propellant, and uncertainties. As result of the analyses, the remaining useful life of Satmex 5 was 0.88 years from March 31, 2012. If the bi-propellant propulsion system on Satmex 5 fails, the satellite will be entirely lost.

In addition, Solidaridad 2, Satmex 5 and Satmex 6 have experienced temporary anomalies and, in certain cases, are currently operating using back-up components or systems because of the failure of their primary components or systems. If the back-up components or systems fail, however, and we are unable to restore redundancy, these satellites could lose capacity or be total losses. Any single anomaly or series of anomalies or other failure could cause our revenues, cash flows and backlog to decline materially or require us to recognize an impairment loss or replace one or more of our satellites, each of which could materially affect our profitability and significantly increase our financing needs. Any such anomaly or failure could also result in a customer terminating its contract for service on the affected satellite and could require us to repay prepayments made by customers of the affected satellite. If the affected satellite serves one of our major customers, there could be a material adverse effect on our results of operations, business prospects, financial condition and cash flow. In addition, if any of our in-orbit satellites should fail and, as a result, cause damage or harmful interference to third parties, we may incur liability.

Our financial condition could be materially and adversely affected if we were to suffer a satellite loss that is not adequately covered by insurance.

Satmex 5 and Satmex 6 are currently insured. Our current insurance policy for Satmex 5 excludes coverage for any loss relating to a failure or usage of the XIPS subsystem and any loss relating to the Channel 1C Satmex 5 anomaly detected on October 22, 2004. In addition, the satellite insurance policy for both Satmex 5 and Satmex 6 contain customary exclusions that could preclude recovery for certain types of loss, damage or failure, including

 

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(i) war, invasion, hostile or warlike action in time of peace or war, (ii) any anti-satellite device or device employing atomic or nuclear fission and/or fusion, or device employing laser of directed energy beams, (iii) insurrection, labor disturbance, strikes, revolution or any governmental action combating or defending against such action, (iv) confiscation, seizure or similar action by any government or government agent, (v) nuclear reaction, nuclear radiation or radioactive contamination of any nature, whether such loss or damage be direct or indirect, except for radiation naturally occurring in the space environment, (vi) electromagnetic or radio frequency interference, except for physical damage to the satellite directly resulting from such interference, (vii) willful or intentional acts of Satmex designed to cause loss or failure of the satellite, (viii) any act of one or more persons, whether or not agents of a sovereign power, for political or terrorist purposes and whether the loss, damage or failure resulting therefrom is accidental or intentional and (ix) any unlawful seizure or wrongful exercise of control of the satellite made by any person or person action for political or terrorist purposes. Our future insurance policies, to the extent we are able to renew our insurance, may also contain similar exclusions because the cost of insurance without such exclusions may be economically impractical or commercially unavailable. A partial or complete failure of a revenue-producing satellite, whether insured or not, could have a material adverse effect on our business, financial condition, cash flow and results of operations.

On January 27, 2010, the primary XIPS on Satmex 5 experienced an unexpected shutdown and we do not expect to be able to restart the system. Because the secondary XIPS on Satmex 5 previously failed, the satellite is currently operating on its backup bi-propellant propulsion system. Any losses we experience due to the Satmex 5 XIPS failures are not insured under our current satellite insurance policies due to a coverage exclusion for such failures that is common in our industry. Satmex 6 does not have an XIPS system.

Since the end of Solidaridad 2’s useful life was expected to expire in 2008, we determined not to renew its in-orbit insurance in 2006. In December 2011, we renewed our in-orbit insurance on Satmex 5 and Satmex 6 for a period of one year, expiring on December 5, 2012, based on prevailing market terms and conditions. There can be no assurance that we will be able to renew these policies on satisfactory terms or at all. An uninsured loss of Satmex 5 or Satmex 6 would have a material adverse effect on our business, results of operations, cash flow and financial condition. Furthermore, if we are unable to insure our satellites (excluding Solidaridad 2) in the amounts specified in the Indenture and in the same manner that similar satellites are usually insured by companies engaged in the same or similar business, we would be in a default under the Indenture. As of the date of this prospectus, Satmex 6 and Satmex 5 are insured with coverage of $288.0 million and $14.8 million, respectively. Our in-orbit insurance coverage for Satmex 5 is based upon the asset value of such satellite (which insurance shall be reduced from $20.2 million in January 2012, to $5.4 million in December 2012).

Our revenues and profitability may be adversely affected by the global financial downturn and negative global economic conditions may have a material adverse effect on our customers and suppliers.

Worldwide economic conditions have deteriorated and have caused, among other things:

 

   

significant reductions in available capital and liquidity from banks and other providers of credit;

 

   

substantial reductions in equity and currency values in financial markets;

 

   

extreme volatility in credit, equity and fixed income markets; and

 

   

general economic uncertainty.

As our business is dependent on economic growth, continuing adverse global economic conditions may have a material adverse effect on us due to the potential insolvency of suppliers and customers and our inability to finance our operations. Furthermore, as many of our customers finance their growth through cash flow from operations, the incurrence of debt or the issuance of equity, a reduction in cash flow and the limited availability of debt or equity financing could adversely affect their growth and ours. We cannot predict the potential effects of the current financial situation on our suppliers and customers, our operations or our business prospects.

 

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A small number of customers accounts for a large portion of our revenues. The loss of one or more of these significant customers would adversely affect our revenues.

Our 10 largest customers for the three months ended March 31, 2012 and for the year ended December 31, 2012 represented approximately 49.0% and 49.0%, respectively, of our total revenues. In addition, approximately 57.0% and 57.0%, respectively, of our satellite services revenues for such periods were derived from our 10 principal customers. Our largest customer is Hughes Network Systems, LLC (“HNS”). Revenue from HNS represented 12.5%, 14.2% and 16.9% of our total revenue for the three months ended March 31, 2012 and the years ended December 31, 2011 and 2010, respectively. HNS’ contracted capacity of Satmex 5 and Satmex 6 was decreased through three amendments executed in 2009 reflecting a total decrease of 1.0% in total revenue from 2008. HNS is in the process of constructing its own satellites. Once completed, HNS’s use of those satellites could decrease its demand for our services. Other significant customers include Teléfonos de México, S.A.B. de C.V., Hunter Communications, Inc., and Telmex Perú, S.A. The loss of any one of these customers could have a material adverse effect on our business, operating results and cash flow.

We operate in a competitive environment, which may result in lower prices for satellite services, lower margins and/or a loss of market share.

We continue to face competition from satellite operators in markets such as the U.S., Mexico and Latin America. As of March 31, 2012, there were more than 65 satellites offering services similar to ours to the Americas. Intelsat, Ltd. (including its wholly-owned subsidiary PanAmSat Corporation) has more than 50 satellites, of which more than 30 totally or partially serve the Americas market. SES, S.A. has a fleet of 40 satellites, of which more than 20 totally or partially serve the Americas. The Mexican government has initiated the Mexsat satellite system project, which contemplates three satellites, one of which is Mexsat-3 with 12 active extended C- and Ku-band transponders. Mexsat-3 will provide communications services to Mexico and its surrounding waters from the 114.9° W.L. orbital slot. Other competitors include Telesat Canada, Grupo Hispasat, S.A., Hispamar Satélites S.A., and Star One, S.A. (owned by Empresa Brasileira de Telecomunicações S.A., an affiliate of América Movil). We believe that an additional 273 36 MHz transponder equivalents in the C- and Ku-bands, including three satellites to be launched by the Mexican government, one of which is Mexsat-3, will be launched in the period between 2012 through 2015 in our market. In addition, these or other operators could make use of newly-available spectrum in the Ka-band to provide service to the Americas. For example, ViaSat, Inc., HNS and Hispasat already have announced plans to launch service using such frequencies.

We also face competition from land-based telecommunications services. Fiber optic service providers can generally provide services at a lower cost than we can for point-to-point applications.

Alterna’TV and Enlaces also operate in highly competitive environments. Alterna’TV faces competition from large media companies such as News Corporation, Discovery Communications, Inc., Viacom, Inc., NBC Universal, Inc. and Univision Communications, Inc., as well as niche channels that target very specific Hispanic communities in the U.S., such as Sur Corporation. Enlaces faces competition from government business such as Libros Foráneos, S.A. de C.V. (d.b.a. “Globalsat”) and Pegaso Telecomunicaciones S.A. de C.V., which are in partnership with Intelsat for the provision of satellite capacity. During 2009, the Mexican government (through its telecommunications regulator, the Comisión Federal de Telecomunicaciones (the Federal Telecommunications Commission of Mexico), or COFETEL, released new concessions to Red52, S.A. de C.V. and Elara Networks, S.A. de C.V., generating more competition in the market for Enlaces. In the corporate market, Enlaces faces competition from terrestrial network services providers such as Teléfonos de México, S.A.B. de C.V., Axtel, S.A.B. de C.V. and Servicios Alestra, S.A. de C.V. (d.b.a. “AT&T”) and, specifically in the satellite market, from companies such as British Telecom (formally Comsat), Pegaso and Globalsat, which offer similar services but focus primarily on small office/home office, or SOHO, markets. Teléfonos de México, S.A.B. de C.V. and British Telecom both lease satellite capacity from Satmex. Enlaces also faces competition from terrestrial connectivity technologies, including Telmex’s Infinitum Internet access (ADSL), 3G, GPRS and WIMAX products.

Most of our competitors have larger fleets and significantly greater financial resources than we do. Moreover, if our competitors launch the eight new satellites discussed above with coverage over the regions that we serve, we may experience significant pricing pressure. This in turn could adversely affect our revenue and profitability and further impact our ability to service our debt obligations.

 

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If we are not able to replace Satmex 5 before its end of life or before the successful launch of Satmex 8, there is the risk that Satmex 5’s customers will migrate their services to competitors’ satellites.

Our affiliation agreement with DirecTV, Inc. (“DirecTV”) to provide “Canal 22” to subscribers is terminable at will. If such agreement is terminated, it could have a material adverse effect on our results of operations and profitability.

We entered into an affiliation agreement, dated as of February 4, 2004, with DirecTV by which we granted to DirecTV the non-exclusive right to distribute “Canal 22” in the U.S., its territories and possessions (including Puerto Rico) as well as Canada in exchange for a monthly license fee of $0.15 per system subscriber, subject to volume discounts. The monthly license fee is equal to approximately $120,000. The affiliation agreement expired on April 4, 2009. However, pursuant to a letter agreement, dated January 29, 2009, the parties agreed to reinstate the terms of the affiliation agreement except that the agreement would be terminable at will by either party upon giving not less than 30 days’ prior written notice. Since the expiration of the affiliation agreement, we have been negotiating its renewal, but have not reached an agreement with DirecTV. During the negotiations, the parties have continued to act and provide those services on the terms and conditions set forth therein. In the event that the affiliation agreement cannot be extended for a longer term or is terminated, we would no longer receive the monthly license fee, which could have a material adverse effect on our results of operations, profitability and cash flow.

Enlaces requires capacity on Ku-band frequencies in order to grow its business and such capacity may not be available on commercially reasonable terms.

Enlaces currently purchases all of its capacity in the Ku-band frequency from us at commercial market rates. As Satmex 5 and Satmex 6 are nearly fully contracted, we have very limited additional Ku-band capacity to sell to Enlaces. Therefore, in order to continue to grow, Enlaces may be required to purchase additional Ku-band capacity from other satellite operators, including our direct competitors. Such capacity may not be available on commercially reasonable terms. Also, in order to obtain additional Ku-band capacity from other satellite operators, Enlaces would need to build another antenna and a new teleport. As a result, Enlaces’ capacity for growth could be limited by scarcity of Ku-band capacity and/or related operational costs.

Enlaces operates from one facility and without a back-up location. A natural disaster or antenna failure could significantly disrupt its business.

Enlaces’ teleport operates from one facility, without a back-up. For the three months ended March 31, 2012, Enlaces’ revenues represented 7.3% of our total revenues. For the year ended December 31, 2011, Enlaces’ revenues represented 9.8% of our total revenues. A natural disaster, such as an earthquake, could seriously disrupt its operations. To date, Enlaces has suffered approximately one to two operations disruptions per year that did not last more than an hour. These disruptions have not materially adversely affected Enlaces’ operations. In addition, Enlaces operates only one antenna with no back-up antenna in place. Damage to this antenna could seriously disrupt Enlaces’ operations.

Our future success depends on our ability to maintain a strong management team, retain our key employees and adapt to technological changes.

We are dependent on the services of our senior management team, our technical and commercial experts and specialists to remain competitive in the satellite service industry. Any losses of key members of our management team would have an adverse effect on us until qualified replacements are found. We may not be able to replace such individuals with persons of equal experience and capabilities quickly or at all. In the satellite industry, commercial, financial, regulatory, legal and technical expertise depends, to a significant extent, on the work of highly qualified employees. The market for experienced satellite services company managers is competitive. Demand for executive, managerial and skilled personnel in our industry is intense and properly qualified human resources are scarce.

 

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Technological advances may require us to make significant expenditures to maintain and improve the competitiveness of our service offerings, and our ability to make such expenditures may be limited by our lack of funds.

The telecommunications industry is continuously subject to rapid and significant changes in technology and introduction of new products and services. We cannot predict the effect of technological changes on our business. New services and technological advances may offer additional opportunities for other service providers to compete with us on cost, quality or functionality bases. Responding to such changes may require us to devote substantial capital to the development, procurement or implementation of new technologies, and may depend upon the final cost of technology and our ability to obtain additional financing. We may not have sufficient funds or it may not be practical or cost-effective for us to replace or upgrade our technologies in response to competitors’ actions. In addition, the Indenture significantly limits our capital expenditures. We cannot assure you that technological change will not have a material adverse effect on our business and results of operations.

Certain corporate action of Satmex will require the approval of a small group of holders.

Holdsat México holds all Satmex Series A shares which encompass 51% of the Satmex voting rights. Certain Mexican nationals (the “Mexican Investment Partners”) hold at least 51% of the total stock of Holdsat México. Significant or extraordinary corporate actions of Holdsat México, including any actions related to the exercise of the Satmex voting rights, will require the supermajority approval of its shareholders. The failure to obtain such approval may result in deadlock or impasse, which may prevent Satmex from taking any corporate actions that may be necessary or required to operate or comply with its obligations under the Exchange Notes.

Risks Related to Our Regulatory Environment

Our business is regulated, causing uncertainty and additional costs.

Our business is regulated by the Mexican government and Mexican law. In addition, the services we provide in countries outside of Mexico are governed by regulations in those countries. We are required to obtain landing rights in the countries where we seek to operate and our customers may need to obtain governmental consents in connection with the operation of their business in such countries. Regulatory authorities in the various jurisdictions in which we operate may alter the generally applicable regulations and policies that govern our operations, or can modify, withdraw or impose conditions upon the licenses and other authorizations that we require, thereby increasing our cost of doing business.

Our Concessions and other authorizations typically are granted for a fixed term or duration. Consequently, we are required to periodically renew the Concessions and other authorizations in order to maintain them in good standing. Typically, such renewals are granted, although we cannot assure you that this will continue to be the case. Effective as of the termination of the initial term of the existing Orbital Concessions, extensions of the Orbital Concessions were granted by the Mexican government in May 2011 for an additional 20-year term until 2037, with the same conditions for continuing exclusive use of existing C- and Ku-bands by Satmex, but eliminating the right to request the future use of planned or extended C- and Ku-bands which are not currently used by us. We have initiated a process with the SCT, either to recover such right to request the future use of planned C- and Ku-bands or to replace it with the right to use a Ka-band in certain conditions. We may not be successful in the resolution of this process with SCT.

Our Orbital Concessions, granted by the Mexican government, require that we reserve 362.88 MHz in the aggregate in the C- and Ku- bands of our satellites for use by the Mexican government free of charge. Consequently, approximately 6% of Satmex 5 and Satmex 6’s transponders are currently utilized by the Mexican government. In the case of any future satellites utilizing the orbital slots provided for under the Orbital Concessions, the capacity reserved to the Mexican government will be defined by the SCT according to the law, regulations and the corresponding Concessions. Moreover, our Concessions are subject to government regulations, which may modify the content of, or impose limitations on, our operations. If the Mexican government determines that we are a dominant carrier in our segment, it could impose informational, service, and pricing requirements on us, which would adversely affect our results of operations and financial condition.

 

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In the future, a sale, refinancing or restructuring that would result in a subscription of shares that represent 10% or more of our capital stock with full voting rights, requires prior notice to be given to the Mexican government, which may object to it within a 90-day period after receipt of such notice in its role as a regulator. Subsequent transactions also may require the notification or approval of other government agencies, such as the Comisión Federal de Competencia (Federal Competition Commission of Mexico), or COFECO, among others.

In connection with providing satellite capacity, ground network uplinks, downlinks and other value-added services to our customers, we need to maintain regulatory approvals, and from time to time obtain new regulatory approvals from various countries. Obtaining and maintaining these approvals can involve significant time and expense, and we cannot assure you that we will be able to obtain and maintain such approvals.

Our operations may be limited or precluded by ITU rules or processes, and we are required to coordinate our operations with those of other satellite operators. Other operators may not comply with ITU rules requiring coordination of operations and failure of such other operators to comply could cause harmful interference to the signals that we or our customers transmit.

The ITU facilitates the allocation of orbital locations, and associated radio frequencies, to different national administrations for use by geostationary satellites. The ITU also has established the Radio Regulations, which contain rules governing how a national administration may establish its priority, for ITU purposes, with respect to the use of a given orbital location and/or radio frequency assignment, and coordinate such use with other administrations.

The Mexican government has coordinated the operations of our current satellites with other administrations pursuant to the ITU’s established procedures. However, in the future we could be required to engage in additional coordinations with respect to our existing or new satellites. For example, we may be required to coordinate our operations of Satmex 7 at 114.9o W.L. with those of Mexsat 3, which we anticipate will operate at the same orbital location. According to public information released by SCT on the Mexsat system, we believe that Mexsat 3 will operate on different frequencies, and therefore that there will not be interference between Satmex 7 and Mexsat 3. We can provide no assurance that this will be the case. This and other coordinations (e.g., Ka-band) could require lengthy and costly negotiations with other operators. The failure to reach an appropriate arrangement with such satellite operators may result in substantial restrictions on the use and operation of our satellite at its orbital location. The coordination process may require us to modify our proposed coverage areas, or satellite design or transmission plans, in order to eliminate or minimize interference with other satellites or ground-based facilities. Those modifications may mean that our use of a particular orbital location is restricted, possibly to the extent that it may not be commercially desirable to place a new satellite in that location.

In certain countries, a failure to resolve coordination issues may be used by regulators as a justification to limit or condition market access by foreign satellite operators. While the ITU’s Radio Regulations require the operators of later-filed systems to coordinate their operations with us, we cannot guarantee that they will do so, or limit their operations so as to avoid transmitting any signals that would cause harmful interference to the signals that we, or our customers, transmit. This interference could require us to take steps, or pay or refund amounts to our customers that could have a material adverse effect on our results of operations, business prospects and financial condition. The ITU’s Radio Regulations do not contain mandatory dispute resolution or enforcement regulations and neither the ITU specifically, nor international law generally, provides clear remedies if the ITU coordination process fails. Failure to coordinate our satellites’ frequencies successfully or to resolve other required regulatory approvals could have an adverse effect on our financial condition, as well as on the value of our business. See “Regulation – U.S. Regulation and ITU Requirements” for additional information regarding ITU and coordination.

The ITU Radio Regulations are periodically reviewed and revised at World Radio Communication conferences, which typically take place every three to four years. As a result, we cannot guarantee that the ITU will not change its allocation decisions and rules in the future in a way that could limit or preclude our use of some or all of our existing or future orbital locations or spectrum.

 

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If we do not maintain satellites in the orbital slots we currently use, those orbital locations may become available for other satellite operators to use.

If we are unable to maintain satellites in the orbital slots that we currently use in a manner that satisfies the ITU or the Mexican government, we may lose our rights to use these orbital locations, or certain frequencies at these orbital locations, and the locations could become available for other satellite operators to use. Each Orbital Concession requires us to make continuous use of our orbital slot and to provide continuous services, but is silent as to termination if such orbital slot is vacant. The ITU’s Radio Regulations allow a national administration to “suspend” its use of a given orbital slot for up to two years, at which point the ITU or another administration could attempt to cancel Mexico’s ITU filings for that slot.

Solidaridad 2 will remain in inclined orbit for its remaining useful life. We are currently constructing another satellite, Satmex 7, and anticipate placing it in geostationary orbit in the orbital position currently held by Solidaridad 2. If we are unsuccessful in constructing and launching Satmex 7 or unable to timely place another satellite in the orbital slot occupied by Solidaridad 2, we could lose the right to use the 114.9° W.L. orbital slot for the reasons described in the previous paragraph. Additionally, the expected remaining useful life of Satmex 5 has been reduced as a result of the failure of its XIPS system on January 27, 2010. If we are unable to timely replace Satmex 5 with Satmex 8 or another satellite, we could lose the right to use the 116.8° W.L. orbital slot for the reasons described in the previous paragraph. In order to ensure that each of our orbital slots are in use in a manner that satisfies the ITU or Mexican government, once Satmex 8 is placed in the orbital slot currently occupied by Satmex 5, we anticipate transferring Satmex 5 to the orbital slot currently occupied by Solidaridad 2. We anticipate maintaining Satmex 5 in the 114.9° W.L. orbital slot until the earlier of the end of Satmex 5’s remaining useful life and the successful launching and placing of Satmex 7 in such orbital slot. However, if the remaining useful life of Satmex 5 ends prior to the successful placement of Satmex 7 in the 114.9° W.L. orbital slot, we could lose the right to use the 114.9° W.L. orbital slot for the reasons described in the previous paragraph. We cannot operate our satellites without a sufficient number of suitable orbital locations in which to place our satellites, and the loss of one or more of our orbital locations could adversely affect our plans and our ability to implement our business strategy.

Our government concessions may be revoked under certain circumstances.

Our satellites are located in orbital slots allocated to Mexico, such that our business is subject to the oversight and regulation of the Mexican government pursuant to the Mexican regulatory laws. The Mexican government has granted to us four concessions, three Orbital Concessions (See “Business – Our Satellites”) and one Property Concession (See “Business – Satellite Control Centers and Property Concession”). Our Concessions are subject to termination prior to the expiration of their terms upon the occurrence of certain events. Under the Telecommunications Law, an Orbital Concession will terminate if:

 

   

the term of any such Orbital Concession expires without any further extensions;

 

   

we resign our rights under any such Orbital Concession;

 

   

the SCT revokes such Orbital Concession;

 

   

the Mexican government (through the SCT) terminates such Orbital Concession through a proceeding called “Rescate;” or

 

   

we become subject to liquidation or bankruptcy (quiebra).

The SCT may revoke any of the Orbital Concessions upon the occurrence of certain events, among which are the following:

 

   

unjustified or unauthorized interruption of our operations or the services that may be provided under such Orbital Concession, whether in whole or in part;

 

   

taking any action or refraining from taking any action that affects the rights of other licensees or concessionaires;

 

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our failure to satisfy the terms or conditions set forth in the Orbital Concessions (including failure to deliver the free satellite capacity reserved for the Mexican government);

 

   

our unjustified failure to interconnect other concessionaires or licensees that have the right to provide telecommunications services;

 

   

change of our nationality; or

 

   

the assignment, transfer or encumbrance of rights granted under the Orbital Concessions in contravention of the terms of applicable Mexican law.

In the event any of the Orbital Concessions is revoked by the SCT, no compensation shall be paid to us. Also, in this case, we would not be eligible to receive new telecommunication concessions or permits for a five-year period as of the date that the resolution of revocation becomes final and non-appealable.

The SCT also has the right to terminate any of our Orbital Concessions for reasons of public interest or national security pursuant to a “Rescate,” and we would be entitled to receive compensation pursuant to article 19 of the Ley General de Bienes Nacionales (the “General Law on National Assets”). As of the date of any such Rescate, the orbital slot and the assets used in connection with such Orbital Concessions would be subject to the ownership and operation of the Mexican government. In case of a Rescate, we would be entitled to keep our assets, equipment and installations used in connection with the Orbital Concessions only to the extent such assets, equipment and installations are not useful to the Mexican government. However, the value of such assets will not be included in any compensation we receive.

Pursuant to the terms of the Orbital Concessions, upon their termination, the orbital slots revert to the Mexican government. In addition, pursuant to the Telecommunications Law, the Mexican government would have a preemptive right to purchase the facilities, equipment and other assets directly used by us to provide services under the Orbital Concessions. Alternatively, the Mexican government may lease these assets for up to five years at a rate determined by expert appraisers appointed by us and the SCT, or by a third appraiser jointly appointed by these appraisers in the event of a discrepancy between their appraisals.

The SCT may also effect a Requisa of the Orbital Concessions in the event of a natural disaster, war, substantial breach of the public peace and order, or imminent danger to national security, to internal peace or to the Mexican economy. In the past, the Mexican government has used this power in other industries to ensure continuity of service during labor disputes. Mexican law requires that the Mexican government must pay compensation to us if it effects a Requisa, except in the case of a temporary seizure due to war. If we were to become subject to a Requisa, the Mexican government would indemnify us in an amount equal to our damages and losses reflecting their real value. In the event of a dispute regarding such matters, losses would be determined by appraisers mutually appointed by us and the SCT and damages would be determined on the basis of the average net income generated by us in the year prior to the Requisa.

Under our Property Concession, we are required to use our Primary and Alternate Control Centers only to operate our satellites. Each of the Primary and Alternate Control Centers form part of a building complex that also houses equipment owned and used for the Mexican government’s teleport and mobile satellite services systems.

On May 14, 2010, the SCT issued an amendment to the Property Concession granted on October 15, 1997, according to which we may, with the prior authorization from the SCT, lease or give under a commodatum agreement, segments of the Primary and Alternate Control Centers to third parties, as long as such segments are used for activities related to the subject matter of the Property Concession. This amendment allowed us, among other things, to provide control and satellite operation services to other operators, with the prior authorization of the SCT.

 

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The auction of additional segment capacity in the 3.4 – 3.7 GHz frequency band in Mexico has not yet occurred, and if the auction proceeds, the use of this capacity could interfere with our satellite transmissions, which could affect our operations.

The use of this spectrum for terrestrial communications within our coverage area could cause harmful interference into our satellite services operations, or limit our ability to expand the geographic scope or frequency ranges used by our satellites. It is possible that the Mexican government could require terrestrial operators to limit their operations or employ technical solutions so as to minimize the potential for harmful interference into adjacent satellite services operations or at least to keep a 100 MHz guard band. However, we can provide no assurance that this can be the case, and the existence of harmful interference into our systems could adversely impact our ability to provide service to our customers.

The ITU continues to consider additional frequency bands for use by International Mobile Telecommunications (or “IMT – Advanced”) services. Frequency bands under consideration for such use include the 3.4 – 3.7 GHz band segment, which is used for satellite services worldwide. This band segment is adjacent to the 3.7 – 4.2 GHz band segment, known as the C-band, in which we operate under our Orbital Concessions.

If the SCT does not approve Enlaces’ teleport operation in the Primary Control Center, our financial performance could be materially and adversely affected.

Enlaces’ teleport is housed at the Primary Control Center. In June 2005 and March 2009, Enlaces requested an approval of such teleport’s location but no official response has been received as of the date hereof.

On May 14, 2010, the SCT issued an amendment to the Property Concession granted on October 15, 1997, under which we may, with prior authorization from the SCT, lease or give under a commodatum (i.e., a rent-free lease) agreement, segments of the Primary and Alternate Control Centers to third parties as long as such segments are used for activities related to the subject matter of the Property Concession. This amendment allows us, among other things, to provide control and satellite operation services to other operators, with the prior authorization of the SCT.

Pursuant to this amendment to the Property Concession, we filed a new authorization request for Enlaces’ teleport to be housed at Satmex’s Primary Control Center on May 17, 2010, but have yet to hear from the SCT.

The relocation of Enlaces’ facilities would require a significant amount of time (approximately 9 months) and would require an infrastructure investment of up to $6.8 million.

Decreases in market rates for telecommunication services could have a material adverse effect on our business, results of operation and our financial condition.

We expect the Mexican telecommunications market to continue to experience rate pressure, primarily as a result of:

 

   

increased competition and focus by our competitors on increasing market share; and

 

   

recent technological advances that permit substantial increases in the transmission capacity.

Continued rate pressure could have a material adverse effect on our business, financial condition and operating results if we are unable to generate sufficient traffic and increased revenues to offset the impact of the decreased rates on our operating margin.

We are subject to different corporate disclosure requirements than U.S. companies, which may limit the information available to our investors.

A principal objective of the securities laws of the U.S., Mexico and other countries is to promote full and fair disclosure of all material corporate information, including accounting information. However, there may be different or less publicly available information about issuers of securities in Mexico than is regularly made available by public companies in countries with highly developed capital markets, including the U.S.

 

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As a foreign private issuer, we are not required to comply with the notice and disclosure requirements under the Exchange Act relating to the solicitation of proxies for shareholder meetings. Although we are subject to the periodic reporting requirements of the Exchange Act, the periodic disclosure required of non-U.S. issuers under the Exchange Act is more limited than the periodic disclosure required of U.S. issuers. Therefore, there may be less publicly available information about us than is regularly published by or about other public companies in the U.S. As a result, potential investors may not be able to ascertain the risks of our company as easily as they would if we were a U.S. company.

Risks Related to Mexico

Any change to the current Mexican telecommunications laws, rules, regulations and policies could have a material adverse effect on our business.

The Mexican president or the Mexican Congress may introduce new, or amend existing, laws, rules, regulations and policies applicable to the telecommunications industry and/or the application thereof. Any change to Mexican telecommunications rules, regulations and policies could have a material adverse effect on our business, financial condition and result of operations, as well as market conditions and prices for our securities.

Social and economic developments in Mexico may adversely affect our business.

Most of our operations and assets are located in Mexico. For the three months ended March 31, 2012 and the fiscal years ended December 31, 2011, 2010, 2009 and 2008, approximately 33%, 36%, 35%, 37% and 47%, respectively, of our total revenue was from billings to Mexican customers. As a result, our financial condition, results of operations and business may be affected by the general condition of the Mexican economy, the devaluation of the Mexican peso as compared to the U.S. dollar, Mexican inflation, interest rates, taxation and other economic developments in or affecting Mexico over which we have no control.

Mexico has historically experienced uneven periods of economic growth and inflation. As the Mexican economy is in recession or if inflation and interest rates increase significantly, our business, financial condition and results of operations may be adversely affected. In addition, Mexico has experienced high rates of crime recently which may increase in the future. We cannot assume that such conditions will not have an adverse effect on our business, financial condition or results of operations.

Mexico entered into a recession beginning in the fourth quarter of 2008. In 2009, GDP fell by approximately 6.1%, including a decline of approximately 3.6% in the fourth quarter of 2009. In 2010, GDP grew by approximately 5.5% and inflation reached 4.4%. In 2011, GDP grew by approximately 3.9% and inflation reached 3.8%. We have increasingly been required to accept market disruption clauses, which, if invoked, typically require a borrower to pay increased funding costs when the interest rate of a financing no longer adequately reflects the actual cost for the lender to obtain funds.

The Mexican government does not currently restrict the ability of Mexican companies or individuals to convert Mexican pesos into U.S. dollars (except for certain restrictions related with cash transactions involving a U.S. dollar payment to a Mexican bank) or other currencies and Mexico has not had a fixed exchange rate policy since 1982. The Mexican peso has been subject to significant devaluations against the U.S. dollar in the past and may be subject to significant fluctuations in the future. Severe devaluations or depreciations of the Mexican peso may result in governmental intervention to institute restrictive exchange control policies, as has occurred before in Mexico and other Latin American countries. Accordingly, fluctuations in the value of the Mexican peso against other currencies may have an adverse affect on us and our value.

If the economy of Mexico continues to experience a recession or the existing recession becomes more severe, if inflation or interest rates increase significantly or if the Mexican economy is otherwise adversely impacted, our business, financial condition or results of operations could be materially and adversely affected.

The Mexican government has exercised, and continues to exercise, significant influence over the Mexican economy. Mexican governmental actions concerning the economy and state-owned enterprises could have a significant effect on Mexican private sector entities in general, and us in particular, as well as on market conditions, prices and returns on Mexican securities, including our securities. In the past, economic and other reforms have not been enacted because of strong congressional opposition to the president.

 

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High interest rates in Mexico could increase our financing and operating costs.

Mexico has, and is expected to continue to have, high real and nominal interest rates as compared to the U.S. The annualized interest rates on 28-day Certificados de la Tesorería de la Federación (Mexican Federal Treasury Certificates), or Cetes, averaged approximately 4.28%, 4.24%, 4.40%, 5.39%, and 7.68% for the three months ended March 31, 2012 and the years ended December 31, 2011, 2010, 2009 and 2008, respectively. To the extent that we incur peso-denominated debt in the future, it could be at high interest rates.

High inflation rates in Mexico may decrease demand for our services while increasing our costs.

Mexico historically has experienced high levels of inflation, although the rates have been lower in recent years. The rate of inflation, as measured by changes in the Mexican National Consumer Price Index, or NCPI, was 1.0%, 3.8%, 4.4%, 3.6% and 6.5% for the three months ended March 31, 2012 and the years ended December 31, 2011, 2010, 2009 and 2008, respectively. An adverse change in the Mexican economy may have a negative impact on price stability and result in higher inflation than its main trading partners, including the U.S. High inflation rates can adversely affect our business and results of operations in the following ways:

 

   

inflation can adversely affect consumer purchasing power, thereby adversely affecting consumer and advertiser demand for our services and products; and

 

   

to the extent inflation exceeds our price increases, our prices and revenues will be adversely affected in “real” terms.

The Ley del Impuesto Empresarial a Tasa Única has increased our tax burden and could affect our operations.

On January 1, 2008, the Ley del Impuesto Empresarial a Tasa Única (Business Flat Tax), or IETU law, went into effect. The IETU law amends various Mexican federal tax provisions relating to production and services (including the Value Added Tax Law), establishes a labor subsidy and introduces a flat tax that replaces Mexico’s asset tax and applies to taxpaying entities along with Mexico’s regular income tax. In general, Mexican companies are subject to paying the greater of the flat tax or the regular income tax. The flat tax is calculated at a rate of 17.5% on income as measured using our cash flow.

Although the flat tax is defined as a minimum tax, it has a wider taxable base, as many of the tax deductions allowed for income tax purposes are disallowed or are limited for purposes of the flat tax. Revenues, as well as deductions and certain tax credits, are determined based on cash flows generated beginning January 1, 2008.

Political instability in Mexico could affect our operations.

Political events in Mexico may result in disruptions to our operations and a decrease in our revenues.

The Mexican government exercises significant influence over many aspects of the Mexican economy and, in particular, over the telecommunications sector. The actions of the Mexican government concerning the economy and regulating certain industries could have a significant effect on Mexican private sector entities (including Satmex) and Mexican securities’ market conditions, prices and returns.

President Calderón and the Mexican congress may implement significant changes in laws, public policy and/or regulations that could affect Mexico’s political and economic situation, which could adversely affect our business. Social and political instability in Mexico or other adverse social or political developments in or affecting Mexico could affect us and our ability to obtain financing. It is also possible that political uncertainty may adversely affect Mexican financial markets.

 

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The lack of political alignment between the Mexican president and the Mexican Congress could result in deadlock and prevent the timely implementation of political and economic reforms that, in turn, could have a material adverse effect on Mexican policy and our business.

We cannot provide any assurances that political developments in Mexico, including the presidential and congressional elections in July 2012, over which we have no control, will not have an adverse effect on our business, financial condition or results of operations.

Mexico has experienced a period of increasing criminal violence and such activities could affect our operations.

Recently, Mexico has experienced a period of increasing criminal violence, primarily due to the activities of drug cartels and related organized crime. In response, the Mexican government has implemented various security measures and has strengthened its military and police forces. Despite these efforts, drug-related crime continues to exist in Mexico. These activities, their possible escalation and the violence associated with them, in an extreme case, may have a negative impact on our customers and, therefore, on our financial condition and results of operations.

Developments in other countries could adversely affect the Mexican economy, our business, financial condition or results of operations and the market value of our securities.

The Mexican economy, the business, financial condition or results of operations of Mexican companies and the market value of securities of Mexican companies may be, to varying degrees, affected by economic and market conditions in other countries. Although economic conditions in other countries may differ significantly from economic conditions in Mexico, investors’ reactions to adverse developments in other countries may have an adverse effect on the market value of securities of Mexican issuers. In recent years, economic conditions in Mexico have become increasingly correlated with economic conditions in the U.S. as a result of NAFTA and increased economic activity between the two countries. In the second half of 2008, the prices of both Mexican debt and equity securities decreased substantially as a result of the prolonged decrease in the U.S. securities markets. Adverse economic conditions in the U.S., the termination of NAFTA or other related events could have a material adverse effect on the Mexican economy. The Mexican debt and equities markets also have been adversely affected by ongoing developments in the global credit markets. We cannot assure you that events in other emerging market countries, in the U.S. or elsewhere will not materially adversely affect our business, financial condition or results of operations.

Currency devaluations may impair our ability to service our debt.

Mexico has had no exchange control system in place since the dual exchange control system was abolished on November 11, 1991. The Mexican peso has floated freely in foreign exchange markets since December 1994, when the Mexican Central Bank (Banco de México) abandoned its prior policy of having an official devaluation band.

Since then, the peso has been subject to substantial fluctuations in value. The Mexican peso depreciated against the U.S. dollar by approximately 24.6% in 2008, appreciated against the U.S. dollar by approximately 3.5% and 5.4% in 2009 and 2010, respectively, and depreciated against the U.S. dollar by approximately 13.1% in 2011. Changes in the value of the Mexican peso relative to the U.S. dollar could adversely affect our financial condition and results of operations or the rights of the Noteholders in the

event of a Mexican concurso mercantil.

We bill our customers in U.S. dollars. As a result, a substantial portion of our revenue is paid in U.S. dollars. Certain customers may pay us in Mexican pesos, pursuant to the terms of our agreement. Customers who pay in Mexican pesos must purchase U.S. dollars at the then prevailing exchange rate on the date of payment. To the extent we receive Mexican pesos, we use such Mexican pesos to pay certain local operating costs and expenses, which represent approximately 31% of Satmex’s total costs and expenses. All of our debt obligations and most of our operating costs and expenses are denominated and paid in U.S. dollars. Future devaluations of the Mexican peso relative to the U.S. dollar could adversely affect some of our customers’ ability to pay U.S. dollar-denominated obligations and could increase the cost to us of our U.S. dollar-denominated obligations.

 

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In the event of a concurso mercantil, creditors of our U.S. dollar-denominated debt obligations (including the Noteholders) could be adversely affected by devaluations of the Mexican peso relative to the U.S. dollar because a Mexican court could determine that our debt obligations will be paid in Mexican pesos. In addition, to the extent that the collateral securing the Exchange Notes can only be realized by a sale of such collateral in accordance with a concurso mercantil, the proceeds of the sale of such collateral may be in Mexican pesos. Noteholders may then have to convert such Mexican pesos into U.S. dollars by purchasing U.S. dollars at the then prevailing exchange rate on the date of payment and a devaluation of the Mexican peso relative to the U.S. dollar may affect the amount of U.S. dollars a Noteholder would receive.

Exchange controls may impair our ability to pay interest and principal on the Exchange Notes.

The Mexican economy has in the past experienced balance of payment deficits and shortages in foreign exchange reserves. While the Mexican government does not currently restrict the ability of Mexican or foreign persons or entities to convert Mexican pesos to foreign currencies generally, and U.S. dollars in particular, it has done so in the past and no assurance can be given that the Mexican government will not institute a restrictive exchange control policy in the future. In addition, while all of our customer contracts are U.S. dollar-denominated, we require our Mexican customers that choose to pay us in Mexican pesos to deliver an amount of Mexican pesos equal to the current exchange rate for the purchase of U.S. dollars prevailing on the date of payment. If we were unable to exchange such Mexican pesos into U.S. dollars or were unable to obtain sufficient dollars, we would have difficulty meeting our U.S. dollar-denominated payment obligations. The effect of any such exchange control measures adopted by the Mexican government on the Mexican economy cannot be accurately predicted.

Payment of judgments against us would be in Mexican pesos.

In the event that proceedings are brought against us and result in a judgment against us in Mexico, we would not be required to discharge those obligations in a currency other than Mexican currency. Under the Ley Monetaria de los Estados Unidos Mexicanos (Monetary Law of Mexico), an obligation in a currency other than Mexican currency payable in Mexico may be satisfied in Mexican currency at the rate of exchange in effect on the date on which payment is made. Such rate is currently determined and published by Banco de México every business and banking day. Although we are contractually required to make payments of all amounts owed under the Exchange Notes in U.S. dollars, we are legally entitled to pay in pesos if payment on those obligations is sought in Mexico (through the enforcement of a non-Mexican judgment or otherwise). In the event that we pay in Mexican pesos, holders may experience a U.S. dollar shortfall when converting Mexican pesos to U.S. dollars.

 

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USE OF PROCEEDS

This exchange offer is intended to satisfy our obligations under the registration rights agreement we entered into in connection with the offering of the New Notes. We will not receive cash proceeds from the issuance of the Exchange Notes. In consideration for issuing the Exchange Notes in exchange for New Notes as described in this prospectus, we will receive New Notes in like principal amount. The New Notes surrendered in exchange for the Exchange Notes will be retired and cancelled. Accordingly, no additional debt will result from the exchange. We have agreed to bear the expense of the exchange offer.

 

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RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our consolidated ratios of earnings to fixed charges on a historical basis:

 

     Successor     Predecessor      Pro
Forma
 
                         Year Ended December 31,     
     Three Months
Ended March  31,
2012
     Period from
May 26,
2011 to
December 31,
2011
    Period from
January 1,
2011 to
May 25,
2011
     2010      2009      2008      2007      Year
Ended
December  31,
2011
 
 

Ratio of earnings to fixed
charges
(1)

     —           —          —           —           —           —           —           —     

Insufficiency(2)

   $ 2,806       $ 18,464      $ 30,365       $ 16,135       $ 6,908       $ 28,998       $ 56,668       $ 12,896   

 

(1) The ratio of earnings to fixed charges has been computed on a consolidated basis. “Earnings” consists of losses from continuing operations before (a) income taxes and (b) fixed charges less (x) interest capitalized and (y) noncontrolling interest in pre-tax earnings of our subsidiary Enlaces. “Fixed charges” consists solely of the sum of (a) interest expensed and capitalized and (b) amortization of capitalized expenses relating to indebtedness, as we have not incurred other types of fixed charges. Our ratio was less than 1.0 for each of the periods presented.
(2) Represents in thousands of U.S. dollars, the amount of additional earnings that we must generate to achieve a ratio of earnings to fixed charges of 1.0.

 

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CAPITALIZATION

The following table sets forth our consolidated cash and cash equivalents and our total capitalization as of March 31, 2012.

You should read the information in the following table in conjunction with “Description of Notes,” “Use of Proceeds,” “Unaudited Pro Forma Condensed Consolidated Financial Statements,” “Selected Consolidated Financial and Other Data,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our historical financial statements and related Notes included elsewhere in this prospectus.

 

Cash and cash equivalents

   $ 77,627   

Debt:

  

Exchange Notes

     325,000   
  

 

 

 

Total debt

     325,000   

Shareholders’ equity:

  

Total Satélites Mexicanos, S.A. de C.V. shareholders’ equity

     256,504   

Noncontrolling interest

     3,623   
  

 

 

 

Total shareholders’ equity

     260,127   
  

 

 

 

Total capitalization

   $ 585,127   
  

 

 

 

 

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UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Effective as of December 22, 2010, and as amended on March 29, 2011, Deutsche Bank México, S.A., Institución de Banca Múltiple, División Fiduciaria (“DBM”) and Nacional Financiera, S.N.C., Institución de Banca de Desarollo, Dirección Fiduciaria (“NF”), both our former shareholders and Holdsat México entered into a share purchase agreement for the acquisition of 100% of the outstanding equity interests of Satmex. Effective as of March 10, 2011, a portion of Holdsat México’s rights and obligations under the share purchase agreement was assigned to Satmex International BV.

The share purchase agreement was entered into as part of a series of reorganization transactions being carried out by Satmex at the time in order to address future liquidity needs and enhance Satmex’s long-term growth and competitive position. In addition to the share purchase agreement, the transactions contemplated, among other things:

 

   

the voluntary filing by Satmex for protection under Chapter 11 of the U.S. Bankruptcy Code, which was confirmed on May 11, 2011 and consummated on May 26, 2011;

 

   

the conversion of the then existing Second Priority Old Notes into direct or indirect equity interests in reorganized Satmex, which occurred on May 26, 2011;

 

   

the Rights Offering, which closed on May 26, 2011; and

 

   

the offering and sale of the Original Notes, which were initially offered to qualified institutional buyers under Rule 144A of the Securities Act and to persons outside of the U.S. in compliance with Regulation S of the Securities Act on May 2, 2011, and which were exchanged for the substantially similar registered Original Exchange Notes under the Securities Act.

The consummation of the share purchase agreement on May 26, 2011 resulted in a change in control of Satmex, such that it became wholly-owned by Holdsat México and Satmex International BV as of such date. Satmex International BV, organized by holders of the Second Priority Old Notes that supported the reorganization transactions, and Holdsat México, organized by Satmex International BV and certain Mexican nationals that also supported the reorganization transactions, collaborated in their acquisition of the shares of and ultimate change in control of Satmex. Accordingly, Satmex has applied push-down accounting as of May 26, 2011 to reflect its acquisition by Holdsat México and Satmex International BV, as a collaborative group, and to reflect the new basis for its assets and liabilities.

The following tables present the unaudited pro forma condensed consolidated statement of operations of Satmex for the year ended December 31, 2011 to reflect the effects of the acquisition. These tables also present adjustments resulting from the offering and sale of the Original Notes on May 5, 2011 in an amount equal to $325.0 million. The pro forma financial information assumes that these transactions took place on January 1, 2011.

Amounts included in the following unaudited pro forma condensed consolidated statement of operations are based on available information at the time of preparation of such statement, as well as certain estimates and assumptions as set forth in the notes to these statements, which Satmex believes are reasonable. All pro forma financial information included herein is unaudited. The unaudited pro forma condensed consolidated statement of operations are presented for illustrative purposes and may not be indicative of the results of operations that actually would have occurred had the transactions taken place during the periods presented, nor does such unaudited pro forma information purport to indicate future results. The information in the following tables should be read together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

The unaudited pro forma condensed consolidated financial information is prepared in accordance with U.S. GAAP and all amounts are presented in thousands of U.S. dollars, unless otherwise indicated.

 

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Purchase Accounting Adjustments

Based on the facts above, Satmex is required to apply push-down accounting to its condensed consolidated financial statements as a result of becoming substantially wholly-owned. Acquisition accounting was applied as of May 26, 2011, whereby Satmex recognized and measured, at their fair values, the identifiable assets acquired, liabilities assumed and the related noncontrolling interests. The adjustments included in the accompanying unaudited pro forma condensed consolidated statement of operations include the effects of the depreciation and amortization of the assets and liabilities at their fair values, as well as their related deferred income tax effects.

In order to determine fair values, Satmex considered the following generally accepted valuation approaches: the cost approach, the income approach and the market approach. Significant assumptions used in the determination of fair values include cash flow projections and related discount rates, industry indices, market prices regarding replacement cost and comparable market transactions.

The total estimated consideration transferred, at fair value, for the acquisition of 100% of Satmex’s capital stock was as follows:

 

     As of May  26,
2011
 

Cash paid

   $ 1,000   

Executive bonuses

     6,303   

Cash consideration upon completion of the share purchase agreement

     5,250   

Rights offering

     90,000   

Capitalization of Second Priority Old Notes

     78,618   
  

 

 

 

Fair value of total consideration transferred

     181,171   
  

 

 

 

The following table summarizes the estimates of the pro forma net assets acquired and subsequently pushed-down in order to be reflected in Satmex’s financial information, including the preliminary allocation of the consideration paid.

 

     As of May 26
2011
 

Fair value of net assets:

  

Satellite and equipment

   $ 344,000   

Intangibles

     88,168   

Concessions

     45,672   

Deferred financing cost

     18,247   

Financial assets, net of financial liabilities

     67,623   

Deferred income taxes

     (10,372

Deferred revenue

     (35,956

First Priority Old Notes

     (238,237
  

 

 

 

Total identifiable net assets

     279,145   

Non-controlling interest

     (3,486
  

 

 

 

Bargain purchase

     (94,488
  

 

 

 
   $ 181,171   
  

 

 

 

Capitalization Adjustments

The accompanying unaudited pro forma condensed consolidated statement of operations reflects the related interest expense on the Notes as well as the elimination of the interest expense on the First Priority Old Notes, as the proceeds received from the Notes were used to repay the First Priority Old Notes.

 

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Unaudited Pro Forma Condensed Consolidated Statement of Operations

for the Year Ended December 31, 2011

 

     Predecessor     Successor  
     Period from
January  1,
through
May 25, 2011
    Purchase
Accounting
Adjustments
    Pro Forma for
Period  from
January 1,
2011 to
May 25, 2011
    Period from
May 26, 2011

to
December 31,

2011
    Pro Forma
for the  Year
Ended
December  31,
2011
 

Revenues

          

Satellite services net

   $ 43,734      $ (410 ) (a)    $ 43,324      $ 59,714      $ 103,038   

Broadband satellite services

     5,190        —          5,190        7,433        12,623   

Programming distribution services

     4,786        —          4,786        7,563        12,349   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     53,710        (410     53,300        74,710        128,010   

Costs and expenses:

          

Cost of satellite services

     4,401        —          4,401        6,191        10,592   

Cost of broadband satellite services

     685        —          685        1,388        2,073   

Cost of programming distribution services

     2,625        —          2,625        4,393        7,018   

Selling and administrative expenses

     7,714        —          7,714        12,792        20,506   

Depreciation and amortization

     17,080        (1,461 ) (b)      15,619        46,547        62,166   

Restructuring fees

     28,766        (28,766 ) (c)      —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total costs and expenses

     61,271        (30,227     31,044        71,311        102,355   

Operating (loss) income

     (7,561     29,817        22,256        3,399        25,655   

Interest expense, net and other

     (19,000     6,116        (12,884     (10,123     (23,007
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income before income tax

     (26,561     35,933        9,372        (6,724     2,648   

Income tax expense

     2,199        315  (d)      2,514        12,133        14,647   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income

     (28,760     35,618        6,858        (18,857     (11,999

Less: Net income attributable to non-controlling interest

     3        —          3        25        28   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

New (loss) income attributable to Satélites Mexicanos, S.A. de C.V.

   $ (28,763   $ 35,618      $ 6,855      $ (18,882   $ (12,027
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(In thousands of U.S. dollars)

 

Purchase Accounting Adjustments:

 

(a) Adjustment to recognize the additional amortization of deferred revenue, based on its fair value as a result of the application of push-down accounting of the acquisition of Satmex. Deferred revenue corresponds to the obligation of Satmex to provide the Mexican federal government, at no charge, approximately 362.88 MHz of its available transponder capacity for the duration of the Concessions. Deferred revenue is amortized to fixed satellite service revenue based on the expected consumption pattern.
(b) Adjustment to recognize the additional depreciation and amortization of identified assets and liabilities at their new fair values, as a result of the application of push-down accounting. Depreciation is calculated using the straight-line method for satellites, related equipment and other owned assets over the estimated useful lives of the related assets (approximately 15 years for satellites, and between three and ten years for related equipment and other owned assets). Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. The Orbital Concessions are amortized over 40 years using the straight-line method. The concession to operate a telecommunications public network is amortized over 23 years, which was the remaining useful life at the date of grant to Satmex. Other identifiable intangible assets with finite useful lives are amortized on a straight-line basis over the estimated useful lives of the assets, except for contract backlog and customer relationships, which are amortized based on the maturity of the related agreements, which varies between one to ten years.

Pro forma adjustments to this line item do not include amortization related to certain contracted backlog that will expire within twelve months following the acquisition date of Satmex. Upon acquisition of

 

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Satmex, intangible assets related to contracted backlog were identified and pushed-down to Satmex’s consolidated balance sheet as of May 26, 2011. This backlog consists of multiple contracts with varying maturity dates, several of which mature within twelve months from the acquisition date of Satmex. Satmex has considered the amortization of these specific contracts as nonrecurring charges resulting directly from its acquisition. Given that the amortization of these contracts will be included in Satmex’s actual results within twelve months or less following the acquisition date, it has excluded such amortization from pro forma adjustments. Amortization related to these contracts, totaling $4,405 has been included in Satmex’s unaudited condensed consolidated statement of operations for the period from May 26, 2011 to December 31, 2011 (Successor Registrant), included within this prospectus. Likewise, amortization related to these contracts, totaling $1,175, was included in the historical results of Satmex for the period from January 1, 2011 to May 25, 2011 (Predecessor Registrant).

 

(c) Adjustment to reverse the restructuring expenses as they are considered material non-recurring charges. Restructuring expenses include legal, financial and regulatory expenses and fees in connection with various attempts made by Satmex to carry out a restructuring reorganization or sale transaction and/or recapitalization of its outstanding indebtedness.
(d) Adjustment to recognize the deferred income tax effects of the adjustments in (a) and (b) above, determined based on temporary difference between the financial statement carrying amounts of the assets and liabilities and their respective income tax bases, measured using corresponding enacted tax rates.

 

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SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA

As of May 26, 2011, we adopted push-down accounting as a result of the Recapitalization Transactions. Accordingly, our consolidated financial information disclosed under the heading “Successor” for the three months ended March 31, 2012 and the period from May 26, 2011 through December 31, 2011 is presented on a basis different from, and is therefore not comparable to, our financial information disclosed under the heading “Predecessor” for the period from January 1, 2011 through May 25, 2011 and the fiscal years ended December 31, 2010, 2009, 2008 and 2007 and for the three months ended March 31, 2012.

The following selected consolidated financial and other data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Risk Factors” and our audited consolidated financial statements (including the related notes) contained elsewhere in this prospectus. The consolidated statement of operations and statement of cash flow data for 2009, 2010 and 2011 and the consolidated balance sheet data for 2010 and 2011, have been derived from our audited consolidated financial statements prepared in accordance with U.S. GAAP, included elsewhere in this prospectus. All financial data as of and prior to the year ended December 31, 2009 has been derived from our audited consolidated financial statements prepared in accordance with U.S. GAAP that are not included in this prospectus. Historical results are not necessarily indicative of the results to be expected for future periods.

 

    Predecessor     Successor     Predecessor     Successor  
    Fiscal Year Ended December 31,     Period from
January 1,
2011 to
May 25,
    Period from
May 26,
2011 to
December 31,
    Three
Months
Ended
March 31,
    Three
Months
Ended
March 31,
 
    2007     2008     2009     2010     2011     2011     2011     2012  
   

Statement of Operations Data:

               

Revenues:

               

Satellite services

  $ 80,250      $ 93,248      $ 102,061      $ 105,781      $ 43,734      $ 59,714      $ 26,634      $ 25,827   

Broadband satellite services

    15,136        13,335        12,384        12,910        5,190        7,433        3,186        2,320   

Programming distribution services

    6,815        8,136        10,594        10,071        4,786        7,563        2,808        3,690   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

    102,201        114,719        125,039        128,762        53,710        74,710        32,628        31,837   

Costs and expenses:

               

Satellite services (1)

    21,421        14,183        12,884        11,405        4,401        6,191        2,572        2,114   

Broadband satellite services (1)

    3,824        2,186        2,249        2,821        685        1,388        441        421   

Programming distribution services (1)

    3,223        4,162        5,331        5,387        2,625        4,393        1,555        1,848   

Selling and administrative
expenses(1)

    26,509        21,223        16,893        17,040        7,714        12,792        4,761        4,660   

Depreciation and amortization

    53,106        59,807        47,657        43,402        17,080        46,547        10,222        17,258   

Restructuring expenses (2)

    —          4,424        3,324        16,443        28,766        —          8,846        —     

Reversal of provision for orbital incentive (3)

    —          (6,989     —          —          —          —          —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gain on recovery from customer

    —          (4,610     —          —          —          —          —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total costs and expenses

    108,083        94,386        88,338        96,498        61,271        71,311        28,397        26,301   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

    (5,882     20,333        36,701        32,264        (7,561     3,399        4,231        5,536   

Interest expenses

    (51,672     (48,498     (43,708     (45,789     (19,499     (8,990     (10,672     (2,498

Interest income

    1,650        1,481        480        345        150        328        94        107   

Net foreign exchange gain (loss)

    145        (1,828     12        71        349        (1,461     173        573   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income tax

    (55,759     (28,512     (6,515     (13,109     (26,561     (6,724     (6,175     (3,718

Income tax expense

    893        6,829        13,233        779        2,199        12,133        188        3,882   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

  $ (56,652   $ (35,341   $ (19,748   $ (13,888   $ (28,760   $ (18,857   $ (6,363   $ (164
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less: Net income attributable to non-controlling interest

    802        285        406        444        3        25        7        112   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to Satélites Mexicanos, S.A. de C.V.

  $ (57,454   $ (35,626   $ (20,154   $ (14,332   $ (28,763   $ (18,882   $ (6,370   $ (276
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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Table of Contents
    Predecessor     Successor     Predecessor     Successor  
    Fiscal Year Ended     Period from
January 1,
2011 to
May 25,
2011
    Period from
May 26 to
December 31,
2011
    Three
Months
Ended
March 31,
2011
    Three
Months
Ended
March 31,
2012
 
    2007     2008     2009     2010          
                 
                 

Statement of Cash Flow Data:

               

Depreciation and amortization

  $ 53,106      $ 59,807      $ 47,657      $ 43,402      $ 17,080      $ 46,547      $ 10,222      $ 17,258   

Net cash flows provided by operating activities

    15,073        27,549        45,994        41,010        8,134        32,354        5,310        25,556   

Capital expenditures

    2,425        6,518        1,808        67,691        42,968        152,164        20,495        27,180   

Net cash flows used in investing activities

    (2,425     (6,518     (1,808     (67,691     (42,968     (152,164     (20,495     (27,180

Net cash flows provided by (used in) financing activities

    —          —          —          —          306,753        (148,570     —          —     

Balance Sheet Data (End of Period):

               

Cash and cash equivalents

  $ 37,176      $ 58,207      $ 102,393      $ 75,712      $ 347,631      $ 79,251      $ 60,527      $ 77,627   

Accounts receivable, net

    8,181        17,281        9,543        13,126        19,612        12,658        16,687        17,245   

Satellites and equipment

    290,428        264,149        235,240        265,158        327,770        443,015        282,880        461,288   

Concessions

    42,419        41,007        39,597        38,185        37,597        44,628        37,831        44,180   

Total assets

    470,182        445,494        439,407        438,957        793,910        664,943        443,128        676,616   

Deferred revenue

    70,042        67,698        65,354        63,010        62,033        35,161        62,424        34,821   

Total debt

    393,171        406,297        420,615        436,110        765,130        325,000        440,130        325,000   

Total liabilities

    487,238        497,891        511,552        524,990        908,703        404,652        535,525        416,489   

Total shareholders’ equity (deficit)

    (19,444     (52,397     (72,145     (86,033     (114,793     260,291        92,396        260,127   

Other Financial Data:

               

EBITDA (4)

  $ N/A      $ 80,148      $ 84,358      $ 75,666      $ 9,519      $ 49,946      $ 14,453      $ 22,794   

Adjusted EBITDA (4)

  $ N/A      $ 74,739      $ 86,366      $ 86,366      $ 37,629      $ 51,233      $ 23,003      $ 22,937   

Maintenance capital expenditures (5)

  $ 2,034      $ 3,053      $ 1,808      $ 4,578      $ 635      $ 1,627      $ 383      $ 217   

Satellite capital expenditures (6)

    391        3,465        —          63,113        42,333        150,537        20,112        26,963   

 

(1) Exclusive of depreciation and amortization shown separately.
(2) Restructuring expenses consists of costs incurred by Satmex as part of its capital restructuring activities (including principally financial advisory, professional and regulatory fees).
(3) In the event that a transponder is successfully operating at the end of its design life and we continue to use it for telecommunications purposes, we must make payments to the supplier of the transponder calculated on a daily basis. The orbital incentive provision for 2006 and 2007 was reversed in 2008 in accordance with a confidential settlement agreement signed in 2007. The reversal amount was $7.0 million, which had the effect of offsetting costs in 2008.
(4) We present EBITDA and Adjusted EBITDA because we consider them to be important supplemental measures of our operating performance. EBITDA and Adjusted EBITDA are each one of the measures reported to our Chief Executive Officer on a monthly basis and are used by our management to evaluate operational performance both against internal targets and the performance of our competitors. Compensation decisions are also based in part on Adjusted EBITDA. We consider EBITDA and Adjusted EBITDA to be operating performance measures, and not liquidity measures, that provide measures of operating results unaffected by differences in capital structures, capital investment cycles and ages of related assets among otherwise comparable companies. The adjustments made to EBITDA to calculate Adjusted EBITDA are adjustments for items that management does not consider to be reflective of our core operating performance. Management considers our core operating performance to be that which can be affected by our managers in any particular period through their management of the resources that affect our underlying revenue and profit generating operations during that period.

EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP and, therefore, have limitations as analytical tools. Some of these limitations are:

 

   

EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;

 

   

EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;

 

   

EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;

 

   

although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;

 

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EBITDA and Adjusted EBITDA do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and

 

   

other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, when analyzing our operating performance, investors should use EBITDA and Adjusted EBITDA in addition to, and not as an alternative for, net income, operating income or any other performance measure presented in accordance with GAAP. Similarly, investors should not use EBITDA or Adjusted EBITDA as an alternative to cash flow from operating activities or as a measure of our liquidity.

EBITDA represents net loss excluding income tax expense, interest expense, interest income and depreciation and amortization expense. Adjusted EBITDA represents EBITDA adjusted to exclude the effects of the orbital incentives settlement, recapitalization transaction expenses, state reserve amortization and other income and expenses, each as described below. The following table reconciles net loss to EBITDA and Adjusted EBITDA for the periods presented:

 

     Predecessor     Successor     Predecessor     Successor  
     Fiscal Year Ended December 31,     January 1
to
May 25,
    May 26 to
December 31,
    Three
Months
Ended
March 31,
    Three
Months
Ended
March 31,
 
     2008     2009     2010     2011     2011     2011     2012  

Net loss

   $ (35,341   $ (19,748   $ (13,888   $ (28,760   $ (18,857   $ (6,663   $ (164

Income tax expense

     6,829        13,233        779        2,199        12,133        188        3,882   

Interest expense

     48,498        43,708        45,789        19,499        8,990        10,673        2,498   

Interest income

     (1,481     (480     (345     (150     (328     (94     (107

Net foreign exchange loss (gain)

     1,828        (12     71        (349     1,461        (173     (573

Depreciation and amortization

     59,807        47,657        43,402        17,080        46,547        10,222        17,258   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   

EBITDA

     80,140        84,358        75,666        9,519        49,946        14,453        22,794   

Recapitalization transaction expenses(a)

     8,542        3,324        16,443        28,766        —          8,846        —     

Orbital incentives settlement(b)

     (6,989     —          —             

State Reserve Amortization(c)

     (2,344     (2,344     (2,344     (977     (794     (586     (340

Other Income/(Expense)(d)

     (4,610     1,028        (393     321        2,081        290        483   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 74,739      $ 86,366      $ 89,372      $ 37,629      $ 51,233      $ 23,003      $ 22,937   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Recapitalization transaction expenses consists of costs incurred by Satmex as part of its activities to restructure its capital structure (including principally financial advisory, professional and regulatory fees). Our management excludes these expenses when evaluating our ongoing performance and, therefore, our Adjusted EBITDA excludes these expenses.
(b) In the event that a transponder is a successfully operating transponder at the end of the specific useful lifetime and we continue to use it for telecommunications purposes, we must make daily payments to the supplier calculated on a daily basis. The orbital incentive provision for 2006 and 2007 was reversed in 2008 in accordance with a confidential settlement agreement signed that same year. The reversal amount was $7.0 million, which had the effect of offsetting costs in 2008.
(c) Reduction of accrued income related to transponders provided to the Mexican government free of charge. These transponders are provided without cost to Satmex and have been eliminated based upon our belief that such exclusion provides a better comparison to the results of operation of our peers.
(d) Other income in 2008 represents a gain from the successful outcome of a lawsuit against a former customer, which occurred in the second quarter of 2008.
(5) Includes payments for the acquisition of electronic, data processing and other infrastructure type equipment and vehicles.
(6) Includes construction in process payments related to Satmex 7 ($391,000 in 2007, $3.5 million in 2008 and $10.4 million in 2012) and Satmex 8 ($63.1 million in 2010, $192.9 million in 2011 and $15.4 million in 2012), the deposit payment related to F4 ($1.3 million in 2012), capitalized interest, technical fees and expenses related to such construction.

 

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information in this section should be read in conjunction with our consolidated financial statements and related notes beginning on page F-1 and the related information included elsewhere in this prospectus. Our financial statements are published in U.S. dollars and prepared in conformity with accounting principles generally accepted in the U.S., which we refer to as “U.S. GAAP.” We maintain our accounting books and records in both Mexican pesos and U.S. dollars. Our functional currency is the U.S. dollar. Monetary assets and liabilities denominated in Mexican pesos are translated into U.S. dollars using current exchange rates. The exchange gain or loss is reflected in results of operations as a component of net income. Non-monetary assets and liabilities originally denominated in Mexican pesos are translated into U.S. dollars using the historical exchange rate at the date of the transaction. Common stock is translated at historical exchange rates in effect at the date of contribution or on the date of change to common stock. Certain amounts presented herein may not sum due to rounding.

Overview

Satmex is a significant provider of satellite services in the Americas, with coverage of more than 90% of the population of the region across more than 45 nations and territories. As one of only two privately-managed satellite services providers based in Latin America, we have designed, procured, launched and operated three generations of satellites during a period of over 26 years. Our current fleet is comprised of three satellites in highly attractive, adjacent orbital slots that enable our customers to effectively serve our entire coverage footprint utilizing a single satellite connection. We believe that our attractive orbital locations, long operating history, extensive customer relationships and experienced management team have resulted in high utilization rates, strong customer retention, significant Adjusted EBITDA margins and substantial backlog.

We hold orbital concessions to operate satellites on certain frequencies in the C- and Ku-band spectrum at three adjacent orbital slots. These orbital slots are located at 113.0° W, 114.9° W and 116.8°W. On March 1, 2008, Solidaridad 2 was placed in, and continues to be in, inclined orbit at 114.9° W.L. . Satmex 7 is intended to occupy the orbital slot of Solidaridad 2 and offer commercial C- and Ku-band services. On March 13, 2012, we entered into the Satmex Procurement Agreement with Boeing for the design, construction and delivery of Satmex 7 which will be based on Boeing’s 702 SP platform. The Satmex Procurement Agreement also provides for an option to purchase an additional satellite based on Boeing’s 702 SP platform, and which will be named F4. The agreement provides for a 34-month construction schedule for Satmex 7 and F4. On February 3, 2012, we entered into the Launch Services Agreement with SpaceX to launch Satmex 7. The launch services agreement provides for a scheduled launch period for Satmex 7 between December 2014 and February 2015 For a more detailed discussion of the Satmex 7 program, including our current plans for the construction and launch of the satellite and related transactions related to Satmex 7, see “Prospectus Summary – The Satmex 7 and F4 Programs.” In April 2010, we entered into a definitive construction agreement with Loral for the design, construction and delivery of Satmex 8, which will replace Satmex 5. We also entered into a launch services agreement with ILS in December 2010, which provides for a launch window scheduled during the third quarter of 2012.

We identify our reportable segments as follows, based on the information used by our chief operating decision maker with respect to resource allocation and evaluation of performance: satellite services; broadband satellite services; and programming distribution services. Satmex’s satellites are in geosynchronous orbit and consequently are not attributable to any geographic location. Substantially all of Satmex’s assets are located in Mexico and the U.S.

Our revenue is generated from our three reportable segments, of which satellite services is the most important, generating 80.6% of our consolidated revenues in 2011. Our satellite services revenues are earned by providing data and voice-over IP network services using our satellite transponder capacity. Our customers generally obtain satellite capacity from us by placing an order under a master agreement, which agreement specifies, among other things, the transponder capacity to be provided by us, the terms of the service and whether the service will be pre-emptible. Revenues are recognized as capacity is provided under our service agreements. These service agreements are accounted for either as operating or sales-type leases. Revenues under operating leases are recognized on a straight-line basis over the term of the lease.

 

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We also generate revenues from end-of-life leases for transponders. These revenues are usually collected in advance and are accounted for as sales-type leases with revenues and expenses recognized when the risks and rewards of the transponders are transferred to the customer in accordance with the applicable agreements. We generate revenues from the sale and installation of equipment. Revenues from sales of antennas and installation services are generally recognized in the period in which risk and reward are transferred to the customer, which generally coincides with the completion of installation and the customer accepting the equipment. Enlaces, our 75%-owned subsidiary, generates revenues through the offering of Broadband satellite services (public and private network signal services). These revenues are recognized as services are rendered. Revenue from purchasers of Alterna’TV programming distribution services is recognized based on an estimated number of subscribers by applying a contractual rate reconciled to actual numbers. See “ – Revenue Recognition – ‘Alterna’TV’ .”

Our expenses are related to the costs associated with providing these services. The most significant costs relate to the provision of satellite services, which include the costs related to the operation and control of our satellites, our control center facilities, our communications network and our engineering support personnel. Selling and administrative expenses are also a significant component of our cash and include salaries and benefits for employees and professional fees as well as travel costs, office rental expenses and provisions for uncollectible accounts. In general, most of our costs, such as labor are relatively stable and we believe that we can increase revenue with relatively smaller increases in such expenses. A third part of our costs relate to restructuring expenses incurred in connection with our efforts to modify our financial arrangements.

Our need to consummate the Recapitalization Transactions resulted from a combination of factors. First, the First Priority Old Notes matured in 2011 and the Second Priority Old Notes would have matured in 2013. The terms of these notes materially restricted our ability to borrow additional funds. Second, we expect to spend approximately $67.3 million through the remaining portion of 2012 to construct, launch and insure our Satmex 8 satellite, which is planned to replace our existing Satmex 5 satellite that is currently operating on its back-up bi-propellant propulsion system as a result of the failure of its primary XIPS in January 2010. We also require additional funds to construct, launch and insure our currently anticipated Satmex 7 satellite, which is intended to replace Solidaridad 2. Despite our improved operating performance during the past few years, these cash requirements significantly exceed our available cash and cash equivalents.

The sale of all of our shares of capital stock as part of the Recapitalization Transactions resulted in a change in control of Satmex, such that it is now substantially wholly-owned by Holdsat México and Satmex International BV (together the “investors”). Accordingly, Satmex has applied push-down accounting for the effects of its acquisition by the collaborative investors on May 26, 2011.

Results of operations for the three months ended March 31, 2012 (Successor) compared to the three months ended March 31, 2011 (Predecessor)

Revenue

Revenue for the three months ended March 31, 2012 was $31.8 million, compared to $32.6 million for the same period in 2011. The net decrease was due to a decrease in fixed satellite services of $0.8 million and $0.9 million in broadband satellite services provided by Enlaces partially offset by an increase of $0.9 million in programming distribution services.

 

     Three months ended
March 31,
        
     2012      2011      Difference  

Satellite services

   $ 25,827       $ 26,634       $ (807

Broadband satellite services

     2,320         3,186         (866

Programming distribution services

     3,690         2,808         882   
  

 

 

    

 

 

    

 

 

 

Total revenue

   $ 31,837       $ 32,628       $ (791
  

 

 

    

 

 

    

 

 

 
(In thousands of U.S. dollars)         

The net decrease of $0.8 million in satellite services was due to an increase of $1.4 million in new contracts, partially offset by a decrease of $0.9 million of net capacity contracted by existing customers, a decrease of approximately $1.1 million in expired contracts and a decrease of $0.2 million in the state reserve amortization due to the change in its fair value of the state reserve given the push-down of acquisition accounting.

 

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The decrease of $0.9 million in Broadband satellite services was due to the expiration of the contract of one of the main customers in addition to lower revenues from two customers.

The increase of $0.9 million in programming distribution services was due to an increase of $0.7 million in revenues from existing customers and $0.2 million in new contracts.

Operating Costs and Expenses

Operating costs and expenses decreased $2.1 million to $26.3 million for the three months ended March 31, 2012 (83% of revenues), from $28.4 million for the same period in 2011(87% of revenues). The table below sets forth the components of operating costs and expenses:

 

     Three months ended
March 31,
        
     2012      2011      Difference  

Operating costs

   $ 4,383       $ 4,568       $ (185

Selling and administrative expenses

     4,660         4,761         (101

Recapitalization Transactions expenses

     —           8,846         (8,846

Depreciation and amortization

     17,258         10,222         7,036   
  

 

 

    

 

 

    

 

 

 

Total operating costs and expenses

   $ 26,301       $ 28,397       $ (2,096
  

 

 

    

 

 

    

 

 

 
(In thousands of U.S. dollars)         

Operating Costs

Operating costs for the three months ended March 31, 2012 decreased $0.2 to $4.4 million (14% of revenues), compared to $4.6 million for the same period in 2011 (14% of revenues). The table below sets forth the components of our operating costs:

 

     Three months ended
March 31,
        
     2012      2011      Difference  

Satellite services

   $ 2,114       $ 2,572       $ (458

Broadband satellite services

     421         441         (20

Programming distribution services

     1,848         1,555         293   
  

 

 

    

 

 

    

 

 

 

Total operating costs

   $ 4,383       $ 4,568       $ (185
  

 

 

    

 

 

    

 

 

 
(In thousands of U.S. dollars)         

Satellite services costs decreased due a reduction of $0.3 million in satellite insurance and $0.1 million for personnel cost.

Programming distribution services cost increased $0.3 million due to cost of programming, transmission and fiber optics cost.

Selling and Administrative Expenses

Selling and administrative expenses, which consist primarily of salaries and other employee compensation, professional fees, allowance for doubtful accounts and other expenses, decreased $0.1 million for a total of $4.7 million for the three months ended March 31, 2012 (15% of revenues), as compared to $4.8 million for the same period in 2011 (15% of revenues).

The decrease in selling and administrative expenses can be attributable to the following:

 

   

a decrease in personnel costs and performance bonus of $0.3 million due to a decrease, in severance, payroll taxes and other benefits;

 

   

a decrease of $0.4 million in Enlaces’ allowance for doubtful accounts due to the application of our internal policy regarding the allowance for doubtful accounts related to contracts linked to services provided to the Mexican government.

 

   

an increase in legal and professional fees of $0.4 million; and

 

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a net increase of $0.2 million in other expenses which include, advertising, individual insurance, rent, maintenance and non deductibles.

Recapitalization Transactions Expenses

Recapitalization Transactions expenses consist primarily of fees paid to our financial and legal advisors involved in the restructuring process. Recapitalization transactions expenses were of $8.8 million for the three months ended March 31, 2011, or 27% as a percentage of revenue. As of March 31, 2012, Satmex had not incurred any restructuring fees.

Depreciation and Amortization

Depreciation and amortization expense increased $7.0 million for a total of $17.2 million for the three months ended March 31, 2012 (54% of revenues), compared to $10.2 million for the same period in 2011 (31% of revenues). The table below sets forth the components of our depreciation and amortization expense:

 

     Three months ended
March 31,
        
     2012      2011      Difference  

Contract backlog

   $ 7,709       $ 705       $ 7,004   

Satmex 6

     4,330         3,633         697   

Satmex 5

     4,085         4,928         (843

Concessions

     447         353         94   

Equipment for satellite, furniture and equipment and other

     687         603         84   
  

 

 

    

 

 

    

 

 

 

Total depreciation and amortization

   $ 17,258       $ 10,222       $ 7,036   
  

 

 

    

 

 

    

 

 

 

(In thousands of U.S. dollars)

        

As of May 26, 2011, Satmex recognized an increase in the value of its fixed and intangible assets reflecting the fair values of those assets on that date as a result of the push-down of acquisition accounting. The net increase in depreciation and amortization for the three months ended March 31, 2012 is derived from the recognition of the new values of these assets as of May 26, 2011 as a consequence of this treatment.

Operating Income

For the three months ended March 31, 2012 and 2011, operating income was $5.5 million and $4.2 million, respectively, due to the reasons mentioned above.

Interest Expense

Total interest cost for the three months ended March 31, 2012 was $2.5 million, compared to $10.7 million for the same period in 2011. The table below sets forth the components of our interest expense:

 

     Three months ended
March 31,
       
     2012     2011     Difference  

Notes interest

   $ 8,117      $ —        $ 8,117   

First Priority Old Notes interest

     —          7,515        (7,515

Second Priority Old Notes interest

     —          5,304        (5,304

Capitalized interest in Satmex 8

     (6,416     (2,165     (4,251

Amortization of deferred financing costs

     774        —          774   

Other commissions

     23        19        4   
  

 

 

   

 

 

   

 

 

 

Total interest expense

   $ 2,498      $ 10,673      $ (8,175
  

 

 

   

 

 

   

 

 

 
(In thousands of U.S. dollars)       

The decrease of $8.2 million was mainly due to the ability of Satmex to capitalize $4.3 million of interest cost incurred for the three months ended March 31, 2012, as a result of the commencement of construction of Satmex 8 coupled with a lower interest rate incurred on the Notes as compared to the First Priority Old Notes and the Second Priority Old Notes.

 

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Net Foreign Exchange Gain

We recorded a foreign exchange gain for the three months ended March 31, 2012 and 2011 of $0.6 million and $0.2 million, respectively. Foreign exchange losses and gains are calculated based on outstanding balances of Mexican peso-dominated assets and liabilities relative to the prevailing U.S. dollar/Mexican peso exchange rate.

Income Tax

Satmex applied different income tax rates according to the estimated date of reversal of each of the temporary items due to rate differences for each year as a result of the laws enacted on December 31, 2009. Satmex and its subsidiaries pay both (i) the business flat tax known as Impuesto Empresial a Tasa Unica, or IETU, since 2008 and (ii) the income tax known as Impuesto Sobre la Renta, or ISR. Our future projections indicate that we will continue to pay both taxes during the life of our Concessions. Accordingly, deferred taxes are calculated based on a hybrid approach, which considers a mix of both tax regimes. For the three months ended March 31, 2012, we recorded income tax expense (including both ISR and IETU) of $3.9 million on income before income taxes of $3.7 million yielding an effective tax rate of 105%. For the three months ended March 31, 2011, we recorded income tax expense of $0.2 million on a loss before income taxes of $6.2 million yielding a negative effective rate. The negative effective rate for the three months ended March 31, 2011 principally arises from the fact that interest expense, depreciation and amortization are not deductible for IETU purposes, which results in taxable income for those entities that pay IETU. The IETU tax is computed on a cash basis (excluding interest expenses).

Net Loss Attributable to Satmex

According to the factors described above, our net loss decreased $6.0 million to $0.3 million for the three months ended March 31, 2012, compared to a loss of $6.3 million for the same period of 2011. This decrease is primarily attributable to the decrease in interest expense.

Discussion of Historical Results of Operations for the Period from January 1, 2011 to May 25, 2011

During the period from January 1, 2011 to May 25, 2011, our satellite services revenues were $43,734, our broadband satellite services revenues were $5,190 and our programming distribution services revenues were $4,786.

The trend in satellite services during this period was downwards, given less net capacity contracted by existing customers and expired contracts. This trend continued during the period from May 26, 2011 to December 31, 2011, during which revenues from our satellite services were $59,714, and were additionally affected by the decrease in the amortization of the state reserve due to its change in fair value given the push-down of acquisition accounting as of May 26, 2011.

The trend in our broadband satellite services revenues during this period was also downwards due to expired contracts nonrenewable by customers. This trend continued during the period from May 26, 2011 to December 31, 2011, resulting in revenues from broadband satellite services revenues for the period of $7,433.

The trend in our programming and distribution services revenues was upwards given an increase in revenues from existing customers. This trend continued during the period from May 26, 2011 to December 31, 2011, during which revenues from programming distribution services were $7,563.

During the period from January 1, 2011 to May 25, 2011, costs related to our satellite services were $4,401, related to our broadband satellite services were $685 and related to our programming distribution services revenues were $2,625. Satellite services costs were trending downwards mainly due to a reduction in satellite insurance costs. Satellite services costs for the period from May 26, 2011 to December 31, 2011 were $6,191.

Costs for broadband satellite services were trending downwards due to the reduction in costs associated with antennas and maintenance of the teleport and antennas. Broadband satellite services costs for the period from May 26, 2011 to December 31, 2011 were $1,388.

Costs related to programming and distribution services revenues were trending upwards due to increases costs of transmission, programming and fiber optics costs. Programming and distribution services costs were $4,393 for the period from May 26, 2011 to December 31, 2011.

 

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Depreciation and amortization for the period from January 1, 2011 to May 25, 2011 was $17,080 and reflected our depreciation and amortization rates based on the existing carrying values of our assets. Given our restructuring and the push-down of acquisition accounting on May 26, 2011, depreciation and amortization increased, based on the recognition of the step-up in fair value of our assets and liabilities as a result of our restructuring.

We incurred recapitalization transaction expenses of $28,766 in the period from January 1, 2011 to May 25, 2011 in connection with the Recapitalization Transactions; no similar recapitalization transaction expenses were incurred subsequent to May 25, 2011.

Interest expense during the period from January 1, 2011 to May 25, 2011 was $19,499, reflecting interest incurred on our First Priority Old Notes and Second Priority Old Notes. As a result of the Recapitalization Transactions, we restructured our debt, which significantly decreased our interest expense. Additionally, we were able to capitalize interest costs during the period from January 1, 2011 to May 25, 2011 and from May 26, 2011 to December 31, 2011 to the construction costs of our Satmex 8 satellite. Interest expense for the period from May 26, 2011 to December 31, 2011 was $8,990.

Net loss during the period from January 1, 2011 to May 25, 2011 was $28,760, affected predominantly by recapitalization transaction expenses and interest on outstanding debt. Net loss during the period from May 26, 2011 to December 31, 2011 was $18,857, a smaller loss in proportion to the Predecessor period of 2011 due to the absence of recapitalization transaction expenses and a decrease in our interest expense as discussed above.

Pro forma results of operations for the year ended December 31, 2011 compared to the year ended December 31, 2010

The following discussion and analysis presents our results of operations on a pro forma basis for the year ended December 31, 2011. We are presenting our discussion and analysis on a pro form basis to provide a more useful comparison of 2011 to 2010, which such years are currently not comparable, given the change in basis of accounting stemming from the push-down of acquisition accounting as result of the Recapitalization Transactions. See “Unaudited Pro Forma Condensed Consolidated Financial Statements” for further detail of the pro forma information to which the following discussion related.

Revenue

Pro forma revenue for 2011 was $128.0 million, compared to $128.7 million for 2010. The net decrease was due to a decrease in fixed satellite services of $2.7 million and $0.2 million in broadband satellite services provided by Enlaces partially offset by an increase of $2.2 million in programming distribution services.

 

     Year ended December 31,         
     2011
(Pro forma)
     2010      Difference  

Satellite services

   $ 103,038       $ 105,781       $ (2,743

Broadband satellite services

     12,623         12,910         (287

Programming distribution services

     12,349         10,071         2,278   
  

 

 

    

 

 

    

 

 

 

Total revenue

   $ 128,010       $ 128,762       $ (752
  

 

 

    

 

 

    

 

 

 
(In thousands of U.S. dollars)   

The net decrease of $2.7 million in satellite services was due to a decrease of $2.6 million of net capacity contracted by existing customers, $1.2 million in expired contracts and a $0.9 million in the state reserve amortization due to the change in its fair value of the state reserve given the push-down of acquisition accounting, partially offset by an increase of $2.0 million in new contracts.

The increase of $2.2 million in programming distribution services was due to an increase of $2.5 million in revenues from existing customers (Comcast, Dish Network AT&T and Time Warner), partially offset by a decrease of $0.3 million from Direct TV customers.

Operating Costs and Expenses

Operating costs and expenses increased $5,857 million to $102.3 million in 2011 (pro forma) (80% of revenues), from $96.5 million for the same period in 2010 (75% of revenues). The table below sets forth the components of our operating expenses.

 

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     Year ended December 31,         
     2011
(Pro forma)
     2010      Difference  

Operating costs

   $ 19,683       $ 19,613       $ 70   

Selling and administrative expenses

     20,506         17,040         3,466   

Recapitalization transaction expenses

     —           16,443         (16,443

Depreciation and amortization

     62,166         43,402         18,764   
  

 

 

    

 

 

    

 

 

 

Total operating expenses

   $ 102,355       $ 96,498       $ 5,857   
  

 

 

    

 

 

    

 

 

 
(In thousands of U.S. dollars)   

Operating Costs

Operating costs for 2011 increased $0.1 million to $19.7 million (pro forma) (15% of revenues) compared to $19.6 million in 2010 (15% of revenues). The table below sets forth the components of our operating costs:

 

     Year ended December 31,         
     2011
(Pro forma)
     2010      Difference  

Satellite services

   $ 10,592       $ 11,405       $ (813

Broadband satellite services

     2,073         2,821         (748

Programming distribution services

     7,018         5,387         1,631   
  

 

 

    

 

 

    

 

 

 

Total operating costs

   $ 19,683       $ 19,613       $ 70   
  

 

 

    

 

 

    

 

 

 
(In thousands of U.S. dollars)   

Satellite services costs decreased due to a reduction of $0.9 million in satellite insurance costs and other net expenses.

Broadband satellite services costs decreased $0.7 million due to the reduction in costs associated with antennas and maintenance of teleport and antennas.

Programming distribution services costs increased $1.6 million due to increased costs of transmission, programming and fiber optics costs.

Selling and Administrative Expenses

Selling and administrative expenses, which consist primarily of salaries and other employee compensation, professional fees, allowance for doubtful accounts and other expenses increased $3.5 million, for a total of $20.5 million in 2011 (pro forma) (16% of revenues), as compared to $17.0 million in 2010 (13% of revenues).

The increase in selling and administrative expenses can be attributable to the following:

 

   

An increase in personnel costs and performance bonus of $0.8 million, due to an increase of $0.5 million in salaries, severance, wage taxes and other benefits and the cancelation in 2010 of the performance bonus and sales bonus reserve of $0.3 million in Enlaces and the service companies;

 

   

An increase of $0.6 million in allowance for doubtful accounts in Enlaces, due to the application of our internal policy relative to the allowance for doubtful accounts related to contracts regarding services to the Mexican government;

 

   

An increase in other expenses which include rent, travel expenses, maintenance, commercial agent fees and communications; and

 

   

Other legal and professional fees paid after May 26, 2011 amounted to $1.3 million.

 

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Recapitalization transaction expenses

Recapitalization transaction expenses consist primarily of fees paid to our financial and legal advisors involved in the restructuring process. Recapitalization transaction expenses incurred in 2010 were $16.4 million. Our pro forma results of operations for 2011 do not present recapitalization transaction expenses, as they are considered a non-recurring item in the preparation of pro forma financial information. However, as discussed in our historical results of operations, such costs amounted to $28.8 million in 2011. The increase in 2011 relates to the costs associated with our attempt to modify our financial arrangements during 2011, including legal, professional and advisory fees.

Depreciation and Amortization

Depreciation and amortization expense increased $18.7 million, for a total of $62.1 million in 2011 (pro forma) (48% of revenues) compared to $43.4 million in 2010 (34% of revenues). The table below sets forth the components of our depreciation and amortization expense:

 

     Year Ended December 31         
     2011
(Pro forma)
     2010      Difference  

Contract backlog

   $ 24,358       $ 5,391       $ 18,967   

Satmex 6

     17,557         14,531         3,026   

Satmex 5

     16,130         19,375         (3,245

Concessions

     2,288         1,411         877   

Equipment for satellite, furniture and equipment and other

     1,833         2,694         (861
  

 

 

    

 

 

    

 

 

 

Total depreciation and amortization

   $ 62,166       $ 43,402       $ 18,764   
  

 

 

    

 

 

    

 

 

 
(In thousands of U.S. dollars)   

As of May 26, 2011, Satmex recognized an increase in the value of intangible assets (contract backlog, customer relationship) reflecting the fair values of those assets on that date as a result of the push-down of acquisition accounting. The net increase in depreciation and amortization in 2011 is derived from the recognition of the new values of these assets as of May 26, 2011 as a consequence of this treatment.

Operating Income

Our operating income was $25.7 million in 2011 (pro forma), compared to operating income of $32.3 million in 2010.

Interest Expense, net and other

Total interest cost, net and other for the year ended in 2011 was $23.0 million (pro forma), compared to $45.3 million in 2010. The table below set forth the components of our interest expense, net and other:

 

     Year Ended December 31        
     2011
(Pro forma)
    2010     Difference  

New Notes interest

   $ 30,875      $ —        $ 30,875   

First Priority Old Notes interest

     —          27,839        (27,839

Second Priority Old Notes interest

     —          20,450        (20,450

Capitalized interest in Satmex 8

     (10,391     (2,582     (7,809

Amortization of deferred financing costs

     1,806        —          1,806   

Interest income

     (478     (345     (133

Net foreign exchange loss (gain)

     1,112        (71     1,183   

Other commissions

     83        82        1   
  

 

 

   

 

 

   

 

 

 

Total interest expense

   $ 23,007      $ 45,373      $ (22,366
  

 

 

   

 

 

   

 

 

 
(In thousands of U.S. dollars)   

 

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The decrease of $22.3 million was mainly due to the ability of Satmex to capitalize $10.3 million of interest costs incurred in 2011, as a result of the commencement of construction of Satmex 8 coupled with a lower interest rate incurred on the New Notes as compared to the First Priority Old Notes and the Second Priority Old Notes.

Net Foreign Exchange Gain (Loss)

We recorded a foreign exchange loss for 2011 of $1.1 million (pro forma), and a foreign exchange gain of $0.1 million in the same period of 2010. Foreign exchange losses and gains are calculated based on outstanding balances of Mexican peso-dominated assets and liabilities relative to the prevailing U.S. dollar/Mexican peso exchange rate.

Income Tax

Satmex applied different income tax rates according to the estimated date of reversal of each of the temporary items due to rate differences for each year as a result of the Mexican laws enacted on December 31, 2009. Satmex and its subsidiaries pay both (i) the business flat tax known as Impuesto Empresarial a Tasa Única, or IETU, since 2008 and (ii) the income tax known as Impuesto sobre la Renta or ISR. Our future projections indicate that we will continue to pay both taxes during the life of the Concessions. Accordingly, deferred taxes are calculated based on a hybrid approach, which considers a mix of both tax regimens. For the year ended in 2011, we recorded income tax expense of $14.6 million (pro forma) on an income before income taxes of $2.6 million (pro forma), while for the same period of 2010 we recorded income tax expense of $0.8 million on a loss before income taxes of $13.1 million yielding a negative effective rate in that year. The negative effective rate principally arises from the fact that interest expense, depreciation and amortization are not deductible for IETU purposes, which results in taxable income for those entities that pay IETU. The IETU tax is computed on a cash basis (excluding interest expenses).

Net Loss Attributable to Satélites Mexicanos, S.A. de C.V.

As a result of the aforementioned factors, the net loss attributable to Satmex for the year of 2011 was $12.0 million (pro forma), as compared to a loss of $14.3 million for the same period in 2010.

Results of operations for the year ended December 31, 2010 compared to the year ended December 31, 2009.

Revenue

Revenue for 2010 was $128.8 million, compared to $125.0 million for 2009, an increase of approximately $3.8 million, or 3%. The increase was due to an increase in satellite services of approximately $3.8 million and an increase in broadband satellite services provided by Enlaces of $500,000, partially offset by a decrease in programming distribution services of $500,000.

 

     Year Ended December 31,         
     2010      2009      Difference  

Satellite services

   $ 105,781       $ 102,061       $ 3,720   

Broadband satellite services

     12,910         12,384         526   

Programming distribution services

     10,071         10,594         (523
  

 

 

    

 

 

    

 

 

 

Total revenue

   $ 128,762       $ 125,039       $ 3,723   
  

 

 

    

 

 

    

 

 

 
(In thousands of U.S. dollars)   

The increase of approximately $3.8 million in satellite services was due to an increase of $1.4 million in new contracts, plus an increase of $4.3 million for additional net capacity contracted by existing customers, partially offset by approximately $2.1 million in expired contracts.

 

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Operating Costs and Expenses

Operating costs and expenses increased $8.2 million to $96.5 million in 2010, or 75% as a percentage of revenue, from $88.3 million in 2009, or 71% as a percentage of revenue. The table below sets forth the components of our operating expenses:

 

     Year Ended December 31,         
     2010      2009      Difference  

Operating costs

   $ 19,613       $ 20,464       $ (851

Selling and administrative expenses

     17,040         16,893         147   

Recapitalization Transactions expenses

     16,443         3,324         13,119   

Depreciation and amortization

     43,402         47,657         (4,255
  

 

 

    

 

 

    

 

 

 

Total operating expenses

   $ 96,498       $ 88,338       $ 8,160   
  

 

 

    

 

 

    

 

 

 
(In thousands of U.S. dollars)   

Operating Costs

Operating costs for 2010 decreased $851,000 to $19.6 million, or 15% as a percentage of revenue, compared to $20.4 million in 2009, or 16% as a percentage of revenue. The table below sets forth the components of our operating costs:

 

     Year Ended December 31,         
     2010      2009      Difference  

Satellite services

   $ 11,405       $ 12,884       $ (1,479

Broadband satellite services

     2,821         2,249         572   

Programming distribution services

     5,387         5,331         56   
  

 

 

    

 

 

    

 

 

 

Total operating costs

   $ 19,613       $ 20,464       $ (851
  

 

 

    

 

 

    

 

 

 
(In thousands of U.S. dollars)   

Satellite services costs decreased $1.4 million. This improvement is mostly due to a reduction in satellite insurance cost of approximately $688,000. In addition, in 2009 approximately $780,000 of costs were incurred with respect to Satmex 7, which were expensed as they did not meet the applicable criteria for capitalization.

Broadband satellite services cost increased due to costs associated with installation of antennas and maintenance of teleport and antennas.

Selling and Administrative Expenses

Selling and administrative expenses consist primarily of salaries and employee compensation, professional fees, allowance for doubtful accounts and other expenses. Selling and administrative expenses amounted to $17.0 million in 2010, or 13% as a percentage of revenue, compared to $16.9 million in 2009, or 14% as a percentage of revenue.

The minor increase in selling and administrative expenses was attributable to an increase in personnel costs offset by a decrease in professional fees and other expenses.

Recapitalization Transactions Expenses

Recapitalization Transactions expenses consist primarily of fees paid to our financial and legal advisors involved in the restructuring process. Restructuring expenses increased $13.1 million to $16.4 million in 2010, or 13% as a percentage of revenue, compared to $3.3 million in 2009, or 3% as a percentage of revenue. The increase relates to the costs associated with our attempt to modify our financial arrangements during 2010, including legal, professional and advisory fees.

 

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Depreciation and Amortization

Depreciation and amortization expense decreased $4.3 million to $43.4 million in 2010, or 34% as a percentage of revenue, compared to $47.7 million in 2009, or 38% as a percentage of revenue. The table below sets forth the components of our depreciation and amortization expense:

 

     Year Ended December 31,         
     2010      2009      Difference  

Contract backlog

   $ 5,391       $ 13,935       $ (8,544

Satmex 6

     14,531         14,531         —     

Satmex 5

     19,375         13,537         5,838   

Solidaridad 2

     —           784         (784

Concessions

     1,412         1,412         —     

Equipment for satellite, furniture and equipment and other

     2,693         3,458         (765
  

 

 

    

 

 

    

 

 

 

Total depreciation and amortization

   $ 43,402       $ 47,657       $ (4,255
  

 

 

    

 

 

    

 

 

 
(In thousands of U.S. dollars)   

As of November 30, 2006, in connection with the adoption of fresh-start reporting, we recorded our intangible assets (contract backlog, customer relationships, internally developed software and landing rights) at their fair value. The remaining useful lives of such assets were also determined at the date of fresh-start accounting in 2006, based on estimated cash flows expected to be generated by the intangible assets during their useful life. The net decrease in amortization of contract backlog is due to the expiration of various contract terms to which the backlog related. The increase in the depreciation of Satmex 5 is due to the reduction of its expected useful life resulting from the XIPS failure described in this prospectus.

Operating Income

Our operating income decreased $4.4 million to $32.3 million in 2010, compared to $36.7 million in 2009, due to the reasons discussed above.

Interest Expense

Total interest cost increased $2.1 million to $45.8 million in 2010, compared to $43.7 million in 2009. The increase is primarily due to the increase in the interest rate payable on the First Priority Old Notes.

Net Foreign Exchange Gain (Loss)

We recorded a foreign exchange gain of $71,000 in 2010 and $12,000 in 2009. Foreign exchange gains (losses) are calculated based on outstanding balances of Mexican peso-dominated assets and liabilities relative to the prevailing U.S. dollar/Mexican peso exchange rate.

Income Tax

We applied different income tax rates according to the estimated date of reversal of each of the temporary items due to rate differences for each year as a result of the laws enacted on December 31, 2009. We and our subsidiaries pay both (i) the business flat tax known as Impuesto Empresial a Tasa Única, or IETU, since 2008 and (ii) the income tax known as Impuesto Sobre la Renta, or ISR. Our future projections indicate that we will continue to pay both taxes during the life of our Concessions. Accordingly, deferred taxes are calculated based on a hybrid approach, which considers a mix of both tax regimes. For 2010, we recorded income tax expense (including both ISR and IETU) of $779,000 on a loss before income taxes of $13.1 million, while for 2009 we recorded income tax expense of $13.2 million on a loss before income taxes of $6.5 million yielding a negative effective rate in both years. The negative effective rate principally arises from the fact that interest expense, depreciation and amortization are not deductible for IETU purposes, which results in taxable income for those entities that pay IETU. The IETU tax is computed on a cash basis (excluding interest expenses).

 

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The decrease in IETU tax expenses in 2010 as compared to 2009 was mainly due to Satmex 8’s costs of construction in 2010, which are deductible for flat tax purposes.

Net Loss Attributable to Satmex

According to the factors described above, our net loss decreased $5.9 million to $14.3 million in 2010, compared to a loss of $20.2 million in 2009.

Inflation and Foreign Exchange Fluctuations

During the three months ended March 31, 2012 and the years ended December 31, 2011, 2010 and 2009, the rates of inflation in Mexico, as measured by changes in the National Consumer Price Index as provided by Banco de México, were 1.0%, 3.8%, 4.4% and 3.6%, respectively. A portion of our expenditures, including capital expenses and satellite insurance, and our customer contracts are not directly affected by Mexican inflation because they are denominated in U.S. dollars. However, high inflation rates would affect Mexican peso-denominated expenses, such as payroll and rent. To the extent that the Mexican peso’s devaluation against the U.S. dollar is less than the inflation rate in Mexico, we will be adversely affected by the effect of inflation in Mexico with respect to our Mexican peso-denominated expenses. We do not use foreign currency hedges.

The Mexican peso appreciated against the U.S. dollar by approximately 3.5% and 5.4% in 2009 and 2010, respectively, and depreciated against the U.S. dollar by approximately 13.1% in 2011. A substantial majority of our revenues are in U.S. dollars. As noted above, although many of our costs and expenses are also denominated in U.S. dollars, approximately 56% are in pesos. As a result, the appreciation of the peso against the U.S. dollar results in an increase in our expenses as reflected in dollars in our financial statements.

Backlog

The stability of our revenue and cash flows is supported by our multi-year contracts with non-governmental customers, which are typically three to five years in duration and U.S. dollar denominated. Our backlog represents our expected future revenues from existing contracts (without discounts for present value). The value of our backlog represents the full service charge for the duration of the contract and does not include any termination fees or assume that any contract will be renewed beyond its stated expiration date. For the three months ended March 31, 2012, our contracted satellite services revenue backlog was approximately $195.0 million. For 2011, our contracted satellite services revenue backlog was approximately $207.9 million, or a multiple of approximately 2.0 times our satellite services revenue. Of the approximate $207.9 million of backlog, we anticipate realizing approximately $89.7 million during 2012 and the remaining $118.2 million during 2013 and thereafter. Approximately 90% of this backlog relates to contracts that are non-cancelable and cancelable only upon payment of substantial termination. In addition to the foregoing, the backlog for Enlaces as of March 31, 2012 was approximately $8.2 million.

Liquidity and Capital Resources

Satmex’s cash balance as of March 31, 2012 was $77.6 million compared to $79.3 million on December 31, 2011, a decrease of $1.6 million. At March 31, 2012, Satmex had total debt of $325.0 million. This amount represents the Notes issued on May 5, 2011.

We generally rely on cash generated from our operations, capital increases and long-term debt to fund our working capital needs, capital expenditures, interest payments and debt repayments. As a consequence of our operating activities, cash flow from operations improved from 2008 through December 31, 2011. As of March 31, 2012, we had cash and cash equivalents of approximately $77.6 million. However, our business is very capital intensive. We may continue to face liquidity constraints as our capital expenditures increase in connection with the construction, launch and insurance of new satellites and the expansion and upgrade of our satellite network.

Substantially all of our capital expenditures are denominated in U.S. dollars. Our total capital expenditures, including capitalized interest for the continued development and construction of satellites, were $27.2 million, $195.1 million, $67.7 million and $1.8 million for the three months ended March 31, 2012 and the years ended December 31, 2011, 2010 and 2009, respectively. Capital expenditures related to Satmex 8 were $15.4 million

 

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during the three months ended March 31, 2012, $192.9 million for the year ended December 31, 2011 and $63.1 million for the year ended December 31, 2010, which include $6.4 million, $11.7 million and $2.6 million of capitalized interest costs for the three months ended March 31, 2012 and the years ended December 31, 2011 and 2010, respectively. During the three months ended March 31, 2012 and the years ended December 31, 2011, 2010 and 2009, we invested $0.2 million, $2.2 million, $4.6 million and $1.8 million, respectively, in electronic, data and processing equipment, infrastructure and vehicles. The table below sets forth our capital expenditures for the periods indicated:

 

     Three Months
Ended
     Year Ended
December  31,
 
     March 31, 2012      2011      2010      2009  

Acquisition of property, furniture and equipment

   $ 0.2       $ 2.2       $ 4.6       $ 1.8   

Construction of Satmex 7

     10.3         —           —           —     

Construction of Satmex 8

     15.4         192.9         63.1         —     

Deposit for F4

     1.3         —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 27.2       $ 195.1       $ 67.7       $ 1.8   
  

 

 

    

 

 

    

 

 

    

 

 

 
(In millions of U.S. dollars)   

We expect the net proceeds from the Recapitalization Transactions and the cash flow generated from our operations to be sufficient to fund our working capital and capital expenditures needs through the remaining portion of 2012, including the payments to be made during 2012 in connection with the construction, launch and insurance of Satmex 8, which we estimate to be $67.3 million of the total cost of approximately $317.7 million (which does not include capitalized interest). We anticipate funding any future capital expenditures, including the construction, launch and insurance of Satmex 7, from proceeds raised through the offering of the Notes and from cash from operations. There can be no assurance that we will have sufficient financial resources to fund such expenditures. See “Risk Factors – We may not have enough financial resources to pay the Notes in full at maturity and finance Satmex 7 and/or F4.”

Sources and Uses of Cash

The following table sets forth our major sources and (uses) of cash for each period as set forth below:

 

     Three
Months
Ended
March 31,
     Year Ended December 31,  
     2012      2011
Successor
    2011
Predecessor
    2010     2009  

Net cash provided by operating activities

   $ 25.6       $ 32.3      $ 8.1      $ 41.0      $ 46.0   

Net cash used in investing activities

   $ 27.2       $ (152.1   $ (42.9   $ (67.7   $ (1.8

Net cash provided by financing activities

   $ —         $ (148.5   $ 306.7        —          —     
(in million of U.S. dollars)   

Operating Activities

Our operations for three months ended March 31, 2012 generated $25.6 million in positive cash flow despite our net loss which was principally due to significant non-cash expenses, including $17.3 million of depreciation and amortization. Changes in operating assets and liabilities during the first three months of 2012 positively affected our cash flow by $4.2 million. Although we experienced slower collections of accounts receivables of the Mexican federal government of $4.6 million, we were able to age certain of our payables as compared to the corresponding period in the prior year in order to manage cash flows.

Notwithstanding our net loss, our operations for the period from January 1, 2011 to May 25, 2011 generated $8.1 million in positive cash flow while our operations for the period from May 26, 2011 to December 31, 2011 generated $32.3 million in positive cash flow. This is due to the fact that our net loss is comprised of certain significant non-cash expenses, principally $17.0 million and $46.5 million of depreciation and amortization for the periods from January 1, 2011 to May 25, 2011 and May 26, 2011 to December 31, 2011, respectively.

 

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Our operations for 2010 generated $41.0 million in positive cash flow despite our net loss which was principally due to significant non-cash expenses, including $43.4 million of depreciation and amortization and $15.5 million of accrued and capitalized paid-in-kind interest. Changes in operating assets and liabilities during 2010 negatively affected our cash flow by $2.2 million principally as a result of slower collections of accounts receivable when compared to our revenue growth in 2010, as well as an IETU tax credit in excess of $3.2 million as a result of capital expenditures for Satmex 8 which has not yet been realized in cash.

Our operations for 2009 generated $46.0 million in positive cash flow despite our net loss which was principally due to significant non-cash expenses, including $47.7 million of depreciation and amortization and $14.3 million of accrued and capitalized paid-in-capital interest. Changes in operating assets and liabilities during 2009 positively affected our cash flow in excess of $4.2 million, primarily as a result of net collections of accounts receivable, which more than offset payments made against accounts payable, accrued expenses and income taxes and prepaid insurance.

Investing Activities

Our net cash used in investing activities for the three months ended March 31, 2012 primarily resulted from the payments associated with the construction of satellites and our investment in infrastructure, vehicles and electronic, data and processing equipment.

Our net cash used in investing activities for the year ended December 31, 2011 primarily resulted from the payments associated with the construction of Satmex 8 and our investment in infrastructure, vehicles and electronic, data and processing equipment.

Our net cash used in investing activities for the year ended December 31, 2010 primarily resulted from the payment associated with the execution of an ATP for the future construction of Satmex 8 and our investment in infrastructure, vehicles and electronic, data and processing equipment. Our net cash used in investing activities for the years ended 2009 and 2008 resulted from similar equipment investments.

Financing Activities

We did not experience cash inflow or outflow from financing activities during the three months ended March 31, 2012 or for the years ended December 31, 2010 and 2009. Our net cash provided by financing activities for the period from January 1, 2011 to May 25, 2011 consisted of the issuance of the Notes for $325.0 million net of the payment of debt issuance costs of $18.2 million. Our net cash used in financing activities for the period from May 26, 2011 to December 31, 2011 consisted principally of the repayment of the First Priority Old Notes of $238.2 million, partially offset by the proceeds received from the issuance of equity of $90.0 million.

We believe that after the Recapitalization Transactions, our current sources of liquidity are sufficient to meet our operating requirements for 2012.

Financing Agreements

Existing Senior Secured Notes

The balance, interest rate and due date of the Notes are as follows:

 

     Successor Registrant
As of the date hereof
 

Notes at annual fixed rate of 9.5%, due in 2017.

   $ 360,000,000   
  

 

 

 

 

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The principal characteristics of the Notes are as follows:

 

   

Maturity is on May 15, 2017.

 

   

Fixed annual interest of 9.5%, payable semi-annually in arrears on May 15 and November 15 of each year.

 

   

Fully and unconditionally guaranteed, jointly and severally, on a first priority senior secured basis by the Guarantors and all future material subsidiaries of Satmex, subject to certain exceptions.

 

   

Optional redemption at any time prior to May 15, 2014 pursuant to which Satmex may redeem up to 35% of the aggregate principal amount of the Notes, plus accrued and unpaid interest.

 

   

In the event of a change of control, the holders of Notes have the right to require Satmex to repurchase the Notes at 101% of their issue price, plus accrued and unpaid interest.

 

   

If Satmex consummates an asset disposition and does not use the proceeds for the purposes specified in the indenture or receives insurance proceeds as a result of certain events, Satmex is required to use such proceeds to offer to repurchase a portion of the Notes at 100% of their issue price plus accrued and unpaid interest.

The indenture related to the debt obligations issued by Satmex establishes other affirmative and negative covenants, common for this type of transaction.

Contractual Obligations

The following table shows our aggregate contractual obligations as of March 31, 2012:

 

     Payments Due By Period  
     Total      Less than
1 Year
     1-3 Years      4-5 Years      After
5 Years
 

Contractual Obligations:

              

Debt and related interest accrued as of March 31, 2012(1)

   $ 494,812       $ 42,453       $ 92,625       $ 359,734         —     

Construction in progress, launch and insurance of Satmex 8

     67,349         67,349         —           —           —     

Construction in progress of Satmex 7

     163,174         35,622         127,552         —           —     

Operating leases(2)

     1,122         580         538         4         —     

Other long-term obligations(3)

     5,611         510         1,530         1,020         2,551   

Other commercial commitments(4)

     4,431         1,560         2,559         312         —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total contractual cash obligations

   $ 736,499       $ 148,074       $ 224,804       $ 361,070       $ 2,551   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     (In thousands of U.S. dollars)   

 

(1) Interest of the Notes is calculated using a fixed interest rate of 9.5% over the remaining life of the notes.
(2) Represents future minimum payments under non-cancelable operating leases with initial or remaining terms of one year or more.
(3) Represents payments to the Mexican government under the Property Concession.
(4) Represents future payments under services and maintenance contracts.

 

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Off-Balance Sheet Arrangements

We do not engage in any off-balance sheet arrangements that have or that we believe are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Critical Accounting Policies

The preparation of our financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from these estimates. Accounting policies that are critical to understanding our financial statements and that require significant judgment by management include the estimated useful lives of our satellites, the valuation of long-lived assets, goodwill, other intangible assets, the valuation allowance related to income tax, revenue recognition and the allowance for doubtful accounts.

Fair Value of Net Assets

We emerged from our reorganization process on November 26, 2006 and adopted fresh-start reporting as of November 30, 2006. Our reorganization enterprise value was allocated at that time to our assets and liabilities, which were stated at fair value. In addition, our accumulated deficit was eliminated and our new debt and equity were recorded in accordance with the distributions set forth in the 2006 Plan.

On May 26, 2011, as a result of the Recapitalization Transactions, Satmex applied push-down accounting and recognized the fair value of its net assets indirectly acquired by Holdsat México and Satmex International BV, as shareholders of Satmex.

Accounting guidance establishes a fair value hierarchy based on the level of independent and objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The inputs used to measure the fair value of the satellites, concessions, intangible assets and state reserves fell into one of the following three levels:

 

   

Level 1 - applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities;

 

   

Level 2 - applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability; and

 

   

Level 3 - applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The fair value of our satellites was determined using the cost approach. The cost approach estimates fair value based on the amount that would currently be required to replace the service capacity of an asset, including market prices regarding replacement assets and comparable market transactions.

We determined the fair value of our orbital concessions and the public telecommunications network concession using the market approach and the income approach methods, respectively. Under the market approach, we utilized values for similar assets in similar markets in which we operate. Under the income approach, we utilized a discounted cash flow model in which we considered assumptions such as projections of future cash flows, discount rates and industry indexes.

Other intangible assets identified as part of the push-down of acquisition accounting consisted primarily of contract backlog and customer relationships. The fair values of these intangible assets were calculated using the income approach. We utilized a discounted cash flow model in which we considered assumptions such as projections of future cash flows, discount rates and industry indexes. The income approach, more commonly known as the discounted cash flow approach, estimates fair value based on the cash flows that an asset can be expected to generate over its useful life.

 

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Design and Useful Lives of Satellites

Upon adoption of push-down accounting on May 26, 2011, our satellites were valued at fair value as discussed above. Estimated remaining useful lives were also adjusted as of such date.

Depreciation expense is calculated using the straight-line method over the estimated useful lives of the satellites. The estimated useful life is based on the satellites’ design life.

The estimated design lives of our in-orbit satellites were:

 

Satellite

   Design Life  

Satmex 6

     15.0 years   

Satmex 5

     15.0 years   

Solidaridad 2

     14.5 years   

The estimated remaining useful lives of our in-orbit satellites, as of March 31, 2012, were:

 

Satellite

   Remaining Useful Life  

Satmex 6

     10.94 years   

Satmex 5

     0.88 years  (1) 

Solidaridad 2

     0.00 years  (2) 

 

(1) In November 2011, Boeing updated the remaining useful life of Satmex 5 based on analyses of the remaining propellant, deorbit propellant, residual propellant, and uncertainties. As result of the analyses, the remaining useful life of Satmex 5 was 0.88 years from March 31, 2012.
(2) In March 2008, Solidaridad 2, was placed in inclined orbit. It primarily provides L-band service to the Mexican government for national security and social services. As of December 31, 2010, we estimated that Solidaridad 2 could remain in inclined orbit for 2.5 years, but, in early 2011, we began to suspect that it had less propellant than needed to continue to operate in inclined orbit for that period. On June 1, 2011, we received the results of an independent study and based on such study we have decided to de-orbit the satellite. The Mexican government has contracted a consultant to evaluate the feasibility of extending the Solidaridad 2 life for providing L-band services. Satmex is currently in negotiation with the Mexican government for the implementation of their request for such consultant.

Solidaridad 2, Satmex 5 and Satmex 6 are being depreciated over their estimated useful lives commencing on their in-orbit service dates of November 14, 1994, January 16, 1999 and July 1, 2006, respectively. On January 27, 2010, satellite Satmex 5 experienced the total failure of its XIPS and consequently its expected useful life was reduced. The net effect of the Satmex 5 depreciation adjustment in 2010 was $6.4 million. Solidaridad 2 concluded its depreciation period based upon the expiration of its original estimated design life at the end of 2009. The satellite manufacturers provide the propellant mass and estimated lifetime when the satellites are handed over at the end of the orbit testing. To estimate the remaining fuel, the bookkeeping method is used, which consists of subtracting from the propellant mass the fuel used after each maneuver executed.

Costs incurred in connection with the construction and successful deployment of our satellites and related equipment are capitalized. Such costs include direct contract costs, allocated indirect costs, launch costs, launch insurance, construction period interest and the estimated value of satellite incentive payments. All capitalized satellite costs are amortized over the estimated useful life of the related satellite. Losses from unsuccessful launches and in-orbit failures of our satellites, net of insurance proceeds, are recorded in the period in which they occur.

 

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Valuation of Long-Lived Assets

The carrying value of the satellites, amortizable intangible assets and other long-lived assets is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the expected undiscounted future cash flows are less than the carrying value of the long-lived assets, an impairment charge is recorded based on such asset’s estimated fair value. Changes in estimates of future cash flows could result in a write-down of the asset in a future period. Estimated future cash flows from our satellites could be impacted by, among other things:

 

   

changes in estimates of the useful life of the satellite;

 

   

changes in estimates of our ability to operate the satellite at expected levels;

 

   

changes in the manner in which the satellite is to be used; and

 

   

the loss of one or several significant customer contracts on the satellite.

The significant assumptions we used in our undiscounted cash flow model with respect to our intangible concession assets consider the operation of three satellites. In order for that to occur, we must successfully complete the construction, launch, operation and insurance of Satmex 8 as well as the construction, launch, operation and insurance of Satmex 7. Satmex 8 is intended to replace Satmex 5. Satmex 7 is currently anticipated to occupy the orbital slot of Solidaridad 2. Our analysis did not result in the impairment of any of our satellites or long-lived assets.

Goodwill and Other Intangible Assets

Goodwill resulting from our reorganization in 2006 was written-off on May 26, 2011 as a result of the adoption of push-down accounting stemming from the recapitalization transactions. As of December 31, 2010, goodwill represents the amount by which our reorganization equity value exceeded the fair value of our net assets (exclusive of debt obligations), as of November 30, 2006. Pursuant to the provisions Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) 350-10, Intangibles – Goodwill and Other, goodwill is not amortized and is subject to an annual impairment test that we perform in the fourth quarter of each fiscal year. Goodwill was fully allocated to the satellite services segment reporting unit. FASB ASC 350-10 requires a two-step approach with respect to the goodwill impairment analysis. Step one requires us to compare the fair value of the reporting unit to its carrying amount on an annual basis or more frequently if circumstances indicate impairment may have occurred to determine if there is potential impairment. If the fair value of the reporting unit is less than its carrying value, a second step is performed in which the implied fair value of goodwill is calculated and an impairment loss is recorded to the extent that the implied fair value of the goodwill within the reporting unit is less than its carrying value. Estimating the fair value of reporting unit is a subjective process that involves the use of estimates and judgments, particularly related to cash flows and the appropriate discount rates. The fair value of the reporting unit was determined using a combination of valuation techniques consistent with the income approach and the market approach and included the consideration of independent valuations. For purposes of the income approach, discounted cash flows were calculated by taking the net present value of estimated cash flows using a combination of historical results, estimated future cash flows and an appropriate price to earnings multiple. The significant assumptions we used in our undiscounted cash flow model with respect to goodwill rely on our operation of three satellites. In order for that to occur, we must successfully complete the construction, launch, operation and insurance of Satmex 8 as well as the construction, launch, operation and insurance of Satmex 7. Satmex 8 is intended to replace Satmex 5. Satmex 7 is currently intended to occupy the orbital slot of Solidaridad 2. We assumed a terminal value of a multiple of EBITDA and a discount rate consistent with industry standards. As a result, based on the foregoing analysis, our goodwill and other intangible assets were not impaired. We used a weighted average cost of capital discount rate for our analysis. We use our internal forecast to estimate future cash flows and actual results may differ for forecasted results. We utilized discount rates that we believe adequately reflected the risk and uncertainty in the financial markets generally and specifically in our internally developed forecasts.

We completed our annual goodwill impairment test in the fourth quarter of 2010 and determined that goodwill was not impaired. The carrying value of the satellite services reporting unit is negative. Therefore, its fair

 

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value exceeded its carrying value and thus passed Step One of the goodwill impairment test, indicating that goodwill was not impaired. Although the carrying value of the reporting unit is negative, this negative position has generally resulted from the significant interest expense incurred on our debt agreements. We have, for the past three years, generated positive cash flows from operations. We believe that our historical operations and our current restructuring efforts, coupled with the construction of Satmex 8 and currently anticipated construction of Satmex 7 and the operations they are expected to generate provide evidence that despite the negative carrying value of the reporting unit to which goodwill is assigned, there is no impairment of its goodwill.

After the application of push-down accounting, intangible assets consist primarily of customer relationships and contract backlog, which were valued at their fair value on May 26, 2011 as discussed above. Identifiable intangible assets with finite useful lives are amortized on a straight-line basis over the estimated useful lives of the assets, except for contract backlog, which is amortized in accordance with the agreement’s maturity.

Income Tax

We recognize deferred income tax assets and liabilities for the future consequences of temporary differences between the financial statement carrying amounts of assets and liabilities and their respective income tax bases, measured using enacted rates. For statutory purposes, books and records are maintained in Mexican pesos, the Spanish language and Mexican Financial Reporting Standards. The enactment of IETU required our management to project the estimated taxable income applicable to future fiscal years in order to determine the appropriate tax rate to measure deferred tax assets and liabilities. Based on our projections, we determined that in certain fiscal years we will pay ISR, while in others, we will pay IETU. Accordingly, we scheduled the reversal of the temporary differences for both ISR and IETU purposes, determined by year whether the applicable temporary differences should be those under ISR or those under IETU, and applied the applicable rates. Such financial forecasts were based on our management’s best estimate of the taxable income of Satmex and its subsidiaries. The forecasts and projections are sensitive to operational and financial changes that Satmex and its subsidiaries might experience in the future. If, as a result of unforeseen circumstances during a certain period, Satmex or any of its subsidiaries incur a tax different than forecasted and such circumstances are considered temporary or circumstantial, we shall continue to recognize the deferred tax based only on its original forecast. The effects of changes in the statutory rates are accounted for in the period that includes the enactment date. Deferred income tax assets are also recognized for the estimated future effects of tax loss carry forwards and asset tax credit carry forwards. A valuation allowance is applied to reduce deferred income tax assets to the amount of future net benefits that are more likely than not to be realized, which is computed based on projected tax results. Based on our projections of anticipated tax liability, we estimate that the tax loss carry forwards will not be fully utilized before their expiration.

Revenue Recognition

Alterna’TV

To calculate the monthly revenue attributable to purchasers of Alterna’TV programming distribution services, we estimate, on a monthly basis, the number of Alterna’TV subscribers per purchaser according to the contractual value of each subscriber. Approximately 45 to 60 days after the end of each month, we receive a definitive report from each purchaser and reconcile the definitive revenue with the estimated amount, issuing an invoice to such purchaser based on the definitive report. Variations between the estimated and actual revenue amounts are not material and we believe our estimates of revenues are appropriate.

Sales of Antennas and Installation Services

Public and private net signal and value-added services are recognized when rendered. The sale of antennas and installation services are recognized in the period in which risk and rewards are transferred to the customers, which generally coincides with the completion of the installation of the antennas and acceptance by the customer.

Allowance for Doubtful Accounts

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allowance is created in the period for which we believe that collection of the account has become doubtful. After an allowance is applied, the reversal of such allowance only occurs in the period of payment or in the period in which a change in circumstance has occurred that provides strong evidence to support the collectability of the receivable.

Accounting Pronouncements

Recently Adopted Accounting Pronouncements

On January 1, 2011, Satmex adopted FASB Accounting Standard Update (“ASU”) No. 2009-13, Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements – a consensus of the FASB Emerging Issues Task Force, which contains new guidance on accounting for revenue arrangements with multiple deliverables. When vendor specific objective evidence or third party evidence for deliverables in an arrangement cannot be determined, a best estimate of the selling price is required to separate deliverables and allocate arrangement consideration using the relative selling price method. The new guidance includes new disclosure requirements on how the application of the relative selling price method affects the timing and amount of revenue recognition. The adoption of this guidance did not have an impact on Satmex’s consolidated financial statements and related disclosures.

On January 1, 2011, Satmex adopted FASB ASU No. 2010-29, Business Combinations (Topic 805): Disclosure of Supplementary Pro Forma Information for Business Combinations. The amendments in this update specify that if a public company presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. The amendments also expand the supplemental pro forma disclosures to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The amendments apply to all business combinations that are material on an individual or aggregate basis. Refer to Note 2b. for disclosures required pursuant to this ASU.

Recently Issued Accounting Pronouncements Pending Adoption

In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which updated the guidance in ASC Topic 820, Fair Value Measurement. ASU 2011-04 clarifies the application of existing fair value measurement requirements including (1) the application of the highest and best use and valuation premise concepts, (2) measuring the fair value of an instrument classified in a reporting entity’s shareholders’ equity, and (3) quantitative information required for fair value measurements categorized within Level 3. ASU 2011-04 also provides guidance on measuring the fair value of financial instruments managed within a portfolio, and application of premiums and discounts in a fair value measurement. In addition, ASU 2011-04 requires additional disclosure for Level 3 measurements regarding the sensitivity of fair value to changes in unobservable inputs and any interrelationships between those inputs. The amendments in this guidance are to be applied prospectively, and are effective for interim and annual periods beginning after December 15, 2011, and early application is not permitted. Satmex does not anticipate the adoption of the guidance in this ASU will materially affect its consolidated financial statements.

In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income, which updated the guidance in ASC Topic 220, Comprehensive Income. Under the amendments in this ASU, an entity has the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity only. The amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. This new guidance was originally proposed to be effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 and applied retrospectively. In October 2011, the FASB proposed to indefinitely defer the specific requirement to present items that are reclassified from other comprehensive income to net income alongside their respective components of net

 

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income and other comprehensive income on the face of the respective statements; entities still must comply with the existing requirements during the deferral period. The remaining requirements of ASU 2011-05 are effective for Satmex as of the beginning of our first quarter of 2012. Satmex does not anticipate the adoption of the guidance in this ASU will materially affect its consolidated financial statements.

 

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BUSINESS

Business

Satmex is a significant provider of fixed satellite services (“FSS”) in the Americas, with coverage of more than 90% of the population of the region across more than 45 nations and territories. As one of only two privately-managed FSS providers based in Latin America, we have designed, procured, launched and operated three generations of satellites during a period of over 26 years. Our current fleet is comprised of three satellites in highly attractive, adjacent orbital slots that enable our customers to effectively serve our entire coverage footprint utilizing a single satellite connection. We believe that our attractive orbital locations, long operating history, extensive customer relationships and experienced management team have resulted in high utilization rates, strong customer retention, significant Adjusted EBITDA margins and substantial backlog.

Our business provides mission-critical communication services to a diverse range of high-quality customers, including large telecommunications companies, private and state-owned broadcasting networks, cable and DTH television operators, and public and private telecommunications networks operated by financial, industrial, transportation, tourism, educational and media companies as well as governmental entities. Some of our significant customers include: Hughes Network Systems, LLC, Telmex Perú, Teléfonos de México, S.A.B. de C.V., Hunter Communications, Inc., Newcom International, Inc. and Telefónica del Perú, S.A.A. Our top 10 customers had an average remaining contract life of over 19 months as of March 31, 2012, and our contract renewal rate for the four years ended December 31, 2011, measured on a capacity basis (i.e., the total amount of MHz expiring annually) was 96.3%. Our contract renewal rate for the three months ended March 31, 2012, measured on a capacity basis (i.e., the total amount of MHz expiring annually) was 96.7%.

We have experienced substantial growth in our revenue and Adjusted EBITDA over the last several years. Our revenue increased from $114.7 million for 2008 to $128.4 million for 2011, a cumulative annual growth rate, or CAGR, of 3.83%. Despite the increase in our net loss from $35 million in 2008, our Adjusted EBITDA grew from $74.7 million to $88.9 million over the same period, a CAGR of 5.94%, and we maintained an average combined capacity utilization rate for our Satmex 5 and Satmex 6 satellites in excess of 96%. The stability of our revenue is supported by multi-year contracts with our non-governmental customers, which are typically three to five years in duration and denominated in U.S. dollars. Our satellite services revenue backlog, which is our expected future revenue under existing customer contracts, was approximately $195.0 million as of March 31, 2012.

Our FSS business serves a diverse group of customers in terms of the nature of their content, their ownership structure and their geographic location. We provide our services primarily to three types of customers who we believe will demand increasing transponder capacity and drive the expansion of the FSS industry in the Americas over the next decade:

Data and voice-over IP networks. Our data and voice-over IP networks services include voice and data backhaul for telecommunication companies as well as the sale of satellite transmission capacity to broadband Internet service providers, public communications carriers, government agencies and multinational corporations. Demand from private and public network providers in Latin America for broadband Internet services and cellular telephony backhaul is anticipated to be a strong source of future growth. Approximately 71.4% of our satellite services revenue for the three months ended March 31, 2012 was attributed to our data and voice-over IP network services.

Video. Our video distribution services include providing FSS to television broadcast networks, cable and DTH television operators and broadcasters of special events. The increased transmission of high-definition television, or HDTV, signals requires greater transmission capacity than standard television signals. We also expect continued demand for bandwidth as a result of increased offerings of television services by non-traditional providers offering bundled services (i.e., “triple play”), such as telecommunication companies. A third source of video demand growth is the trend towards a greater number of television channel offerings, driven by consumer demands for more diverse and specialized content. Approximately 21.2% of our satellite services revenue for the three months ended March 31, 2012 was attributed to our video services.

 

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Government. Our government services include providing data and voice-over IP services to the public sector, the sale of satellite transmission capacity to national security networks and government-sponsored connectivity programs to provide broadband Internet access to rural and often remote geographic areas. Governments have experienced an increased need for commercial satellite communications services driven, in part, by expanded services for voice-over IP networks, disaster recovery, military, counterterrorism, anti-drug efforts and social programs. There has also been a trend of increased outsourcing of broadband services from government-owned to commercial satellite fleets. Approximately 7.4% of our satellite services revenue for the three months ended March 31, 2012 was attributed to our government services.

On October 23, 1997, the Mexican government granted us the Orbital Concessions. Under Mexican law, the assignment of the rights and obligations deriving from the Orbital Concessions to a buyer in a foreclosure sale would require the consent and approval of the SCT. The Property Concession was granted on October 15, 1997 and relates to our use of the land and buildings on which our satellite control centers are located and allows us to base our ground station equipment within telecommunication facilities that belong to the Mexican government. We provide FSS through our fleet of three satellites: Satmex 6, Satmex 5 and Solidaridad 2.

We primarily provide commercial FSS through Satmex 6 and Satmex 5, which generate materially all of our satellite services Adjusted EBITDA. Satmex 5 and Satmex 6 have a total of 108 C- and Ku-band 36 MHz transponder equivalents. In November 2011, Boeing updated the remaining useful life of Satmex 5 based on analyses of the remaining propellant, deorbit propellant, residual propellant and uncertainties. As of March 31, 2012, we estimate the remaining useful lives of Satmex 6 and Satmex 5 were approximately 10.94 years and 0.88 years, respectively. As of the date of this prospectus, Satmex 6 and Satmex 5 are insured with coverage of $288.0 million and $14.8 million, respectively. Our in-orbit insurance for Satmex 5 is based upon the asset value of such satellite (which insurance shall be reduced from $20.2 million in January 2012 to $5.4 million in December 2012).

We have started construction and entered into a launch services agreement for a new satellite, Satmex 8, which will replace Satmex 5. In April 2010, we entered into definitive construction agreement with the Loral for the design, construction and delivery of the satellite. It will be based on Loral’s well-established LS-1300 platform, which has been periodically upgraded since its original introduction in the mid-1980’s. The agreement provides for a 27-month construction schedule, including two months of contingency margin for the completion of construction. We currently anticipate that the launch of Satmex 8 will take place by late September 2012. We anticipate that Satmex 8 will be fully operational and that substantially all of Satmex 5’s customers will have been transferred to Satmex 8 in the fourth quarter of 2012. Satmex 8 has a design life of 15 years and will provide approximately an additional 45% of commercial transponder capacity compared to that of Satmex 5.

In March 2008, Solidaridad 2 was placed in inclined orbit. It only provides L-band service to the Mexican government for national security and social services. The L-band sub-system installed on Solidaridad 2 is owned by the Mexican government and may not be transferred by us or used for other purposes. As of December 31, 2010, we estimated that Solidaridad 2 could remain in inclined orbit for 2.5 years but in early 2011 we began to suspect that it had less propellant than needed to continue to operate in inclined orbit for that period. On June 1, 2011, we received the results of an independent study and based on such study we have decided to de-orbit the satellite. The Mexican government has contracted a consultant to evaluate the feasibility of extending the Solidaridad 2 life for providing L-band services. We are currently in negotiations with the Mexican government regarding our analysis of their request. On March 13, 2012, we entered into a definitive construction agreement with Boeing for the design, construction and delivery of a new satellite, Satmex 7, which will occupy the orbital slot of Solidaridad 2 and offer both C- and Ku-band services. See “Prospectus Summary – The Satmex 7 and F4 Programs.” Once Satmex 8 is launched and in-orbit, however, we currently anticipate transferring Satmex 5 to the orbital slot currently occupied by Solidaridad 2 until the Satmex 7 program is consummated. See “Business – Our Satellites – Solidaridad 2.”

We operate and monitor our satellite fleet from two specialized earth stations, or satellite control centers, located in Iztapalapa, Mexico City, and Hermosillo, State of Sonora, Mexico. The Mexican government granted us the Property Concession to use the land and buildings on which our satellite control centers are located for an initial term expiring in October 2037, at which time the Property Concession may be renewed. The Property Concession also allows us to locate our ground station equipment within telecommunications facilities that belong to the Mexican government. Operating two redundant satellite control centers in separate locations mitigates the risk of any service interruptions. The Property Concession does not cover any radiofrequency operations.

 

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We have a proven track record for operational and engineering reliability, built on our experience of over 26 years in the FSS sector. Our Satmex 5 and Satmex 6 satellites have been highly reliable, delivering nearly 100% availability to our customers on such station-kept satellites for the three months ended March 31, 2012.

In addition to our core FSS business, which we report as our “Satellite services” segment, we also offer broadband satellite services through our 75%-owned subsidiary Enlaces and programming distribution services through our Alterna’TV digital distribution platform.

Enlaces offers private networks for voice, video and data, as well as other value-added satellite services to a number of leading retailers and financial institutions as well as other commercial, governmental, educational and nonprofit organizations, primarily throughout Mexico. In order to provide these services, on January 20, 2000, Enlaces was granted the Networks Concession to install and operate a public telecommunications network and the Value-Added Services Certificate. The Networks Concession is for a term of 30 years, subject to renewal pursuant to the Telecommunications Law. Enlaces generated $2.3 million and $12.6 of revenue for the three months ended March 31, 2012 and the year ended December 31, 2011, respectively, or 7.3% and 9.8%, respectively of our total revenue.

Through Alterna’TV, we offer Latin American programming to the U.S.’ fast-growing Hispanic community via DTH satellite and cable TV systems. As part of the Alterna’TV platform, we hold exclusive distribution rights in the U.S. to a number of Spanish-language television channels from various Mexican and South American programmers. Our Alterna’TV operations generated $3.7 million and $12.3 of revenue for the three months ended March 31, 2012 and the year ended December 31, 2011, respectively, or 11.6% and 9.6%, respectively of our total revenue.

We believe our desirable orbital locations, strong customer relationships and sizable backlog of contracted revenue underpin our established, predictable core business and position us to capitalize on the growing opportunities in the satellite industry.

Our Strengths

Our strengths include the following:

High revenue stability and visibility. All of our customers are well-established businesses or governmental entities; we do not service retail customers directly. The stability of our revenue and cash flows is supported by our multi-year contracts with non-governmental customers, which are typically three to five years in duration and U.S. dollar denominated. As of March 31, 2012, our contracted satellite services revenue backlog – which is our expected future revenue under existing customer contracts – was approximately $195.0 million, or approximately two times our annual satellite services revenue for the three months ended March 31, 2012. We anticipate realizing approximately $76.8 million for the remainder of 2012 and the remaining $118.2 million during 2013 and thereafter.

Long operating history in the FSS sector. Through a predecessor entity that was controlled by a Mexican governmental agency, we began our involvement in the satellite business in 1968 when the Olympic Games were broadcast from Mexico City using satellite communications services. As part of our privatization process, in 1997 the Mexican government granted us the Orbital Concessions offering widespread coverage of the Americas. Over the course of our history we have successfully designed, procured, launched and operated three generations of satellites: Morelos I and Morelos II; Solidaridad 1 and Solidaridad 2; and Satmex 5 and Satmex 6.

Portfolio of highly attractive orbital locations. We hold orbital concessions to operate satellites on certain frequencies in the C- and Ku-band spectrum at three adjacent orbital slots. These orbital slots are located at 113.0° W, 114.9° W and 116.8°W. Existing frequency coordination agreements with respect to our orbital locations permit us to provide FSS with high power levels to a large number of customers. The concessions were granted to us on October 23, 1997 by the Mexican government for a 20-year term. On May 26, 2011, we were granted an extension of such term for another 20-year period, commencing on October 24, 2017. The concessions may be extended for an additional term, provided that we comply with the requirements set forth in the Telecommunications Law.

 

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Broad hemispheric satellite coverage. The ability to reach a large portion of the population in the Americas is critical for many of our customers. Currently, there are 36 satellites in orbit that provide simultaneous regional C-band and Ku-band satellite coverage of the Americas, 18 of which only provide coverage within the United States. Of those 36 satellites, we own two of only three satellites with the necessary elevation angles, power levels and orbital positions to provide hemispheric Ku-band coverage to over 90% of the population of the Americas, and two of only 11 satellites that provide similar C-band coverage. In addition, our orbital locations and resulting elevation angles enable us to provide robust regional coverage of the mountainous western regions of South America, where terrestrial communication networks are limited and extending terrestrial coverage can be cost-prohibitive.

High customer retention rates. We currently service several well-established customers each of whom has an installed base of tens of thousands of satellite dishes directed to our satellites. As a result, switching to a competitor’s satellite would require a repositioning of these satellite dishes at significant cost and with the risk of a possible disruption of business-critical functions. These impediments to switching FSS providers, coupled with our focus on satellite reliability and customer service, strengthen our long-term relationships with these customers. Consequently, we experience high contract renewal rates as measured on a capacity basis (i.e., as a percentage of the total amount of MHz expiring annually), including a 96.3% renewal rate for the four years ended December 31, 2011. Our contract renewal rate as measured on a capacity basis (i.e., as a percentage of the total amount of MHz expiring annually) was 98% as of March 31, 2012.

Diversified revenue sources across markets and business areas. Our revenue is diversified across various geographic markets, including the Americas as well as the Caribbean, as well as by customer type, including data and voice-over IP networks, video distribution services and government entities. The diversity of our revenue across various markets and types of customers reduces the impact on our revenue from economic or political volatility in any one market or industry. For the three months ended March 31, 2012, the percentage of our satellite services revenue derived from (i) the U.S., (ii) Mexico, Central America and the Caribbean, and (iii) South America were approximately 32%, 34% and 34%, respectively. For the same period, the percentages of our satellite services revenue derived from data and voice-over IP networks, video and government services were approximately 71.4%, 21.2% and 7.4%, respectively.

Strong and experienced management team. We have a highly experienced management team with in-depth knowledge of the satellite communications industry in Latin America. Members of our senior management team have, on average, 14 years of telecommunications industry experience, with extensive involvement in the design, procurement and operation of six satellites. Our senior management team includes members with relevant experience both at Satmex and prior positions with some of our customers, competitors and regulators. During the tenure of our current senior management team, capacity utilization, revenue and Adjusted EBITDA have increased while recurring costs and expenses have decreased.

Our Strategy

Our mission is to interconnect the Americas through the provision of innovative satellite services by capitalizing on our attractive orbital assets that serve growing markets. We intend to maximize our income and profits by pursuing the strategy below.

Continued focus on strategic customers. We intend to continue focusing our sales and marketing efforts on well-established, fast-growing customers, including large telecommunications companies, private and state-owned broadcasting networks, cable television and DTH operators, and public and private telecommunications networks. Such customers typically operate substantial ground infrastructures and have high potential growth, particularly in the areas of broadband Internet services and HDTV. Because most of these strategic customers would experience high costs if they switched FSS providers, we believe their demand for our services will increase with their growth.

 

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Maximize capacity utilization at attractive pricing. The satellite industry is characterized by a relatively fixed cost base, which results in substantial operating leverage to capacity utilization rates. As of March 31, 2012 and March 31, 2011, Satmex 5 and Satmex 6 had combined Ku-band utilization rates of approximately 96.2% and 96.4%, respectively, and combined C-band utilization rates of approximately 97.1% and 95.8%, respectively. We intend to continue to maximize capacity utilization by focusing on delivering the highest quality of service to strategic customers at attractive prices.

Sustain high customer renewal rates and a strong backlog. In order to maintain our high utilization rates, we intend to focus on maintaining high renewal rates of our customer service contracts and continuing to grow our backlog. Our contract renewal rate for the four years ended December 31, 2011 measured on a capacity basis (i.e., the total amount of MHz expiring annually) was 96.3%. We have successfully increased our consolidated revenue backlog from approximately $144.6 million as of December 31, 2007 to $216.8 million as of December 31, 2011, a CAGR of 10.65%. Our consolidated revenue backlog is $195.0 as of March 31, 2012. We have experienced sales and marketing teams focused on achieving high renewal rates of customer contracts at longer contract terms.

Capitalize on increased demand for our services in the Americas. Northern Sky Research estimates that Ku-band demand in the Americas is expected to increase by 4.6% annually from 2012 to 2017. During the same period, we expect C-band demand in these regions to increase by 1.5% annually. We believe that our current and future satellites will allow us to capitalize on this growth in demand. In particular, the launch of Satmex 8 will provide us with 19 additional Ku-band transponders for commercial use, a capacity increase in Satmex 8 commercial transponders of approximately 45% compared to that of Satmex 5.

Our Satellites

We currently hold orbital concessions granted by the Mexican government to occupy three orbital slots, including 113.0°W.L., currently occupied by Satmex 6, 116.8°W.L., currently occupied by Satmex 5, and 114.9°W.L., currently occupied by Solidaridad 2.

Our satellites are in adjacent orbital locations with 1.9° of separation, which requires our clients’ infrastructure to comply with international regulations to avoid harmful interference among adjacent satellites and allow for the efficient operation of satellite networks. In May 2000, the governments of Mexico and Canada entered into a coordination agreement specifying the operational parameters for Mexican and Canadian satellites in the C- and Ku- frequency bands in the geostationary orbit between the 107.3° W.L. and 118.7° W.L. orbital positions. The purpose of the coordination agreement was to establish a standard of reference for acceptable adjacent satellite frequency spectrum interference and to ensure the efficient operation of satellite networks licensed by both Mexico and Canada.

We are required to provide certain transponder capacity on our three satellites to the Mexican government free of charge under our Concession Agreements. These agreements will require that we provide similar transponder capacity grants on Satmex 8 and Satmex 7. Set forth below are the current requirements by satellite and band.

 

Orbital Slot

   Band    Total MHz  

Orbital slot occupied by Satmex 6

   C-      26.320   
   Ku-      105.000   

Orbital slot occupied by Satmex 5

   C-      73.100   
   Ku-      30.640   

Orbital slot occupied by Solidaridad 2

   C-      56.690   
   Ku-      71.130   
  

 

  

 

 

 

Total Satellite Capacity

   C- and
Ku-band
     362.880   

Satmex 6

Satmex 6 was launched on May 27, 2006 and initially placed into the 114.9° W.L. orbital location. On July 1, 2006, Satmex 6 completed its drift to its permanent orbital location at 113.0° W.L. Satmex 6 was manufactured by Loral and has a total of sixty 36 MHz transponder-equivalents, including 36 C-band and 24 Ku-band transponders. Satmex 6’s design life is 15 years and, as of March 31, 2012, Satmex 6’s estimated remaining useful life was approximately 10.94 years.

 

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Satmex 6 is designed to provide broader coverage and higher power levels than any other satellite in our current fleet with approximately 50% more power than Satmex 5. Satmex 6 has hemispherical coverage in both C- and Ku-bands and provides coverage to over 90% of the population of the Americas.

On September 9, 2006, Satmex 6 experienced an unexpected resetting of its Attitude Controls Electronics-1 (ACE-1) unit. The satellite is designed to tolerate such disruptions without any loss of service or operator intervention. However, in this instance, the spacecraft lost earth-pointing capability until corrective ground action was completed. The attitude of the satellite was corrected on the same day. An investigation determined that a software sequence timing problem caused the loss of earth-pointing capability. The satellite manufacturer developed and tested a software modification in an effort to prevent a recurrence of this problem, which was delivered to the Company and uploaded to the spacecraft on April 3, 2007.

On January 1, 2007, one of Satmex 6’s Ku-band amplifiers experienced a spontaneous shut-down. The Company followed manufacturer procedures and the affected channel was switched to a back-up amplifier to reestablish service. As a result, the redundancy in the Ku-1 region has decreased from 16 amplifiers for 12 channels to 15 amplifiers for 12 channels.

On December 1, 2007, Satmex 6 experienced a second unexpected reset of its Attitude Controls Electronics-2 (ACE-2) unit, similar to the one experienced on September 9, 2006. However, due to the software modification uploaded to the spacecraft on April 3, 2007, in this instance, the satellite successfully executed an auto-swap to the ACE-1 unit and the satellite did not lose earth- pointing capability. On December 6, 2007, the ACE-2 unit was tested and it was confirmed that this unit is healthy and functional. The ACE-1 unit is now being used as the primary attitude control electronics unit and is performing normally.

A helium gas leakage was detected on February 26, 2008. Further analysis confirmed an intermittent small leakage into the fuel tank since the satellite was launched. A series of re-pressurizations to the oxidizer and fuel tanks were performed on April 29, 2008, January 8, 2010 and April 22, 2010 to improve the mixture ratio and reduce the residuals of propellant at the end of life of the satellite. A new propellant budget dated November 1, 2010 was received from SS/L reflecting a reduction of 1.2 years in the propellant margin.

On June 10, 2012, Satmex 6 experienced an unexpected reset of its ACE-1 unit, similar to the one experienced on December 1, 2007. The satellite successfully executed an auto-swap to the ACE-2 unit and did not lose earth-pointing capability. On June 13, 2012, the ACE-1 unit was tested and we confirmed that the unit is healthy and functional. The ACE-2 unit is now being used as the primary attitude control electronics unit and is functioning normally.

In connection with our 2006 Plan, we granted Loral Skynet a Mexican usufructo giving them the right to use two Ku-band and two C-band transponders on Satmex 6 through the end of Satmex 6’s remaining useful life. Due to the merger of Telesat and Loral on October 31, 2007, Telesat is now the beneficiary of this right.

Satmex 5

Satmex 5 was launched in December 1998 and occupies the 116.8° W.L. orbital location. Satmex 5 was manufactured by Boeing and has a total of forty-eight 36 MHz transponder-equivalents, including 24 C-band and 24 Ku-band transponders. In November 2011, Boeing updated the remaining useful life of Satmex 5 based on analyses of the remaining propellant, deorbit propellant, residual propellant and uncertainties. As result of the analyses, the remaining useful life of Satmex 5 was 0.88 years from March 31, 2012. Satmex 5 has hemispherical coverage in both C- and Ku-bands and provides coverage to over 90% of the population of the Americas.

On October 13, 2004, Satmex 5 suffered a pointing anomaly, due to an automatic switching from the main on-board computer to the back-up computer, which caused a temporary interruption in some of the satellite’s services. Services were restored on the same day. On February 23, 2005, the main on-board computer was switched back online and since then the main on-board computer has been operating normally.

 

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On September 18, 2007, in connection with our 2006 Plan, we granted Loral Skynet a Mexican usufructo that gives them the right to use three Ku-band transponders on Satmex 5 until the end of Satmex 5’s remaining useful life. Since the merger of Telesat and Loral on October 31, 2007, Telesat has become the beneficiary of the usufructo rights granted to Loral Skynet. The usufructo will not continue on Satmex 8 after it replaces Satmex 5.

On October 29, 2007, Satmex 5 suffered a sudden outage of channels 18K, 20K, 22K, and 24K due to the failure of their corresponding Ku- band receiver. A spare receiver was used to reestablish service on these channels. As a result, the redundancy in the Ku- band receivers has decreased from 6 for 4 receivers to 5 for 4 receivers.

Our Satmex 5 satellite was launched with a primary and a secondary XIPS, each designed to perform station-keeping activities that maintain the satellite’s position in orbit during its design life. Satmex 5 is also equipped with a redundant, independent chemical propulsion system that provides station-keeping operations to maintain its position in orbit. The Primary XIPS system was used beginning in May 2005 due to the failure of the secondary XIPS. Due to thermal restrictions some biprop inclination maneuvers were executed to supplement the inclination correction. On January 27, 2010, the primary XIPS on Satmex 5 experienced an unexpected shutdown. In coordination with the manufacturer, a set of tests were applied to primary XIPS system and based on the test results, we concluded that the primary XIPS system was no longer available. On March 24, 2010, a process of Xenon gas expulsion was initiated to reduce the satellite weight. Satmex 5 is now using the independent chemical propulsion system.

In order to provide continuity of services following the end of the useful life of Satmex 5, we have entered into a satellite construction agreement with Loral, effective April 1, 2010, for the construction of the Satmex 8 satellite that will replace Satmex 5 before the end of its useful life. In addition, we have entered into a launch services agreement with ILS for the launch of Satmex 8. In April 2010, we entered into definitive construction agreement with Loral for the design, construction and delivery of the satellite. It will be based on Loral’s well-established LS-1300 platform, which has been periodically upgraded since its original introduction in the mid-1980’s. The agreement provides for a 27-month construction schedule, including two months of contingency margin for the completion of construction. The overall construction program is within the contractual schedule. We anticipate that Satmex 8 will be fully operational and that substantially all of Satmex 5’s customers will have been transferred to Satmex 8 in the fourth quarter of 2012.

Solidaridad 2

Solidaridad 2 was launched on October 7, 1994 and occupies the 114.9° W.L. orbital location. Solidaridad 2 was manufactured by Boeing and has a total of forty-eight 36 MHz transponder-equivalents, including 24 C-band and 24 Ku-band. In addition, Solidaridad 2 has one L-band transponder, which provides capacity to an agency of the Mexican government free of charge.

During 2007, 38 customers were migrated from Solidaridad 2 to Satmex 6 and Satmex 5, leaving only three customers remaining under Solidaridad 2 by March 2008.

In March 2008, Solidaridad 2 was placed in inclined orbit. It only provides L-band service to the Mexican government for national security and social services. As of December 31, 2010, we estimated that Solidaridad 2 could remain in inclined orbit for 2.5 years but in early 2011 we began to suspect that it had less propellant than needed to continue to operate in inclined orbit for that period. On June 1, 2011, we received the results of an independent study and based on such study we have decided to de-orbit the satellite. The Mexican government has contracted a consultant to evaluate the feasibility of extending the Solidaridad 2 life for providing L-band services. Satmex is in negotiation with the Mexican government for the implementation of their request.

As part of our strategy to provide our customers with additional capacity and improved capabilities and services, we entered into a definitive construction agreement on March 13, 2012 with Boeing for the design, construction and delivery of a new satellite, Satmex 7, which will occupy the orbital slot of Solidaridad 2 and offer both C- and Ku-band services. See “Business – Future Satellites (Satmex 7 and F4).” After Satmex 8 is launched, we currently anticipate transferring Satmex 5 to the orbital slot currently occupied by Solidaridad 2 until the end of Satmex 5’s remaining useful life in order to avoid suspension of the use of such orbital slot under ITU Radio Regulations.

 

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Satellite Under Construction (Satmex 8)

On April 1, 2010, we initiated a program for the design and construction of a new satellite, named Satmex 8, by executing the Satmex 8 ATP with Loral. In connection with the Satmex 8 ATP, we paid Loral $1.0 million that is non-refundable and credited towards the cost of the design and construction of Satmex 8. Satmex 8 is a 64 C- and Ku-band transponder satellite which will replace Satmex 5. The Satmex 8 program will cost approximately $317.7 million, including construction, launch and insurance (which does not include capitalized interest). As of March 31, 2012, we had spent approximately $271.4 million in connection with the Satmex 8 program which includes $20.7 million of capitalized interest.

The design life of Satmex 8 is 15 years. The satellite is based on the Loral LS-1300 platform, a space-proven platform for a wide range of satellite services and an industry leader in power, performance and reliability. The 1300 series was first introduced in the mid-1980s and has been in constant evolutionary development to deliver increasingly higher power, greater flexibility and longer mission life. The LS-1300 platform has been used in over 60 satellites currently in orbit or under construction. Satmex 8 will be designed to provide comparable power levels and coverage over the Americas to those of our existing satellites, Satmex 6 and Satmex 5.

On May 7, 2010, we entered into the Satmex 8 Satellite Agreement with Loral retroactive to the Satmex 8 ATP execution date (i.e., April 1, 2010) for the design, construction and delivery of Satmex 8 to the launch site by July 1, 2012. The agreement provides for a 27-month construction schedule. We currently anticipate that the launch of Satmex 8 will take place by late September 2012.

Because the payments required under the Satmex 8 Satellite Agreement would have exceeded the amount of capital expenditures allowed under the indentures governing the Old Notes, on May 7, 2010 we executed a waiver with the holders of the Old Notes in order to enter into the definitive construction agreement and a satellite launch agreement for Satmex 8. We intend to use a portion of the net proceeds of the Recapitalization Transactions and cash flow from our operations to fund the remaining costs of Satmex 8.

On December 23, 2010, we entered into a launch services agreement with ILS for the launch of Satmex 8, which requires that we pay in full for these services prior to launch date. Both parties have the right to adjust the launch date subject to certain payments. We anticipate that Satmex 8 will be fully operational and that substantially all of Satmex 5’s customers will have been transferred to Satmex 8 in the fourth quarter of 2012.

Future Satellites (Satmex 7 and F4)

As part of our strategy to further expand our capacity to capitalize on growing demand we initiated a program for the design and construction of a new satellite named Satmex 7. Satmex 7 is intended to occupy the orbital slot of Solidaridad 2 and offer commercial C- and Ku-band services. On March 13, 2012, we entered into the Satmex Procurement Agreement with Boeing for the design, construction and delivery of Satmex 7, which will be based on Boeing’s 702 SP platform. The Satmex Procurement Agreement also provides for an option to purchase an additional satellite based on Boeing’s 702 SP platform, and which will be named F4. Capital expenditures for Satmex 7 and F4 were $10.3 million and $1.3 million, respectively, during the three months ended March 31, 2012. The agreement provides for a 34-month construction schedule for Satmex 7 and F4. On February 3, 2012, we entered into the Launch Services Agreement with SpaceX to launch Satmex 7. The launch services agreement provides for a scheduled launch period for Satmex 7 between December 2014 and February 2015. For a more detailed discussion of the Satmex 7 and F4 Programs, including the estimated cost and timing for the planned construction and launch of the satellite and our intended financing and related transactions related to the project, see “Prospectus Summary – The Satmex 7 and F4 Programs.”

Services

We provide satellite capacity for the following major applications:

Telecommunications Transmission Services

We provide satellite capacity to public telecommunications carriers. Satellite capacity is an efficient way to complement such carriers’ data and voice-over IP networks. In addition, satellite capacity allows certain telecommunications carriers to comply with their concession requirement to provide coverage over specific areas of a country, including remote and rural areas where extending coverage of terrestrial networks is cost-prohibitive. Satellite capacity also permits such carriers to deploy and expand mobile cellular backhaul services and satellite broadband connectivity.

 

 

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We provide satellite capacity for domestic and international telecommunications transmission services to public networks (i.e., carrier networks), fixed and cellular telecommunications companies and private telecommunications networks (typically used for private corporate communications). We believe the demand for cellular data services and the increased demand for bandwidth related thereto will continue to increase given the expansion of third generation (3G) wireless technology and other technologies in Latin America. These networks belong to companies across the spectrum, including energy, finance, industrial, commercial operations, governmental, educational, transportation, tourism and media. Satellite transponders can be shared among several users so companies may lease channels, circuits or fractions of a transponder.

We provide satellite capacity to carriers that use the capacity as part of their communications network on a domestic and international basis. Our services include the provision of satellite capacity to carriers that provide public and private networks for data, voice and corporate video communications. Network users utilize satellites rather than ground-based transmission media because satellite systems provide cost savings for large, geographically-dispersed networks, greater independence from telephone companies, predictability of costs over a long period, flexibility in changing or adding remote locations to a network, integrated network management and control of all remote locations, increased network availability and lower transmission error rates.

We also provide satellite capacity to domestic and regional communications centers in Latin America. Many businesses and organizations currently use satellite communications networks for certain of their communications needs. Retail chains use satellite business communications networks for rapid credit card authorization and inventory control. Banks use satellite networks to connect automated teller machines (ATMs) to processing computers. News agencies use satellite networks to distribute information continuously to numerous locations.

Integrators

We offer transponder capacity to integrators that offer end-to-end satellite services for two types of communications networks: (a) international digital service networks; and (b) very small aperture terminal (“VSAT”) networks. International digital service networks are used by customers that have bi-directional high speed and relatively steady flows of information to and/or from all of the points in the network. International digital service networks, however, require dedicated, permanent and robust communications links to each site due to their large transmission requirements. VSAT networks, on the other hand, use very small antennas that often are placed on rooftops and which are utilized by customers that need to send short bursts of data over the network for relatively short intervals of time. VSAT networks use sophisticated signal protocols, such as Time Division Multiple Access technology, to maximize the use of available spectrum capacity.

Broadband Internet Service Providers

We provide satellite capacity to deliver high-speed satellite-based Internet connectivity, offering a variety of configurations, throughout most of the Americas. Our fleet provides an efficient means by which Internet Service Providers, service integrators, infrastructure enablers, universities, governments and other corporations may utilize Internet-related applications. The benefits of satellite transmission include faster network deployment and configuration, high data throughput, ubiquitous coverage, low cost and highly reliable service. We believe that these benefits, together with Latin America’s limited infrastructure, geographic dispersion and low population density indicate that demand for Internet connectivity via satellite, in both the consumer and corporate markets, will stimulate steady growth in the future.

 

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Broadcasting and Video Distribution Services

Satellite capacity is utilized for broadcasting transmission services by various domestic and international networks for both point-to-point and point-to-multipoint distribution of television programs, video signals and other services (including distance learning, business television, special events and satellite news gathering). Customers include private and state-owned broadcasting networks, cable television programmers, content distributors and DTH operators.

Broadcasting customers use satellite capacity to transmit coverage of live scheduled special events, such as the World Cup, to programmers on an ad hoc basis. We also provide broadcasting transmission services to relay live news coverage, short duration video feeds and syndicated programming for broadcasters on a scheduled or ad hoc basis.

Broadcasting customers also use satellite capacity for “backhaul” operations, such as transporting programming from a broadcaster’s foreign news bureau to a broadcast center for simultaneous or later transmission. Our service in this area is focused on the transportation of video content and syndicated programming for broadcasters on a scheduled basis.

Video distribution is a natural application for satellite capacity, as it is a point-to-multipoint application. While the use of satellite DTH television systems is common, television channels also use satellites to distribute their content to cable operators that downlink their signals. In recent years, digital compression technology has optimized the efficiency of satellite capacity by compressing signals to operate within a smaller bandwidth. However, other recent developments have offset this impact, including services such as HDTV that require more bandwidth than regular television.

Enlaces (Broadcasting Satellite Services)

Enlaces was formed in 1998 as a joint venture between Naturalis, S.A. de C.V. (formerly, Principia, S.A.de C.V.) and Loral to leverage our infrastructure and offer integrated communication solutions to clients. The Mexican government granted Enlaces the Network Concession in January 2000. In 2000, Enlaces’ shareholders also invested $2.8 million and built a teleport in Mexico City. Subsequently, in November 2000, Enlaces obtained the Value-Added Services Certificate to utilize the public networks of Telmex, Enlaces, Avantel Infraestructura, S.A., Maxcom Telecomunicaciones, S.A. de C.V. and AT&T to provide Internet access services (including hybrid satellite/terrestrial services and direct satellite two-way services), e-mail and multimedia services (including content delivery, commercial kiosks and television private channels) using Web, IP Multicast and Data Video Broadcasting (“DVB”) technologies, excluding in all cases real-time delivery. The Value-Added Services Certificate was extended for an indefinite term in 2005 and again in 2009.

In June 2001, Enlaces began commercial operations using HNS’ technology as its network platform, offering satellite broadband services through a Time Division Multiplexing/Time Division Multiplexing Access (“TDM/TDMA”) platform and VSAT. Enlaces’ Network Concession and Value-Added Services Certificate allow it to offer a series of value-added applications ranging from broadband Internet services to video, data and private network services, all with high-quality service levels and permanent point-to-multipoint primary and redundant connectivity. Enlaces currently has contracts covering more than 20,000 client nodes and, according to our estimates, is a major satellite broadband service provider using VSAT technology in Mexico. We believe that Enlaces constitutes an established and profitable platform for growth in the Latin American enterprise and government segments.

On November 30, 2006, as part of our comprehensive restructuring process, we capitalized $7.4 million owed to us by Enlaces and acquired 75% of all of its issued and outstanding capital stock. The remaining 25% of Enlaces’ outstanding capital stock is owned by an unaffiliated third party. Enlaces’ revenue was derived from mainly three groups of affiliated entities (Globalstar de México, S. de R.L. de C.V. (“Globalstar”), Cadena Comercial Oxxo, S.A. de C.V. and Oxxo Express, S.A. (“Grupo Oxxo”) and Nueva Wal-Mart de México S. de R.L. de C.V. (“Grupo Wal-Mart”)) that amounted to approximately 47% of its revenues for the year ended December 31, 2010. In the year ended December 31, 2011, Enlaces’ revenue was derived from mainly three groups of affiliated entities (Ted Tecnología Editorial S.A. de C.V. and Mainbit S.A. de C.V. (“Grupo Ted y Mainbit”), Grupo Wal-Mart

 

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and Grupo Oxxo) that amounted to approximately 50% of its revenue. For the three months ended March 31, 2012, Enlaces’ revenue was derived from mainly three customers (Grupo Wal-Mart, Grupo Ted y Mainbit and Grupo Oxxo) that amounted to approximately 50% of its revenue.

In December 2007, the U.S. Federal Communications Commission (the “FCC”), granted Enlaces a “blanket” license to operate up to 1,000 VSATs and authorized those VSATs to communicate with Satmex 6. Enlaces is currently using this license to provide VSAT services to Mexican companies with operations in the U.S.

During 2009, Enlaces obtained trademark and slogan registration from the Instituto Mexicano de la Propiedad Industrial (Mexican Institute of Industrial Property) for a term of 10 years beginning February 2009 and July 2009, respectively.

In August 2009, Enlaces relocated its corporate office to Rodolfo Gaona No 81, Piso 2, Colonia Lomas de Sotelo, Federal District of Mexico, C.P. 11200.

Alterna’TV (Programming Distribution Services)

Alterna’TV International Corporation, a Delaware corporation, is a wholly owned subsidiary of ours formed in the State of Delaware on May 21, 2009.

Since January 1, 2010, Alterna’TV International has been carrying out the operations of Alterna’TV, our programming distribution services business unit with exclusive distribution rights of selected Spanish-language programming to diversify our revenue sources. Alterna’TV brings together Latin American programmers that have not previously accessed U.S. distribution channels for their programming. Alterna’TV distributes this programming to broadcast and pay-television operators, such as DirecTV and Comcast Cable Communications (“Comcast”), CSC Holdings, Inc. and Time Warner Cable, Inc., which would like to offer a more comprehensive and authentic product to their growing Hispanic audiences. Alterna’TV’s largest customers are DirecTV and Comcast, which represented 53% and 60% of revenue for the three months ended March 31, 2012 and 2011, respectively.

We have secured exclusive distribution rights in the U.S., Puerto Rico and Canada for Spanish-language programming with ten carefully selected Latin American channels. Programming includes professional and amateur sports from Mexico and Puerto Rico, arts, Mexican movies and general programming from Argentina, Bolivia, Chile, the Dominican Republic, Ecuador, Paraguay, Uruguay and Venezuela. Because this programming originates in Latin America, we believe that it is desirable to Hispanics emigrating from the region and currently living in the U.S.

Alterna’TV also offers these Latin American programmers the sales and marketing activities necessary to promote their channels throughout the U.S. to broadcast, cable and satellite television companies as well as the technical platform necessary to distribute the signals across the U.S.

We transmit the programming via satellite from the regional programmer to our teleport partner, Encompass Digital Media, Inc., which provides signal origination services (including signal multiplexing, conditional access and signal quality monitoring) that meet industry standards. Broadcast, cable and satellite television operators in the U.S. (including DirecTV, Charter Communications Holding Company LLC, Comcast and others) can choose to receive any of these channels, which are then added to the operators’ Hispanic-oriented programming packages.

Through Alterna’TV, we provide programmers from across Latin America with a fully-integrated solution to distribute their programming in the U.S. allowing them to take advantage of the growing opportunities in the U.S. Hispanic market with both cable and satellite operators. Alterna’TV’s choice of channels is geared to satisfy the preference for regionally-developed, Spanish-language programming among Hispanic audiences living in the U.S. Broadcast, cable and satellite TV operators can easily incorporate this regional programming into their current programming offering.

Alterna’TV has diversified its revenue sources by selling advertising space on our partners’ channels. In addition, Alterna’TV is trying to expand its services to Latin America.

 

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Orbital Coordination

Our satellites are adjacent to each other working at 1.9° of separation. Although each of our orbital slots is currently occupied by one satellite, additional satellites can occupy the positions upon approval of the SCT. Other satellites adjacent to our satellites are also working at 1.9° of separation. As a result of the positioning of our satellites, international coordination is required and it is important that our clients’ infrastructures comply with international regulations in order to avoid adjacent satellite interference.

Most of Mexico’s geostationary orbital slots are directly adjacent to those of Canada. To avoid interference, in May 2000, the governments of Mexico and Canada entered into a coordination agreement specifying the operational parameters for Mexican and Canadian satellites in the C- and Ku- frequency bands in the geostationary orbit between the 107.3° W.L. and 118.7° W.L. orbital positions. The purpose of the coordination agreement was to establish a standard of reference for acceptable adjacent satellite frequency spectrum interference and to ensure the efficient operation of satellite networks licensed by both Mexico and Canada. As a result, satellites licensed by either nation have a framework within which they may serve their domestic markets and at the same time provide competitive services to the markets of the U.S. and Latin America without interference (assuming they obtain all required regulatory approvals and coordinate with, or otherwise avoid harmful interference from, operators from other nations). In August 2003, we and the Mexican government favorably concluded a new revision of the coordination agreement with the Canadian government and its operator Telesat to include the radio frequency characteristics of Satmex 6. As a result of the negotiations between the Mexican and Canadian governments in 2003, we exchanged our right to the 109.2° W.L. orbital slot for the 114.9° W.L. orbital slot. In February 2005, the U.S., acting through the FCC, approved the trilateral (MEX-CAN-USA) agreement modification, which is subject to notification by the ITU, in order to effect the exchange of orbital positions. As part of these coordination discussions, the Mexican and Canadian governments also agreed to a new coordination agreement to reduce potential satellite signal interference and ensure that existing and future satellite networks licensed by either nation have sufficient room to expand their respective services to the markets of the U.S. and Latin America. This new coordination agreement has been implemented in accordance with the rules of the ITU.

We have coordination agreements with SES Americom, Inc., EchoStar, Telesat Canada, PanAmSat Corporation, Loral Skynet, SES Satellites (Gibraltar), Ltd. and Intelsat for the operation of our orbital positions.

Landing Rights

We are typically required to obtain landing rights to provide satellite services in countries in which we operate. We have secured landing rights to provide satellite services to more than 45 nations and territories in the western hemisphere.

In order to operate in the U.S., we must be authorized by the FCC to access the U.S. market. Currently, we hold such authority with respect to Solidaridad 2, Satmex 5 and Satmex 6, which are listed on the “Permitted Space Station List” of the FCC. Any U.S.-licensed earth station with an “ALSAT” designation is permitted to access any space stations on the Permitted Space Station List – including our satellites – in specified frequencies that we use to provide satellite services and DTH in the C- and Ku- bands.

In December 2004, Industry Canada added Solidaridad 2 and Satmex 5 to its list of foreign satellites approved to provide satellite services in Canada. Subsequently, in May 2010, Satmex 6 was added. In 2005, the Canadian Radio-Television and Telecommunications Commission (“CRTC”) granted us a license to provide basic international telecommunications services in Canada. In November 2010, pursuant to changes in the Canadian telecommunications law, we initiated the application to amend the Basic International Telecommunications Services (“BITS”), license with Industry Canada. Upon approval of such amendment of the BITS license by Industry Canada, we would be able to provide telecommunication services throughout Canada in addition to our satellite capacity.

In order to obtain the authority to operate within certain satellite frequencies in Brazil, we were required to establish a subsidiary in Brazil. Consequently, on July 2002, we created a subsidiary, Satmex do Brasil Ltda., and we currently have such authority to deliver services with Satmex 5 and Satmex 6 in Brazil.

 

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In February 2007, we registered a branch in Argentina in order to request landing rights for Satmex 5 and Satmex 6 pursuant to a reciprocity agreement. On July 22, 2008, the Argentine Comisión Nacional de Comunicaciones returned our file and provided a favorable opinion to the Secretaría de Comunicaciones. However, the landing rights have not yet been granted and may not be granted to us. Currently, we operate in Argentina through a commercial agreement in effect with Empresa Argentina de Soluciones Satelitales (“ArSat”).

Satellite Control Centers and Property Concession

Once a satellite is placed in its orbital location, specialized earth stations monitor its function, control and positioning through the end of its in-orbit lifetime. Under the terms of our Property Concession, we operate our satellites through two satellite control centers covering an aggregate of 34,052 square meters. The first, or “Primary Control Center,” is located in Iztapalapa, Mexico City, Mexico and, the second, or “Alternate Control Center,” is located in Hermosillo, Sonora, Mexico. These centers are designed to monitor user frequencies and to ensure that our satellites are operating within established parameters and are correctly positioned to generate the anticipated footprint. By law, control centers must be located within Mexico.

Each of our Primary and Alternate Control Centers is composed of buildings that house:

 

   

telemetry, tracking and control systems;

 

   

an equipment maintenance area;

 

   

a communications signal monitoring area;

 

   

a dynamic simulator, which allows for the simulation of spacecraft dynamics and control maneuvers; and

 

   

antennas for satellite control and carrier monitoring.

The Primary and Alternate Control Centers each form part of a building complex that also houses equipment owned and used for the Mexican government’s teleport and mobile satellite service systems. In addition, in Iztapalapa we are the only occupant of the buildings that house the Primary Control Center.

We own the equipment within the Primary and Alternate Control Centers and the Mexican government owns the land and buildings that house each center. The Property Concession granted to us by the Mexican government allows us to use these land and buildings. The term of the Property Concession, which was granted on October 15, 1997, is the longer of 40 years and the term of the Orbital Concessions. The Property Concession may be renewed. Under the terms of the Property Concession, we pay to the government an annual rental fee of 7.5% of the value of the property on which our Primary and Alternate Control Centers are located. The value of the property was originally determined in the Property Concession and that amount has been increased annually, consistent with changes in the Índice Nacional de Precios al Consumidor (Mexican Consumer Price Index). Pursuant to the terms of our Property Concession, a new appraisal of the value of the property must be performed every five years. The most recent appraisal was performed on September 28, 2007. The appraisal is performed by the Mexican Instituto de Administración y Avalúos de Bienes Nacionales (Institute of Administration and National Property Appraisal). The appraisal must be based on the value of the property at the time of our privatization, without taking into account any subsequent improvements to the property after such delivery. For 2008, 2009, 2010 and 2011, our rental expense under our Property Concession was $504,229, $433,806, $480,434 and $507,466, respectively.

On May 14, 2010, the SCT issued an amendment to the Property Concession, according to which we may, with the prior authorization from the SCT, lease or give under a commodatum (i.e., rent-free lease) agreement, segments of the Primary and Alternate Control Centers to third parties, as long as such segments are used for activities related to the subject matter of the Property Concession. This amendment will allow us, among other things, to provide control and satellite operation services to other operators, with the prior authorization of the SCT.

 

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Properties

We do not own any real property. As part of the Property Concession, we were granted the right to use the buildings and areas in which our two satellite control centers are located together with certain other related properties. See “Business – Satellite Control Centers and Property Concession” above.

We lease office space under a non-cancelable operating lease that will expire in December 2013. This office is located at Avenida Paseo de la Reforma 222, floors 20 and 21, Colonia Juárez, Federal District of Mexico and consists of approximately 15,800 square feet. We also lease office space to carry out the operations of Alterna’TV in the U.S. under a lease that will expire in May 2016.

Insurance

The Indenture will require that we and our restricted subsidiaries maintain in-orbit insurance and launch insurance, as applicable, in specified amounts described under “Description of Notes – Insurance.” Our in-orbit insurance coverage for Satmex 5 is based upon the asset value of such satellite (which insurance shall be reduced from $20.2 million in January 2012 to $5.4 million in December 2012) and subject to adjustment for partial loss claims, and provides coverage for a total loss of Satmex 5 or the constructive total loss of 75% or more of the satellite’s capacity. Consistent with market practice, our policy for Satmex 5 (a) takes into account the remaining useful life of the satellite to determine the maximum amount payable to us in connection with a partial loss claim (b) excludes coverage for loss caused by or resulting from the Channel 1C anomaly detected in October 2004 and (c) excludes coverage for the XIPS and any related systems. Accordingly, the XIPS failure of Satmex 5, experienced on January 27, 2010, was not insured. Satmex 5’s insurance policy expires on December 5, 2012 and is based on prevailing market terms and conditions.

The in-orbit insurance for Satmex 6 is $288.0 million and provides coverage for a total loss of Satmex 6 or the constructive total loss of 75% or more of the satellite’s capacity. It is based on prevailing market terms and conditions and also expires on December 5, 2012.

Our policy for Satmex 6, as is customary in the industry, takes into account the remaining useful life of the satellite to determine the maximum amount payable to us in connection with a partial loss claim.

The insurance policies on Satmex 5 and Satmex 6 include additional customary exclusions, including exclusions for losses related to:

 

   

military or similar actions;

 

   

anti-satellite devices;

 

   

governmental actions;

 

   

nuclear reaction or radiation contamination;

 

   

willful or intentional acts by us or our contractors;

 

   

loss of income, indirect and consequential damages; and

 

   

third-party claims against us.

We have not renewed the in-orbit insurance for Solidaridad 2 because its geostationary end of life was expected to occur in 2009 and a potential uninsured loss of this satellite would not have a significant effect on our results of operations and financial condition, as most clients of Solidaridad 2 have already been migrated to Satmex 6.

We obtained in-orbit insurance for Satmex 8 for $325.0 million. We may, 24 months after Satmex 8 is operational, reduce the amount of insurance to the depreciated book value of Satmex 8.

 

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The Primary and Alternate Control Centers are covered by insurance policies against risks to the buildings and their contents, including the antennas and equipment. To date, no significant claim has been made against the insurance policies covering the control centers or the insurance policies covering our current fleet of satellites.

Customers

We have a broad customer base that includes private and state-owned broadcasting networks, cable television programmers, DTH operators and public and private telecommunications networks belonging to customers in the financial, industrial and commercial, government, transportation and tourism, educational and media industries. A large portion of our revenues are derived from a small number of customers.

Our top 10 customers represented approximately 54.4%, 49.9%, 49.0% and 48.3% of our total revenues for the years ended December, 2009, 2010 and 2011 and the three months ended March 31, 2012, respectively. Our largest customer is HNS representing 19.5%, 16.9%, 14.2% and 12.5% of our total revenue for the years ended December 31, 2009, 2010 and 2011 and the three months ended March 31, 2012 respectively. In order to connect end user satellite dishes to a satellite, DTH operators are required to point each of their satellite dishes at a particular satellite. We believe HNS has tens of thousands of customers that point their satellite dishes at our satellites. If HNS were to switch satellite providers, re-pointing each of those satellites could be logistically difficult and costly. Other significant customers include Telmex Perú, S.A., Teléfonos de México, S.A.B. de C.V., Hunter Communications, Inc. and Newcom International, Inc.

Approximately 35% of our total revenue for the years ended December 31, 2009, 2010 and 2011 and the three months ended March 31, 2012, respectively, was generated from customers in Mexico. For the years ended December 31, 2009, 2010 and 2011 and the three months ended March 31, 2012, approximately 40%, 38%, 36% and 35%, respectively, of our total revenue was generated from customers in the U.S. The remainder of our total revenue was generated primarily from South America.

The following table shows the total revenue generated by our U.S., Mexican and other customers for the years ended December 31, 2009, 2010 and 2011 and the three months ended March 31, 2012:

 

     Year Ended December 31,      Three Months
Ended
March 31,
 
     2009      2010      2011      2012  

U.S.

   $ 50,742       $ 48,379       $ 45,886       $ 11,282   

Mexico

     43,702         45,660         45,425         10,472   

Other

     30,595         34,723         37,109         10,083   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 125,039       $ 128,762       $ 128,420       $ 31,837   
  

 

 

    

 

 

    

 

 

    

 

 

 
(In thousands of U.S. dollars)   

For Alterna’TV, two customers (DirecTV and Comcast) represented 75%, 64%, 59% and 53% of its revenue for the years ended December 31, 2009, 2010 and 2011 and the three months ended March 31, 2012, respectively. For Enlaces, three groups of affiliated entities (Globalstar, Grupo Oxxo and Grupo Wal-Mart) represented 52% and 47% of its broadband services revenues for the years ended December 31, 2009 and 2010, respectively. In the year ended December 31, 2011, Enlaces’ revenue was derived from mainly three groups of affiliated entities (Grupo Wal-Mart, Grupo Ted y Mainbit and Grupo Oxxo) that amounted to approximately 50% of its revenue. For the three months ended March 31, 2012, Enlaces’ revenue was derived from mainly three groups of affiliated entities (Grupo Wal-Mart, Grupo Ted y Mainbit and Grupo Oxxo) that amounted to approximately 50% of its revenue. Revenue from the Mexican government represented approximately 4%, 6%, 6% and 6% of our total revenues for the years ended December 31, 2009, 2010 and 2011 and the three months ended March 31, 2012, respectively.

 

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Sales and Marketing

Sales Force

Our sales force is divided into market segments and geographic markets. The division of our sales force along these lines results in a sales force that is highly knowledgeable about, and experienced in, a particular segment and geographic market. The majority of our sales force is fluent in Spanish and English, enabling them to communicate effectively with both domestic and English-speaking foreign customers. Because our satellites have broad international footprints and landing rights, our sales force is able to market our satellites’ capabilities effectively to the major broadcasting and telecommunications companies in various countries.

Alterna’TV’s service has a direct sales force to sell our programming to pay-television distributors.

Enlaces has entered into sales agreements with most of the major terrestrial carriers in Mexico.

Pricing

We believe that our existing prices are competitive with those of other satellite operators and may vary depending on, among other things, the term of a contract and/or the capacity involved.

Under the Telecommunications Law, entities that are not deemed by Mexican law to be a dominant service provider are permitted to establish rates, terms and conditions for services in Mexico except that prior to rates becoming effective they must be filed with COFETEL. If an entity is deemed a dominant service provider, the Mexican government may specify maximum prices, minimum service quality and certain informational requirements. We are not deemed to be a dominant service provider and believe our space segment prices throughout the region are comparable to those offered by other satellite operators across the region. In addition, we believe that our existing Alterna’TV prices are comparable to those of other niche channels that target the U.S. Hispanic market.

Enlaces’ pricing structure is determined on a project-by-project basis based on specific network designs, the number of sites (VSATs) that the network will utilize and the bandwidth allocated to provide the requested services. We believe that this provides Enlaces with the structure to offer specific solutions that fulfill each client’s requirements in a functional manner. As part of its strategy to start selling through authorized distributors, Enlaces has developed pricing rate cards for some standardized products.

Contracts

The terms of our customer contracts range from one year to the end of the useful life of the applicable satellite. In most cases, early termination of a contract has a related penalty payment associated with it.

All of our customers have service contracts denominated in U.S. dollars that require payment during each month for which satellite service is provided except that our Mexican government customers may pay the Mexican peso equivalent of the U.S. dollar service amount calculated on the basis of the spot exchange rate at the time of payment. Any late payment is generally subject to an interest charge. Nearly all of our customers are required to make monthly payments in advance. Our U.S. dollar pricing mitigates the effect of potential devaluation in our Latin American markets. Nonetheless, in addition to any foreign exchange controls in the region, a significant devaluation of the Mexican peso or other Latin American currencies could adversely affect our customers’ demand for our services or their ability to pay for them.

The term of our current Alterna’TV contracts with programmers range from five to 10 years. Most contracts have an automatic three year extension. The term of our current Alterna’TV contracts with pay-television distributors range from five to 10 years. These customers pay per-subscriber between 45 and 60 days after the end of the billing period.

The term of Enlaces’ contracts with customers range from 12 to 36 months. The period is related to the size of the networks and the amount of space segments assigned. Typically, larger customers enter into long-term

 

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contracts. Our contract renewal rate is above 90%. The contracts include one-time charges related to hardware purchases and monthly fees associated with services. The equipment is invoiced and paid in advance prior to delivery. The market is beginning to drive a change in this business model as customers are requesting the option to lease, rather than purchase, the equipment. Some of Enlaces’ competitors have already begun offering this option. The services are billed monthly and generally at a flat rate. Enlaces is considering offering its prospective customers the option of leasing, rather than buying, the needed equipment. During 2009, 2010 and 2011, Enlaces faced a reduction in profit margin due to contract renewals and pricing competition.

Competition and Markets

Competition

We face competition from satellite operators in the Americas. As of March 31, 2012, there were more than 65 satellites offering services similar to ours to the Americas. The U.S. commercial satellite market is currently dominated by two major competitors: Intelsat (using the satellites it acquired from Loral Skynet and those it acquired in its merger with PanAmSat Corporation) and SES (through its SES World Skies division). Intelsat, Ltd. (including its wholly-owned subsidiary PanAmSat Corporation) has more than 50 satellites, of which more than 30 totally or partially serve the Americas market. SES, S.A. has a fleet of 40 satellites, of which more than 20 totally or partially serve the Americas. The Mexican government has initiated the Mexsat satellite system project, which contemplates three satellites, one of which is Mexsat-3 with 12 active extended C- and Ku-band transponders. Mexsat-3 will provide communications services to Mexico and its surrounding waters from the 114.9° W.L. orbital slot. Other competitors include Telesat Canada, Grupo Hispasat, S.A., Hispamar Satélites S.A., and Star One, S.A. (owned by Empresa Brasileira de Telecomunicações S.A., an affiliate of América Movil). We believe that an additional 273 36 MHz transponder equivalents in the C- and Ku-bands, including Mexsat-3, will be launched in the period between 2012 through 2015 in our market. In addition, these or other operators could make use of newly-available spectrum in the Ka-band to provide service to the Americas. For example, ViaSat, Inc., HNS and Hispasat already have announced plans to launch service using such frequencies.

We also face competition from land-based telecommunications services providers who can generally provide fiber optic services at a lower cost for point-to-point applications.

Enlaces and our Alterna’TV business division also operate in highly competitive environments. Alterna’TV faces competition from large media companies, such as News Corporation, Discovery Communications, Viacom, NBC Universal and Univisión, and from niche channels, such as Sur Corporation, that target very specific Hispanic communities in the U.S. The main competition is for available space within the pay-television distributors’ Spanish-language tiers.

In the corporate market segment, Enlaces faces competition from terrestrial network services providers such as Teléfonos de México, S.A.B. de C.V., Axtel, S.A.B. de C.V. and AT&T and specifically in the satellite market, from companies such as British Telecom (formerly Comsat), Pegaso and Globalsat, which offer similar services but focus primarily on SOHO markets. Telmex and British Telecom both lease satellite capacity from Satmex. Enlaces also faces competition from terrestrial connectivity technologies, including Telmex’s Infinitum Internet access and recently, GPRS, 3G and WIMAX products. However, VSAT network technology provides several advantages over terrestrial connectivity due to its independence from terrestrial networks. We believe that the corporate segment has strong growth potential and that Enlaces is strategically positioned to capitalize on such potential and further increase its current market share. Enlaces maintains its role as a major market participant by offering fully functional solutions, competitive prices, broader coverage and value-added services (i.e., video multicast and content delivery, among others).

Although we face competition from various satellite operators, we believe clients prefer to diversify their risk by contracting with more than one satellite operator. We believe our hemispheric coverage and high-powered satellites allow us to compete with other satellite operators in the segments and regions in which we operate.

 

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Employees

We have two indirectly wholly-owned subsidiaries that we use to employ the persons providing services to Satmex. Our subsidiary SMVS Administración employs our management and administrative personnel while our subsidiary SMVS Servicios Técnicos (collectively, the “Employee Subsidiaries”) employs our technical personnel whom are members of the Sindicato de Trabajadores de la Industria de la Radiofusión, Televisión, Similares y Conexos de la República Mexicana (the “Television and Radio Labor Union”). As of March 31, 2012, the Employee Subsidiaries directly employed 163 employees. We pay our employees’ salaries and certain benefits through the Employee Subsidiaries.

In addition, we formed an indirectly wholly-owned subsidiary, HPS Corporativo, in December 2007 to provide human resources support to Enlaces by employing its personnel in all functions. The persons working at Enlaces are now employed through this subsidiary. HPS Corporativo had 44 employees as of March 31, 2012.

We have two collective bargaining agreements with the Television and Radio Labor Union. Each collective bargaining agreement has an indefinite term. Under Mexican law, however, the collective bargaining agreements may be reviewed yearly by the parties for adjustments to salaries and once every two years for adjustments to other provisions of the agreement. These collective bargaining agreements currently provide for, among other things, union exclusivity; a maximum workweek of 40 hours; company medical and union life insurance; statutory retirement-related severance payments of 14 days’ pay for each year worked (in addition to general statutory severance benefits guaranteed by Mexican Labor Law); a statutory Christmas bonus equal to 30 days of pay; employer-funded social security contributions and a Sunday pay rate premium of 35%. The collective bargaining agreements also provide for benefits in addition to those statutory minimum benefits provided for under Mexican Labor Law, such as vacation premiums, transportation bonuses, education subsidies and medical expenses. However, we believe that all benefits are within industry standards.

Environmental Matters

We are subject to various laws and regulations relating to the protection of the environment and human health and safety (including those governing the management, storage and disposal of hazardous materials). Some of our operations require continuous power supply. As a result, current and historical operations at our ground facilities, (including our gateways) consist of storing propellant and batteries to power back-up generators. The storage of such propellant and batteries may contain hazardous materials. As an owner or operator of property and in connection with our current and historical operations, we could incur significant costs, including cleanup costs, fines, sanctions and third-party claims as a result of violations of, or in connection with, liabilities under environmental laws and regulations.

Legal Matters

On December 15, 2010, we were notified of official communications number 2.1.8760, 2.1.8761 and 2.1.8762, dated December 10, 2010, issued by the Dirección General de Política de Telecomunicaciones y de Radiodifusión (General Direction for Telecommunications Policy and Broadcasting) of the SCT initiating procedures to impose sanctions for our alleged non-compliance with certain conditions of each of the Concessions, including evidence that the initial consideration payable for the Concessions was duly paid. We received a request to show evidence and proof of compliance with the foregoing conditions as well as compliance with article 242 of the Ley Federal de Derechos. We provided the SCT with information evidencing the payment of such consideration. We showed accurate evidence or proof of compliance with the other conditions of each Concession referenced in the official communications above. As a result, SCT concluded that there was no material breach. Notwithstanding the foregoing, on April 7, 2011, the SCT, through official communications number 2.1.3101, 2.1.3099 and 2.1.3100 (i) imposed monetary sanctions in the amount of MX$210,360 (approximately US$16,422 as at the March 23, 2012 exchange rate) for each Concession and (ii) determined that the administrative proceedings were totally and definitively terminated. On April 11, 2011, we provided the SCT with evidence of the payments of the fines. Such monetary sanctions did not have a material impact on our business or operations and the administrative proceedings originally initiated by SCT were terminated without any further consequence for Satmex.

On January 2, 2012, Enlaces filed an executive commercial lawsuit (Juicio Ejecutivo Mercantil) against Globalstar for the payment of an outstanding amount equal to US$863,690.55 resulting from services provided by

 

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Enlaces to Globalstar in connection with a Broadband and Internet Connectivity Services Agreement entered into by the parties on May 5, 2006. The trial was admitted by the Sixteenth Civil Court of the Federal District under docket 9/2012. On January 17, 2012, the court summoned Globalstar and ordered the seizure of certain of Globalstar’s assets to potentially satisfy the amount owed by Globalstar to Enlaces. On March 30, 2012, the court requested each party to present their closing arguments (final positions) so that the court could issue its first-instance judgment. Each party has filed its corresponding written closing arguments. However the court must resolve interim procedural appeals that the parties filed. The parties may also file an appeal against the first-instance judgment. After the resolution of such appeals, if any, the parties may file an amparo (final-instance) appeal.

In the ordinary course of our business, we are from time to time named as a defendant in legal proceedings brought by former employees claiming they were terminated without cause, justification or other similar claims. We believe that these actions are not material, individually or in the aggregate, and therefore no reserves have been established in connection therewith.

 

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REGULATION

Regulatory Framework Within Mexico

Providers of satellite services to or within Mexico and the use of orbital slots licensed by the Mexican government are subject to the requirements of the Telecommunications Law. Under the Telecommunications Law, a provider of satellite services, such as us, must operate under a concession granted by the SCT, pursuant to an auction process. Such a concession may only be granted to a Mexican corporation and may not be transferred or assigned without the approval of the SCT. Foreign investors are permitted by law to hold up to 49% of the full-voting stock of such a corporation; provided, however, that upon approval of the Ministry of Economy, these corporations may issue “neutral investment” shares, with limited voting rights, that may be held by foreign investors in excess of the 49% limitation. The “neutral investment” shares are not considered when determining the level of foreign investment participation in a corporation.

In addition, our operations are subject to the regulations of (a) the Ley General de Bienes Nacionales (the General Law on National Assets), which regulates all assets that fall within the public domain, as well as the terms of the Rescate contained in our Property Concession; (b) the Ley General del Equilibrio Ecológico y Protección al Ambiente (the General Law on Ecology and Protection of the Environment) together with other Mexican environmental laws; (c) the Ley Federal de Competencia Económica (Federal Economic Competition Law); (d) the Ley de Vías Generales de Comunicación (Law of General Means of Communication), (e) the Reglamento de Comunicación Vía Satélite (Regulations for Satellite Communication) and (f) other international treaties, laws, rules, regulations and decrees.

Under the Telecommunications Law, the SCT is, among other things, responsible for issuing concessions and permits related to telecommunications and for formulating policies in the telecommunications area and otherwise taking all other actions on behalf of the Mexican government in connection with telecommunications. COFETEL is the telecommunications regulator responsible for, among other things, most day-to-day regulation of satellite communications services in Mexico.

The rules promulgated pursuant to the Telecommunications Law require licensees of satellites intending to provide telecommunications services through one or more transmitting earth stations of their own to obtain a separate license to construct and operate a public telecommunications network. Where the satellite operator intends to provide telecommunication services to any person not holding a public telecommunications network concession or permit, it must provide such services only through an affiliate or subsidiary that holds a separate concession or permit.

Mexican laws currently allow competition in the provision of (a) Mexican FSS by any duly licensed Mexican satellite operators and (b) foreign licensed satellite operators in the provision of international FSS, DTH FSS and broadcast satellite services. The Mexican government has liberalized its regulatory environment to allow non-Mexican satellite companies to provide satellite services in Mexico, provided that the given satellites are from countries that have reciprocity agreements with Mexico.

The Orbital and Property Concessions

The Mexican government has awarded us the following concessions:

 

   

the Orbital Concessions providing the right to occupy each of three orbital slots (one concession per orbital slot) and the use of the associated C- and Ku-radio-frequency bands;

 

   

the Property Concession providing the right to use the buildings and areas where the control centers are located; and

 

   

the Network Concession granted to Enlaces to install and operate a public telecommunications network and stream data, voice, video and audio to authorized public telecommunications networks, certain private networks and value-added services providers in Mexico.

 

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The Orbital Concessions currently include the right to use the 113.0°W.L., 114.9°W.L. and 116.8°W.L. orbital slots and associated C- and Ku-radio-frequency bands. At the time of our privatization, we were granted a concession to use the 109.2°W.L. orbital slot and as a result of the negotiations between the Mexican and Canadian governments in 2003 we exchanged our right to the 109.2° W.L. orbital slot for the 114.9°W.L. orbital slot. As part of the Orbital Concessions, we may establish rates and terms for our services, which must be registered in order to become effective. However, if upon a specific procedure and upon a non-appealable final resolution COFECO determines that we have substantial power in the relevant market, COFETEL may determine tariffs and specify conditions relating to service quality and information requirements. Additionally, we are prohibited from establishing cross-subsidies and engaging in discriminatory practices.

As part of the three Orbital Concessions, we are required by the SCT to allocate 362.88 MHz (156.11 MHz in C-band and 206.77 MHz in Ku-band) of capacity to the Mexican government, free of charge, for national security and certain social services. In the case of future satellites, the capacity reserved to the Mexican government will be defined by the SCT according to applicable law and regulations. Additionally, we are required to operate the L-band sub-system owned by the Mexican government (through Telecomunicaciones de México, or Telecomm) until the end of life of Solidaridad 2. The L-band sub-system may not be transferred or used for other purposes. Neither Satmex 5 nor Satmex 6 has any L-band transponders. According to SCT instructions, neither Satmex 7 or Satmex 8 will have any L-band transponders.

Solidaridad 2 has been operating in inclined orbit since March 1, 2008 in order to extend its useful life. As of the date of this prospectus, the Mexican government has announced that it is in the process of procuring an L-band replacement satellite and has confirmed that no L-band payload in Satmex 7 would be required. In addition, the SCT did not require the L-band payload to be included in the concession extension granted until 2037.

Under the Orbital Concessions, we are required to, among other things:

 

   

carry out research and development in Mexico;

 

   

maintain satellite control centers within Mexico and preferentially staff them with Mexican nationals; and

 

   

maintain satellite services continuously and efficiently.

As security for the performance of our obligations under each Orbital Concession, we were required to post and must maintain a surety bond payable to the Federal Treasury of Mexico with respect to each Orbital Concession. The amount of this surety bond is adjusted each year to reflect inflation in Mexico.

In May 2011, the Mexican government extended the Orbital Concessions, effective as of the termination of the initial term of the existing Orbital Concessions, for a 20-year term until 2037 without payment to the Government and maintaining Satmex’s same conditions for continuing exclusive use of existing C- and Ku-bands by Satmex, but eliminating the right to request the future use of planned or extended C- and Ku-bands. Although we have not made such a request, we have initiated a process with the SCT either to recover such right to request or to replace it with the right to use a Ka-band in certain conditions. We cannot assure you that such request will be resolved favorably to us. As of the date of this prospectus, we do not use, or plan to use, extended C- or Ku-bands.

Except in limited circumstances, we must notify the SCT prior to issuing and selling any shares that represent 10% or more of our outstanding common stock and must identify the potential purchaser. Within 30 days of receipt of such notification, the SCT may object to the issuance or sale.

Under the Telecommunications Law, an Orbital Concession will terminate if:

 

   

the term of any such Orbital Concession expires;

 

   

we resign our rights under any such Orbital Concession;

 

   

the SCT revokes any such Orbital Concession;

 

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the Mexican government, through the SCT, terminates any such Orbital Concession through a proceeding called “Rescate;” or

 

   

we become subject to liquidation or bankruptcy (quiebra).

The SCT may revoke any of the Orbital Concessions upon the occurrence of certain events, including:

 

   

unjustified or unauthorized interruption of our operations or the services that may be provided under such Orbital Concession, whether in whole or in part;

 

   

taking any action or refraining from taking any action that affects the rights of other licensees or concessionaires;

 

   

our failure to satisfy the terms or conditions set forth in the Orbital Concessions (including the failure to deliver the free satellite capacity reserved to the Mexican government);

 

   

our unjustified failure to interconnect other concessionaires or licensees that have the right to provide telecommunications services;

 

   

a change of our jurisdiction of incorporation to a jurisdiction outside of Mexico;

 

   

our assignment, transfer or encumbrance of rights granted under the Orbital Concessions in contravention of the terms of applicable Mexican law;

 

   

our failure to exercise the rights conferred in the Orbital Concessions, within the following 180 days as of the date they were granted; or

 

   

our failure to pay the Mexican Federal Government the consideration established in the Orbital Concessions.

In the event any of the Orbital Concessions is revoked by the SCT, no compensation will be paid to us. In addition, we would not be eligible to receive new telecommunications concessions or permits for a five-year period from the date the resolution of revocation becomes final and non-appealable.

The SCT also has the right to terminate any of the Orbital Concessions for reasons of public interest or national security pursuant to a “Rescate,” in which case we would be entitled to receive compensation pursuant to article 19 of the Ley General de Bienes Nacionales (the General Law on National Assets). As of the date of any such Rescate, the orbital slots and the assets used in connection with the Orbital Concessions would be subject to the ownership and operation of the Mexican government. In the event of a Rescate, we would be entitled to keep our assets, equipment and installations used in connection with the Orbital Concessions only to the extent such assets, equipment and installations are not useful to the Mexican government; however, the value of such assets, equipment and installations would not be included in the compensation.

Pursuant to the terms of the Orbital Concessions, upon the termination of such concessions, the orbital slots revert to the Mexican government. In addition, pursuant to the Telecommunications Law, the Mexican government has a preemptive right to purchase the facilities, equipment and other assets directly used by us to provide services under the Orbital Concessions. Alternatively, upon termination of the Orbital Concessions, the Mexican government may lease such assets for up to five years at a rate to be determined by expert appraisers appointed by the SCT and us, or by a third appraiser jointly appointed by these appraisers in the event of a discrepancy between their appraisals.

The SCT may also effect a Requisa of the Orbital Concessions in the event of (a) a natural disaster, (b) a war, (c) the substantial breach of the public peace and order or (d) the imminent danger to national security, internal peace or the Mexican economy. In the past, the Mexican government has used this power to ensure continued service during labor disputes. Mexican law requires that the Mexican government must pay compensation to us if it effects a Requisa, except in the case of a temporary seizure due to war. If we were to become subject to a Requisa,

 

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the Mexican government would indemnify us in an amount equal to our damages and losses reflecting their real value. In the event of a dispute regarding such damages and losses, the amount of losses would be determined by appraisers mutually appointed by us and the SCT and the amount of damages would be determined on the basis of the average net income generated by us in the year prior to the Requisa.

The Property Concession was granted on October 15, 1997 and includes two plots of land, buildings and fixtures built thereon, together with the right to use the property in connection with the operation of our satellites at the assigned orbital slots and the associated C- and Ku-radio frequency bands.

Under the Property Concession, we are required to:

 

   

pay an annual fee in an amount equal to 7.5% of the assessed property value; and

 

   

maintain the premises in good condition.

The value of the property was originally determined in the Property Concession and it has subsequently appreciated in increments consistent with changes in the Índice Nacional de Precios al Consumidor (the Mexican Consumer Price Index). Pursuant to current regulations, a new appraisal of the value of the property must be performed every five years. The latest appraisal was performed in September 2007 by the Instituto de Administración y Avalúos de Bienes Nacionales (the Mexican Institute of Administration and National Property Appraisal) (“INDAABIN”). The appraisal must consider the value of the property as it was originally delivered to us, without taking into account any work performed on the property after such delivery. For the years ended December 31, 2009, 2010 and 2011 and the three months ended March 31, 2012, our rental expense under our Property Concession was $433,806, $480,434, $507,466 and $125,558, respectively.

The duration of the Property Concession is either 40 years or the length of the Orbital Concessions. The Property Concession duration may be extended at the discretion of the SCT.

Under our Property Concession, we are required to use our Primary and Alternate Control Centers only to operate our satellites. Each of the Primary and Alternate Control Centers forms part of a building complex that also houses equipment owned and used by the Mexican government’s teleport and mobile satellite services systems.

On May 14, 2010, the SCT issued an amendment to the Property Concession under which we may, with prior authorization from the SCT, lease or give under a commodatum (i.e., rent-free lease) agreement certain segments of the Primary and Alternate Control Centers to third parties as long as such segments are used for activities related to the subject matter of the Property Concession. This amendment will allow us, among other things, to provide control and satellite operation services to other operators, with prior authorization of the SCT.

Enlaces’ teleport is housed at the Primary Control Center. In June 2005 and March 2009, Enlaces requested an approval of such teleport’s location, but no official response has been received as of the date hereof.

We filed a new authorization request for Enlaces’ teleport to be housed at our Primary Control Center on May 17, 2010.

The Property Concession will terminate if:

 

   

the Property Concession term expires;

 

   

we resign our rights to any of the Orbital Concessions or the Property Concession;

 

   

its purpose or the object of the Property Concession disappears;

 

   

the Property Concession is nullified or revoked;

 

   

the Mexican government decrees a Rescate on the Property Concession for reasons of public interest;

 

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the Orbital Concessions are terminated;

 

   

the property and the buildings on it are inadequately maintained or are used for a different purpose than the purpose for which the Property Concession was granted; or

 

   

terminated pursuant to terms and conditions generally applicable to property concessions of this type under applicable Mexican law.

The Mexican government may revoke the Property Concession for various reasons, including, without limitation, the following:

 

   

failure to use the Property Concession for the purpose for which it was granted;

 

   

failure to comply with the terms of the Property Concession;

 

   

to carry out any construction, without the previous approval of the Mexican Federal Telecommunications Commission, that could affect, directly or indirectly, the provision of satellite services; or

 

   

pursuant to terms and conditions generally applicable to property concessions of this type under applicable Mexican law.

Enlaces’ Network Concession and Value-Added Services Certificate

The Mexican government granted Enlaces the Network Concession, at no cost, together with the Value-Added Services Certificate.

Under the Network Concession and subject to its terms, Enlaces is authorized, among other things, to install a public telecommunications network and to stream analog and digital voice, data, video and audio to authorized public telecommunications networks, certain private networks and value-added services providers.

Enlaces’ telecommunications network is composed of a central node, which must be installed and maintained at all times within Mexico, and an indefinite number of VSATs operating as remote stations. While the Network Concession requires that the central node include two terrestrial main stations, Enlaces has requested COFETEL to waive the requirement for the installation of a second terrestrial main station (in the C-band). This request remains pending before COFETEL. However, no major implications have been identified if it is denied.

Pursuant to the Network Concession, Enlaces is required, among other things, to meet certain coverage requirements (e.g., its services must be available in any part of Mexico) and to render its services pursuant to the technical specifications set forth in the Network Concession through Mexican satellites.

The term of the Network Concession is 30 years and may be renewed in accordance with the provisions of the Telecommunications Law. The Network Concession terminates if:

 

   

its term expires;

 

   

Enlaces resigns its rights contained therein;

 

   

the Mexican government, acting through the SCT, decrees a Rescate on the Network Concession;

 

   

Enlaces becomes subject to liquidation or bankruptcy; or

 

   

the SCT revokes the Network Concession (in which case no compensation will be paid to us).

At the date any Rescate procedure is implemented, the assets used in connection with the Network Concession would be subject to the ownership and management of the Mexican government.

 

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The Value-Added Services Certificate was granted to Enlaces on November 9, 2000 together with updates in 2005 and in 2009 for an indefinite term. Pursuant to the Value-Added Services Certificate, Enlaces is authorized to provide, through various public networks, Internet access services (including hybrid satellite/terrestrial services and direct satellite two-way services), e-mail and multimedia services (including content delivery, commercial kiosks and television private channels) using Web, IP Multicast, and DVB technologies, excluding in all cases real time delivery, for which an additional license or concession would need to be obtained.

U.S. Regulation and ITU Requirements

FCC Regulation of Satellite Services and Foreign Ownership of FCC Licenses

As of March 31, 2012, all of our satellites have been included on the U.S. Permitted Space Station List.

The U.S. satellite and telecommunications industries are highly regulated. The FCC regulates satellite operators in the U.S. as well as the provision of satellite services to, from and within the U.S. market by U.S. and non-U.S. licensed satellite systems.

Any satellite operator wishing to provide services to or within the U.S. via a non-U.S. licensed satellite generally must obtain the prior approval of the FCC. In considering applications for the provision of service-specific or blanket satellite landing rights within the U.S. market, the FCC will consider various factors such as the effect on competition in the U.S. market, spectrum availability, eligibility requirements (such as foreign ownership, legal, technical and financial qualifications), operating requirements and national security, law enforcement, foreign policy and trade concerns, as appropriate. Depending on the nature of the services to be offered in the U.S., foreign-licensed satellites may be subject to a variety of additional regulatory requirements.

If approved by the FCC, a non-U.S. licensed satellite system serving the U.S. will be subject to the same ongoing requirements that apply to U.S.-licensed satellites. For instance, the FCC rules prohibit an international satellite provider from entering into exclusionary arrangements with other countries for satellite capacity for a particular service. The FCC regulations also provide that in order for non-U.S. satellite operators to serve the U.S. market they must obtain the FCC authorization by:

 

   

obtaining a satellite license by participating in a U.S. space station processing round or filing an application in accordance with the FCC’s “first-come, first-served” filing procedures;

 

   

having a U.S. earth station operator apply for authority to communicate with the non-U.S. satellite; or

 

   

otherwise petitioning the FCC to reserve spectrum rights for, or provide market access for, the foreign satellite (e.g., by listing the satellite on the “Permitted Space Station List” of non-U.S. licensed satellites that any U.S.-authorized earth station with an “ALSAT” designation may communicate with, subject to any condition the FCC may impose).

In December 2007, the FCC granted Enlaces a “blanket” license to operate up to 1,000 VSATs and authorized those VSATs to communicate within Satmex 6. Enlaces is currently using this license to provide VSAT services to Mexican companies with operations in the U.S.

International Telecommunications Union Coordination and Registration Requirements

Our use of orbital slots and associated C- and Ku-radio frequency bands is subject to the frequency coordination and registration process of the ITU, an international treaty organization established under the sponsorship of the United Nations. The ITU is responsible for allocating the use by different countries of a limited number of orbital locations and radio frequency spectrum available for use by commercial communication satellites. The ITU’s Radio Regulations set forth the processes that governments must follow to establish their priority to use specific orbital locations, and the obligations and restrictions that govern such use. Countries establish their priority with respect to many orbital locations and associated radio frequencies through a “first in time, first in right” system, which establishes time limits for bringing orbital locations into use. Representation at the ITU for satellite system coordination and registration purposes is limited to national governmental agencies; private companies are not

 

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entitled to participate in their own right in coordination and registration activities. Consequently, we must rely on the government administration of Mexico to represent our interests there, including filing and coordinating our orbital locations within the ITU process, obtaining new orbital locations and revolving disputes.

All ITU filings are made through ITU member states, also referred to as “notifying administrations.” Therefore, companies must work within the constraints established by the notifying administration representing their interests. Factors such as national interests and foreign relations concerns often affect positions that a notifying administration is willing to take on behalf of commercial entities.

Nations are required by treaty to give notice of their proposed use of satellite orbital slots and frequencies to the ITU Radio Communications Bureau (the “ITU-BR”). After such notification is received by the ITU-BR, other nations are afforded the opportunity to apprise the ITU-BR of any potential harmful interference with their existing or planned satellite systems. When potential harmful interference is noted, nations are obligated to negotiate in an effort to coordinate the proposed uses and resolve any interference concerns. The ITU, however, has no power to resolve disputes formally.

The process is ultimately subject to enforcement by national regulatory authorities acting pursuant to international treaty obligations. The ITU has limited power to enforce or police its rules; it relies on the goodwill and cooperation of the notifying administrations.

The ITU’s Radio Regulations also govern the process used by satellite operators to coordinate their operations with those of other satellites, so as to avoid harmful interference. Under current international practice, satellite systems are entitled to protection from harmful radio frequency interference from later-filed satellite systems and other transmitters if the operator’s authorizing state government registers the orbital location, frequency and use of the satellite system in the ITU’s Master International Frequency Register, or MIFR, in accordance with the ITU’s rules. Each member state is required to give notice of, coordinate and register its proposed use of radiofrequency assignments and associated orbital locations with the ITU-BR.

Once a member state has advised the ITU-BR that it desires to use a given frequency at a given orbital location, other member states notify that state and the ITU-BR of any use or intended use that would conflict with the original proposal. These nations are then obligated to negotiate with each other in an effort to coordinate the proposed uses and resolve interference concerns. If all outstanding issues are resolved, the member state governments so notify the ITU-BR and the frequency use is registered in the MIFR. Following this notification, the registered satellite networks are entitled under international law to interference protection from subsequent or nonconforming uses. A state is not entitled to invoke the protections in the ITU Radio Regulations against harmful interference if that state decided to operate a satellite at the relevant orbital location without completing the coordination process.

The SCT and COFETEL are responsible for fulfilling and coordinating requests by Mexican companies to coordinate orbital slots and frequency assignments with the ITU-BR and for resolving interference concerns. Use of our orbital slots remains subject to the continuing oversight of the SCT and to a variety of regulations generally applicable to all satellite and radio licensees, including the ITU Radio Regulations.

We have been a member of the Radio Communications and Development sectors of the ITU since 1997.

Status of Our Satellites

On October 31, 2000, the ITU added the Solidaridad 1 and Solidaridad 2 frequency assignments to the MIFR. Satmex 5, Satmex 6, Satmex 8 and Satmex 7 were added to the MIFR on August 23, 2005, November 30, 2010, April 17, 2012, and May 15, 2012, respectively.

Most of Mexico’s geostationary orbital slots are directly adjacent to those of Canada. To avoid interference, in May 2000, the governments of Mexico and Canada entered into a coordination agreement specifying the operational parameters for Mexican and Canadian satellites in the C- and Ku-frequency bands in the geostationary orbits between the 107.3° W.L. and 118.7° W.L. orbital positions. The purpose of the coordination agreement was to establish a standard of reference for acceptable adjacent satellite frequency spectrum interference and ensure the

 

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efficient operation of satellite networks licensed by both Mexico and Canada. As a result, satellites licensed by either nation have a framework within which they may serve their domestic markets and, at the same time, provide competitive services to the markets of Mexico, the U.S. and South and Central America without interference (assuming they obtain all required regulatory approvals, and coordinate with, or otherwise avoid harmful interference from, operators from other nations).

In August 2003, the Mexican government and Satmex favorably concluded coordination negotiations with the Canadian government and Telesat, with respect to the radio-frequency spectrum characteristics of Satmex 6. As part of these negotiations, the Mexican and Canadian governments agreed to a new coordination agreement to reduce potential satellite frequency harmful interference and ensure that existing and future satellite networks licensed by either nation have sufficient space to expand their respective services to the Mexican, U.S. and South and Central American markets. We have had discussions with Telesat concerning an amendment to this coordination agreement.

Treaties and International Accords

Reciprocity Agreement between the U.S. and Mexico

In April 1996, Mexico and the U.S. entered into an agreement concerning the provision of satellite services to users in Mexico and the U.S. (the “Reciprocity Agreement”). Among other things, the Reciprocity Agreement provides that Mexican and U.S. satellites are permitted to provide services to, from and within the U.S. and Mexico, subject to applicable laws and regulations, and neither Mexico nor the U.S. may require a satellite licensed by the other government to obtain an additional license in order to provide the satellite services described in the protocols to the agreement (as described below).

Direct-to-Home Protocol

In November 1996, Mexico and the U.S. signed a protocol (the “DTH Protocol”) to the Reciprocity Agreement for the provision of DTH satellite services. DTH satellite services are defined to include DTH fixed satellite service and broadcasting satellite service, which include one-way, encrypted video or video/audio broadcast services for direct reception by subscribers who pay a periodic fee, distribution of video/audio to cable television head-ends and multipoint distribution service (“MDS”) or wireless cable facilities. The U.S. and Mexico have each agreed to permit satellites licensed by the other government to provide DTH FSS and broadcasting satellite services to, from and within the other country’s territory. Entities seeking to transmit or receive DTH FSS or broadcasting satellite services signals via a satellite licensed by the other administration (e.g., through an earth station in the non-licensing jurisdiction) must still comply with the non-licensing jurisdiction’s other applicable laws (e.g., the earth station licensing process).

Fixed Satellite Services Protocol

In October 1997, Mexico and the U.S. signed another protocol (the “FSS Protocol”) to the Reciprocity Agreement for the provision of international and domestic FSS. The definition of FSS includes, but is not limited to, signals carrying video or video/audio distributed to cable television head-end and multipoint distribution service (restricted microwave television service) facilities and excludes the DTH FSS and broadcasting satellite services governed by the DTH Protocol. Subject to the terms of the FSS Protocol, each of the U.S. and Mexico has agreed to permit satellites licensed by the other to provide domestic and international FSS to, from and within the other country’s territory.

Reciprocity Agreement between Canada and Mexico

In April 1999, Mexico and Canada entered into an agreement similar to the Reciprocity Agreement between Mexico and the U.S. In January 2001, the two countries signed the FSS Protocol.

In December 2004, Industry Canada added Solidaridad 2 and Satmex 5, and in May 2010, Satmex 6, to the list of foreign satellites approved to provide FSS in Canada.

 

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Brazilian Agreement

At present, no treaties exist between Mexico and Brazil related to ensuring open skies concerning satellite systems in both countries. In order for us to obtain the authority to operate within certain satellite frequencies in Brazil, we are required to establish a subsidiary in Brazil. Consequently, we created a Brazilian subsidiary named Satmex do Brasil Ltda. on June 17, 2002 in order to commercialize the capacity of our satellites in Brazil through the Brazilian satellite frequency authorizations obtained on March 6, 2002 and May 17, 2007 for Satmex 5 and Satmex 6, respectively.

Presently, we have not entered into any agreements for our services in Brazil due to our limited available capacity on Satmex 6. We believe the potential exists to obtain customers for our services in Brazil.

Argentine Agreement

In November 1997, the Mexican and Argentine governments entered into a bilateral agreement to afford reciprocal treatment for satellite service providers licensed under the laws of each government. The agreement provides that satellite service providers licensed in Mexico may transmit certain DTH FSS, broadcasting satellite services and other fixed satellite service signals to satellite customers in Argentina, and vice versa. The Mexican and Argentine governments each further agreed to cooperate in assuring compliance with each of the two countries’ applicable laws and regulations.

In February 2007, we registered a branch in Argentina in order to request landing rights for Satmex 5 and Satmex 6 satellites pursuant to the reciprocity agreement. On July 22 2008, the Argentine Comisión Nacional de Comunicaciones (“CNC”) returned the Satmex file and provided a favorable opinion to the Secretaría de Comunicaciones (“SECOM”). However, the landing rights have not yet been granted, and may not be granted to us. Currently, we operate in Argentina through a commercial agreement in effect with ArSat.

 

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DESCRIPTION OF THE EXCHANGE NOTES

The $35.0 million in aggregate principal amount of 9.5% senior secured notes due 2017, which we refer to as the “New Notes” in this “Description of Exchange Notes,” were issued on April 9, 2012 under the indenture (the “New Indenture”), dated as of May 5, 2011, among Satmex Escrow, S.A. de C.V. (“Satmex Escrow”), the Guarantors and Wilmington Trust, National Association, as successor by merger to Wilmington Trust FSB, as trustee, as amended by the Assumption Indenture (the “Assumption Indenture”), dated May 26, 2011, pursuant to which Satmex assumed the obligations of Satmex Escrow. The New Indenture and the Assumption Indenture are collectively referred to as the “Indenture” in this “Description of the Exchange Notes.” The 9.5% senior secured notes due 2017 offered hereby, which we refer to as the “Exchange Notes” in this “Description of the Exchange Notes,” will also be issued under the Indenture.

The Exchange Notes are an additional issuance of our 9.5% senior notes due 2017, and will be treated as a single class with, and will vote together on, all matters with the $325.0 million in aggregate principal amount of such notes, which we refer to as the “Original Notes,” originally issued on May 5, 2011, and the New Notes, originally issued on April 9, 2012. Pursuant to a registration statement filed on Form F-4, as declared effective on September 26, 2011, an exchange offer has already occurred with respect to the Original Notes. In connection with the exchange offer for the Original Notes, $322,975,000 in aggregate principal of the Original Notes were exchanged for 9.5% senior secured notes due 2017, which we refer to as the “Original Exchange Notes” in this “Description of the Exchange Notes,” and $2,025,000 in aggregate principal of the Original Notes remain in the restricted CUSIP. The Original Notes, the Original Exchange Notes, the New Notes and the Exchange Notes are collectively referred to as the “Notes” in this “Description of the Exchange Notes.” The Exchange Notes offered in this offering will have identical terms to the existing Notes except with respect to the date of issuance and issue price, and the Exchange Notes offered in this offering will have different CUSIP numbers from the existing Notes until the later to occur of the date of the consummation of the exchange offer and May 15, 2012. The terms of the Notes will include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act.

You can find the definitions of certain terms used in this description under the subheading “– Certain Definitions.” The terms of the Exchange Notes will include those stated in the Indenture and those made part of the Indenture by reference to the TIA. The Security Documents referred to below under the caption “– Security” define the terms of the agreements that secure the Notes and the Note Guarantees.

The following description is a summary of the material provisions of the Indenture, the Security Documents and the Registration Rights Agreement (the “Registration Rights Agreement”), dated as of April 9, 2012, by and among Satmex and the Initial Purchaser. It does not restate those agreements in their entirety. We urge you to read the Indenture, the Registration Rights Agreement and the Security Documents because they, and not this description, will define your rights as Noteholders. Copies of the Indenture, the Registration Rights Agreement and the security documents will be available as set forth below under “– Additional Information.” Certain defined terms used in this description but not defined below under “– Certain Definitions” have the meanings assigned to them in the Indenture, the Registration Rights Agreement and the Security Documents.

The registered holder of an Exchange Note is treated as the owner of it for all purposes. Only registered holders have rights under the Indenture.

Brief Description of the Exchange Notes and the Note Guarantees

The Exchange Notes

The Exchange Notes:

 

   

will be general obligations of Satmex;

 

   

will be secured, equally and ratably, on a first-priority basis with all other Priority Lien Obligations, by Liens on the assets of Satmex that constitute Collateral;

 

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will be effectively junior to all other Indebtedness of Satmex that is secured by Liens on other assets of Satmex that do not constitute Collateral, to the extent of the value of those other assets;

 

   

will be pari passu in right of payment with all existing and future senior Indebtedness of Satmex and effectively senior to any future senior unsecured Obligations or Junior Lien Obligations of Satmex to the extent of the value of the Collateral;

 

   

will be structurally subordinated to any existing and future Indebtedness and other liabilities of Satmex’s non-Guarantor Subsidiaries;

 

   

will be senior in right of payment to any future subordinated Indebtedness of Satmex; and

 

   

will be guaranteed by the Guarantors.

The Note Guarantees

The Exchange Notes will be jointly, severally and unconditionally guaranteed by each of Satmex’s current Guarantors and each of its future New Subsidiaries (other than Immaterial Subsidiaries and Satellite Subsidiaries).

Each guarantee of the Exchange Notes:

 

   

will be a general obligation of the Guarantor;

 

   

will be secured, equally and ratably, on a first-priority basis with all other Priority Lien Obligations, by Liens on the assets of such Guarantor that constitute Collateral;

 

   

will be effectively junior to all other Indebtedness of such Guarantor that is secured by Liens on other assets of such Guarantor that do not constitute Collateral, to the extent of the value of those other assets;

 

   

will be pari passu in right of payment with all existing and future senior Indebtedness of such Guarantor and effectively senior to any future senior unsecured Obligations or Junior Lien Obligations of such Guarantor to the extent of the value of the Collateral; and

 

   

will be senior in right of payment to any future subordinated Indebtedness of such Guarantor.

Not all of our Subsidiaries will guarantee the Exchange Notes. In the event of a bankruptcy, liquidation, concurso mercantil, quiebra or reorganization of any of these non-Guarantor Subsidiaries, the non-Guarantor Subsidiaries will pay the holders of their debt and their trade creditors before they will be able to distribute any of their assets to us. The non-Guarantor Subsidiaries generated 7.3% of our consolidated revenues in the three months ended March 31, 2012 (after intercompany eliminations) and held 4.4% of our consolidated assets as of March 31, 2012 (after intercompany eliminations).

As of the date of the issuance of the Exchange Notes, all of our Subsidiaries are “Restricted Subsidiaries.” However, under the circumstances described below under the caption “– Certain Covenants – Designation of Restricted and Unrestricted Subsidiaries,” we will be permitted to designate certain of our Subsidiaries as “Unrestricted Subsidiaries.” Our Unrestricted Subsidiaries will not be subject to many of the restrictive covenants in the Indenture. Our Unrestricted Subsidiaries will not guarantee the Exchange Notes.

Principal, Maturity and Interest

Satmex will issue $35.0 million in aggregate principal amount of Exchange Notes in this offering. Satmex may issue additional notes under the Indenture from time to time. Any issuance of additional notes is subject to all of the covenants in the Indenture, including the covenant described below under the caption “– Certain Covenants – Incurrence of Indebtedness and Issuance of Preferred Stock.” The Exchange Notes and any additional notes subsequently issued under the Indenture will be treated as a single class for all purposes under the Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase. Satmex will issue

 

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Exchange Notes in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000; provided, however, that Exchange Notes may be issued in denominations of less than $2,000 solely to the extent necessary to accommodate book-entry positions that have been created in denominations of less than $2,000 by DTC (as defined below) and provided further that denominations cannot be below $1.00. The Exchange Notes will mature on May 15, 2017.

Interest on the Exchange Notes will accrue at the rate of 9.5% per annum and will be payable semi-annually in arrears on May 15 and November 15, commencing on November 15, 2011. Interest on overdue principal and interest and Special Interest, if any, will accrue at a rate that is 1.0% higher than the then applicable interest rate on the Exchange Notes. Satmex will make each interest payment to the holders of record on the immediately preceding May 1 and November 1.

Interest on the Exchange Notes will accrue from the date of original issuance or, if interest has already been paid, from the date it was most recently paid. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.

Methods of Receiving Payments on the Exchange Notes

Satmex will make payments, through its paying agent, in respect of the Exchange Notes represented by the Global Notes, including principal, premium, if any, interest and Special Interest, if any, by wire transfer of immediately available funds to the accounts specified by DTC or its nominee. Satmex will make all payments of principal, premium, if any, interest and Special Interest, if any, with respect to Certificated Notes by wire transfer of immediately available funds to the accounts specified by the holders of the Certificated Notes or, if no such account is specified, by mailing a check to each such holder’s registered address.

Paying Agent and Registrar for the Exchange Notes

The trustee will initially act as paying agent and registrar. Satmex may change the paying agent or registrar without prior notice to the noteholders, and Satmex or any of its Subsidiaries may act as paying agent or registrar.

Transfer and Exchange

A noteholder may transfer or exchange Exchange Notes in accordance with the provisions of the Indenture. The registrar and the trustee may require a noteholder, among other things, to furnish appropriate endorsements and transfer documents in connection with a transfer of Exchange Notes; provided, however, that the trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions or transfer that may be imposed under the Indenture. Noteholders will be required to pay all taxes due on transfer. Satmex will not be required to transfer or exchange any note selected for redemption. Also, Satmex will not be required to transfer or exchange any note for a period of 15 days before a selection of Exchange Notes to be redeemed.

Additional Amounts

All payments made under or with respect to the Notes or the Note Guarantee (whether or not in the form of definitive notes in registered certificated form) will be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, fines, assessments or other governmental charges of whatever nature (including any penalties and interest related thereto) (“Taxes”), unless the withholding or deduction of such Taxes is then required by applicable law or by the official interpretation or administration thereof. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of any jurisdiction in which Satmex or any Guarantor (including any successor or other surviving entity) is then incorporated, engaged in business or resident for tax purposes or any political subdivision thereof or therein or any jurisdiction from or through which payment is made by or on behalf of Satmex or any Guarantor (including, without limitation, the jurisdiction of any paying agent) (each, a “Tax Jurisdiction”), will at any time be required to be made from any payments made under or with respect to the Exchange Notes or with respect to any Guarantee, including, without limitation, payments of principal, redemption price, purchase price, interest or premium, Satmex or the relevant Guarantor or other payor, as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments by each noteholder (including

 

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Additional Amounts) after such applicable withholding, deduction or imposition (including any withholding or deduction imposed on the Additional Amounts) will equal the respective amounts that would have been received in respect of such payments in the absence of such withholding or deduction.

Satmex is required under current Mexican law to deduct Mexican withholding Taxes, and pay such Taxes to the Mexican tax authorities, from payments of interest (or other amounts that are treated as “interest” under Mexican Tax law) on the Exchange Notes made to investors who are not residents of Mexico for tax purposes. Accordingly, Satmex will pay Additional Amounts as described above, subject to limitations described herein.

Notwithstanding the foregoing, no Additional Amounts will be payable with respect to:

(1) any Taxes that would not have been imposed but for the noteholder or beneficial owner of a Note (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such noteholder or beneficial owner if such noteholder or beneficial owner is an estate, trust corporation or partnership) being a citizen or resident or national of, incorporated in, maintaining an office, permanent establishment, fixed base, branch, or otherwise carrying on a trade or business, in the relevant Tax Jurisdiction in which such Taxes are imposed or having any other present or former connection with the relevant Tax Jurisdiction other than the mere acquisition, holding, enforcement or receipt of payment in respect of the Exchange Notes or with respect to any Guarantee;

(2) any Taxes that are imposed, withheld, or deducted as a result of the failure of the eligible noteholder or beneficial owner of the Exchange Notes to comply with any applicable certification, identification, documentation, or other reporting requirements (including, without limitation, with respect to the nationality, residence, or identity or connection with a Tax Jurisdiction of the noteholder or beneficial owner of the Exchange Notes) (“Documentation”), if (i) such compliance would, under applicable law, administrative decision of the taxing or government authority, or published administrative practice of the relevant Tax Jurisdiction, have entitled the noteholder, beneficial owner, Satmex or any of the Guarantors to an exemption from or reduction of deduction or withholding or the requirement to deduct or withhold all or part of any such Taxes and (ii) Satmex or any of the Guarantors notifies the noteholder in writing and reasonably requests such Documentation at least 60 days prior to the due date of such Documentation;

(3) any Note presented for payment (where Notes are in definitive form and presentation is required) more than 30 days after the relevant payment is first made available for payment to the noteholder (except to the extent that the noteholder would have been entitled to Additional Amounts had the note been presented on any day during such 30-day period);

(4) any estate, inheritance, gift, sales, transfer, personal property Taxes or any similar tax, duty, assessment or other governmental charge;

(5) any Taxes payable other than by deduction or withholding from payments under, or with respect to, the Exchange Notes or with respect to any Guarantee;

(6) any Additional Amounts required to be paid as a result of the beneficial owner of the Exchange Notes not being the sole beneficial owner of such payments or being a fiduciary or partnership, to the extent that a beneficial owner, beneficiary or settlor with respect to such fiduciary or any partner or member of such partnership would not have been entitled to such Additional Amounts with respect to such payments had such beneficial owner, beneficiary, settlor, partner or member held such Exchange Notes directly;

(7) any incremental Taxes that would not have been imposed but for the noteholder being a more than 10% owner, directly or indirectly, individually or collectively with related persons of the voting stock in Satmex and being a beneficial owner, directly or indirectly, individually or collectively with related persons of more than 5% of the interest arising from the Exchange Notes; provided that notwithstanding the foregoing, such noteholder shall continue to be entitled to any Additional Amounts that otherwise would have been payable to such noteholder had such noteholder’s direct or indirect ownership remained below the ownership levels specified in this paragraph; and

(8) any combination of items (1) through (7) above.

 

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The limitations stated in Clause (2) above will not apply if the provision of the Documentation described in Clause (2) would be materially more onerous, in form, in procedure or in the substance of information disclosed, to a noteholder or beneficial owner of a note, taking into account any relevant differences between U.S. and Mexican law, regulation or administrative practice, than comparable information or other reporting requirements imposed under U.S. tax law (including the United States-Mexico Income Tax Treaty), regulation (including proposed regulations) and administrative practice.

Applicable Mexican regulations currently allow Satmex to withhold at a reduced rate, provided Satmex complies with certain information reporting requirements. Accordingly, the limitations on the obligations to pay Additional Amounts in Clause (2) above also will not apply unless (a) the provision of the Documentation described in Clause (2) is expressly required by the applicable Mexican statutes, regulations and the Administrative Tax Rules (Resolución Miscelánea Fiscal), (b) Satmex cannot obtain the Documentation or other evidence necessary to comply with the applicable Mexican regulations on Satmex’s own through reasonable diligence, and (c) Satmex otherwise would meet the requirements for application of the reduced Mexican tax rate.

In addition, Clause (2) above does not require that any person, including any non-Mexican pension fund, retirement fund or financial institution, register with the Ministry of Finance and Public Credit to establish eligibility for an exemption from, or a reduction of, Mexican withholding tax.

If Satmex or any Guarantor becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under or with respect to the Exchange Notes or any Guarantee, Satmex or the relevant Guarantor, as the case may be, will deliver to the trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case Satmex or the relevant Guarantor shall notify the trustee promptly thereafter) an Officers’ Certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The Officers’ Certificate must also set forth any other information reasonably necessary to enable the paying agents to pay Additional Amounts to noteholders on the relevant payment date. The trustee shall be entitled to rely solely on such Officers’ Certificate as conclusive proof that such payments are necessary and may assume that no Additional Amounts are due in the absence of delivery of such Officer’s Certificate. Satmex will provide the trustee with documentation reasonably satisfactory to the trustee evidencing the payment of Additional Amounts.

Satmex or the relevant Guarantor will make all withholdings and deductions required by applicable law and will remit the full amount deducted or withheld to the relevant Tax Jurisdiction in accordance with applicable law. Upon request, Satmex or the relevant Guarantor will provide to the trustee an official receipt or, if official receipts are not obtainable using reasonable efforts, other documentation reasonably satisfactory to the trustee evidencing the payment of any Taxes so deducted or withheld. Satmex or the relevant Guarantor will attach to each official receipt or other document a certificate stating the amount of such Taxes paid per $1,000 principal amount of the Exchange Notes then outstanding. Upon request, copies of those receipts or other documentation, as the case may be, will be made available by the trustee to the noteholders. If Satmex or any Guarantor pays Additional Amounts with respect to the Exchange Notes that are based on rates of deduction or withholding taxes that are higher than the applicable rate, and the noteholder or beneficial owner is entitled to make a claim for a refund or credit of this excess, then by accepting the Exchange Notes, the noteholder and the beneficial owner will be deemed to have assigned and transferred all right, title and interest to any claim for a refund or credit of this excess to Satmex or the Guarantor. However, by making this assignment, noteholders make no promise that Satmex or any Guarantor will be entitled to that refund or credit and will not incur any other obligation with respect to that claim.

Satmex will pay any present or future stamp, documentary or other similar excise Taxes, governmental charges or levies that arise in a Tax Jurisdiction from the execution, issuance, delivery, offering, enforcement or registration of the Exchange Notes or any other document or instrument related to them (including, without limitation, any such Taxes that are referred to as “court” or “property” Taxes), and will agree to indemnify the holders for any such Taxes paid by such holders.

Whenever in the Indenture or in this “Description of the Exchange Notes” there is mentioned, in any context, the payment of amounts based upon the principal amount of the Exchange Notes or of principal, interest or of any other amount payable under or with respect to any of the Exchange Notes, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.

 

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The above obligations will survive any termination, defeasance or discharge of the Indenture, any transfer by a noteholder or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction which is a Tax Jurisdiction with respect to a successor person to Satmex or any Guarantor and any department or political subdivision thereof or therein.

Affiliate Purchase/Voting

The Indenture provides that in determining whether the noteholders of the required principal amount of the Notes have concurred in any direction, waiver or consent, Notes owned by Satmex or any of its subsidiaries shall be disregarded, provided that notwithstanding the provisions of Section 315(d)(3) and 316(a)(1) of the Trust Indenture Act and to the extent permitted by the Trust Indenture Act, Notes held by affiliates of Satmex which are not subsidiaries of Satmex shall be included in determining whether the noteholders of the required principal amount of the Notes have concurred or consented.

One or more affiliates of Satmex has purchased Notes. The Indenture does not restrict voting rights of affiliates of Satmex. Affiliates that may acquire Notes in the future may be able to exercise some control over Satmex by virtue of their equity ownership in Satmex or other arrangements. Circumstances may occur in which the interest of these affiliates could be in conflict with those of other noteholders.

Note Guarantees

The Notes are fully and unconditionally guaranteed by each Guarantor and each of its future New Subsidiaries (other than Immaterial Subsidiaries and Satellite Subsidiaries). These Note Guarantees are joint and several obligations of the Guarantors. The obligations of each Guarantor under its Note Guarantee will be limited as necessary to prevent that Note Guarantee from constituting a fraudulent conveyance or fraudulent transfer under applicable law. See “Risk Factors – Risks Related to this Offering – It is possible that the guarantees by our Guarantors may not be enforceable” and “Risk Factors – Risks Related to this Offering – Fraudulent transfer statutes may limit your rights as a Noteholder.”

A Guarantor may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than Satmex or another Guarantor, unless:

 

  (1) immediately after giving effect to that transaction, no Default or Event of Default exists; and

 

  (2) either:

 

  (a)

(i) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger (the “Successor Guarantor”) unconditionally assumes all the obligations of such Guarantor under its Note Guarantee, the Indenture, the Registration Rights Agreement and the Security Documents pursuant to a supplemental Indenture and appropriate Security Documents satisfactory to the trustee, (ii) the Successor Guarantor causes such amendments, supplements or other instruments to be executed, delivered, filed and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Liens under the applicable Security Documents on the Collateral owned by or transferred to the Successor Guarantor, together with such financing statements (or other filings) as may be required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or other filings or registrations under the Uniform Commercial Code, filings or registrations under any Mexican public registries or other registries or the applicable law of any other relevant jurisdiction; (iii) the Collateral owned by or transferred to the Successor Guarantor shall: (A) continue to constitute Collateral under the Indenture and the applicable Security Documents, (B) be subject to Liens in favor of the Collateral Trustee for the benefit of the Secured Parties and (C) not be subject to any Lien other than Permitted Liens; and (iv) the property and assets of the Person which is merged or consolidated with or into the Successor Guarantor, to the extent that they are property or assets of the types which would constitute Collateral under the applicable Security

 

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  Documents, shall be treated as after-acquired property and the Successor Guarantor shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the Lien of the applicable Security Documents in the manner and to the extent required in the Indenture and the Security Documents; or

 

  (b) the Net Proceeds of such sale, disposition or other transaction are applied in accordance with the applicable provisions of the Indenture.

The Note Guarantee of a Guarantor will be released:

(1) in connection with any sale or other disposition of all or substantially all of the assets of such Guarantor (by way of merger, consolidation or otherwise) to a Person that is not (either before or after giving effect to such transaction) Satmex or a Restricted Subsidiary of Satmex, if the sale or other disposition does not violate the “Asset Disposition” provisions of the Indenture;

(2) in connection with any sale or other disposition of Capital Stock of such Guarantor to a Person that is not (either before or after giving effect to such transaction) Satmex or a Restricted Subsidiary of Satmex, if the sale or other disposition does not violate the “Asset Disposition” provisions of the Indenture and the Guarantor ceases to be a Restricted Subsidiary of Satmex as a result of the sale or other disposition;

(3) if Satmex designates any Restricted Subsidiary that is a Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of the Indenture;

(4) upon legal defeasance, covenant defeasance or satisfaction and discharge of the Indenture as provided below under the captions “– Legal Defeasance and Covenant Defeasance” and “– Satisfaction and Discharge;” or

(5) upon the dissolution of a Guarantor if its assets are distributed to Satmex or another Guarantor.

See “– Repurchase at the Option of Noteholders – Asset Dispositions.”

Security

The Notes, the Note Guarantees and all future Priority Lien Obligations will be secured, equally and ratably, by a first-priority Lien on all assets of Satmex and any Guarantor that constitute Collateral, subject to Permitted Liens. All Liens securing Priority Lien Obligations will be held by the Collateral Trustee on behalf of the Secured Parties and administered pursuant to the collateral trust agreement described below. The Liens securing Junior Lien Obligations, if any, will also be held by the Collateral Trustee. The Collateral comprises substantially all of the assets of Satmex and each Guarantor (in each case, whether owned as of the date of the Indenture or thereafter acquired or arising) as described in the Security Documents, other than the Excluded Assets. The Collateral will include a pledge of all of the equity interests of Enlaces owned by Satmex, representing 75% of the outstanding equity interests of Enlaces, and 100% of all outstanding equity interests of each of the Guarantors, subject to certain exceptions and Permitted Liens. None of Satmex or its Subsidiaries shall be required to provide any guarantee, pledge or asset support arrangement that would result in adverse tax consequences that are material to Satmex or any of its Subsidiaries, as reasonably determined by Satmex.

Priority Lien Debt

The Exchange Notes offered hereby will be considered to be Priority Lien Debt for purposes of the collateral trust agreement referred to below. The Indenture and the Security Documents will provide that Satmex may incur additional Priority Lien Debt in the future secured by the Collateral as well as certain other Priority Lien Obligations (including certain additional Hedging Obligations and Banking Product Obligations, to the extent not prohibited by the documentation in respect of each Series of Priority Lien Debt). All additional Priority Lien Obligations will be secured, equally and ratably with the Notes by Priority Liens held by the Collateral Trustee for the benefit of all current and future holders of Priority Lien Obligations.

 

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The Equity Interests of a Subsidiary of Satmex will constitute Collateral only to the extent that such Equity Interests can secure the Notes and Note Guarantees without Rule 3-16 of Regulation S-X under the Securities Act (or any other law, rule or regulation) requiring separate financial statements of such Subsidiary of Satmex to be filed with the SEC (or any other governmental agency). In the event that Rule 3-16 of Regulation S-X under the Securities Act requires or is amended, modified or interpreted by the SEC to require (or is replaced with another rule or regulation, or any other law, rule or regulation is adopted, that would require) the filing with the SEC (or any other governmental agency) of separate financial statements of any Subsidiary of Satmex due to the fact that such Subsidiary’s Equity Interests secure the Notes and Note Guarantees, then the Equity Interests of such Restricted Subsidiary shall automatically be deemed not to be part of the Collateral. In such event, the Security Documents may be amended or modified, without the consent of any noteholder, to the extent necessary to release the Liens for the benefit of the noteholders on the Equity Interests that are so deemed to no longer constitute part of the Collateral, all at the written request and certification of Satmex upon which the trustee may conclusively rely.

In the event that Rule 3-16 of Regulation S-X under the Securities Act is amended, modified or interpreted by the SEC to permit (or is replaced with another rule or regulation, or any other law, rule or regulation is adopted, which would permit) such Subsidiary’s Equity Interests to secure the Notes and Note Guarantees without the filing with the SEC (or any other governmental agency) of separate financial statements of such Subsidiary, then the Equity Interests of such Subsidiary shall automatically be deemed to be a part of the Collateral. In such event, the Security Documents may be amended or modified, without the consent of any noteholder, to the extent necessary to subject such Equity Interests to the Liens under the Security Documents.

Collateral Trust Agreement

Satmex and each Guarantor have entered into a collateral trust agreement (the “Collateral Trust Agreement”) with the collateral trustee and each Secured Debt Representative. The Collateral Trust Agreement sets forth the terms on which the collateral trustee will receive, hold, administer, maintain, enforce and distribute the proceeds of all Liens upon the Collateral at any time held by it, in trust for the benefit of the present and future holders of the Secured Obligations.

Collateral Trustee

Wells Fargo Bank, National Association has been appointed pursuant to the Collateral Trust Agreement to serve as the collateral trustee (the “Collateral Trustee”) for the benefit of the holders of:

(1) the Notes;

(2) all other Priority Lien Obligations outstanding from time to time; and

(3) all Junior Lien Obligations outstanding from time to time.

The Collateral Trustee holds (directly or through co-trustees or agents), and is entitled to enforce, all Liens on the Collateral created by the Security Documents in accordance with the terms of the Collateral Trust Agreement. Neither the Grantors nor their respective Affiliates may serve as Collateral Trustee.

Except as provided in the Collateral Trust Agreement or as directed by an Act of Required Debtholders in accordance with the Collateral Trust Agreement, the Collateral Trustee will not be obligated to:

(1) act upon directions purported to be delivered to it by any Person;

(2) foreclose upon or otherwise enforce any Lien; or

(3) take any other action whatsoever with regard to any or all of the Security Documents, the Liens created thereby or the Collateral.

Satmex will deliver to each Secured Debt Representative copies of all Security Documents delivered to the Collateral Trustee.

 

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Enforcement of Liens

If the Collateral Trustee at any time receives written notice that any event has occurred that constitutes an event of default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce any of its Liens thereunder, it will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, subject to clause (ii) of the third paragraph under “– Restrictions on Enforcement of Junior Liens,” the Collateral Trustee may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. No holder of Priority Lien Debt other than the Collateral Trustee will be able to exercise rights or remedies with respect to the Collateral.

Restrictions on Enforcement of Junior Liens

Until the Discharge of Priority Lien Obligations, whether or not any insolvency or liquidation proceeding has been commenced by or against Satmex or any Guarantor, the Priority Lien Representatives will have, subject to the exceptions set forth below in clauses (1) through (4), the provisions of clause (ii) of the third paragraph of this caption and the provisions described below under the caption “– Provisions of the Indenture Relating to Security – Relative Rights,” and subject to the rights of the holders of Permitted Prior Liens, the exclusive right to authorize and direct the Collateral Trustee with respect to the Security Documents and the Collateral including, without limitation, the exclusive right to authorize or direct the Collateral Trustee in writing to enforce, collect or realize on any Collateral or exercise any other right or remedy with respect to the Collateral (including, without limitation, the exercise of any right of setoff or any right under any lockbox agreement, account control agreement, landlord waiver, or bailee’s letter or similar agreement or arrangement) and neither the trustee, the Junior Lien Representatives nor the holders of any Junior Lien Obligations may authorize or direct the Collateral Trustee with respect to such matters. Notwithstanding the foregoing, the Junior Lien Representative may, subject to the rights of the holders of other Permitted Prior Liens, direct the Collateral Trustee in writing with respect to Collateral:

(1) without any condition or restriction whatsoever, at any time after the Discharge of Priority Lien Obligations;

(2) as necessary to redeem any Collateral in a creditor’s redemption permitted by law or to deliver any notice or demand necessary to enforce (subject to the prior Discharge of Priority Lien Obligations) any right to claim, take or receive proceeds of Collateral remaining after the Discharge of Priority Lien Obligations in the event of foreclosure or other enforcement of any Permitted Prior Lien;

(3) as necessary to perfect or establish the priority (subject to Priority Liens and other Permitted Prior Liens) of the Junior Liens upon any Collateral; provided that, unless otherwise provided in the Security Documents, the trustee and the holders of Junior Lien Obligations and the Junior Lien Representatives may not require the Collateral Trustee to take any action to perfect any Collateral through possession or control; or

(4) as necessary to create, prove, preserve or protect (but not enforce) the Junior Liens upon any Collateral.

Subject to the provisions described below under the caption “– Provisions of the Indenture Relating to Security – Relative Rights,” until the Discharge of Priority Lien Obligations, none of the holders of Junior Lien Obligations, the Collateral Trustee (unless acting pursuant to an Act of Required Debtholders) on behalf of the Junior Lien Obligations or any Junior Lien Representative will:

(1) request judicial relief, in an insolvency, concurso mercantil, quiebra or liquidation proceeding or in any other court, that would hinder, delay, limit or prohibit the lawful exercise or enforcement of any right or remedy otherwise available to the holders of Priority Lien Obligations in respect of the Priority Liens or that would limit, invalidate, avoid or set aside any Priority Lien or subordinate the Priority Liens to the Junior Liens or grant the Junior Liens equal ranking to the Priority Liens;

 

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(2) oppose or otherwise contest any motion for relief from the automatic stay or from any injunction against foreclosure or enforcement of Priority Liens made by any holder of Priority Lien Obligations or any Priority Lien Representative in any insolvency, concurso mercantil, quiebra or liquidation proceedings;

(3) oppose or otherwise contest any lawful exercise by any holder of Priority Lien Obligations or any Priority Lien Representative of the right to credit bid Priority Lien Debt at any sale of Collateral in foreclosure of Priority Liens;

(4) oppose or otherwise contest any other request for judicial relief made in any court by any holder of Priority Lien Obligations or any Priority Lien Representative relating to the lawful enforcement of any Priority Lien;

(5) contest, protest or object to any foreclosure proceeding or action brought by the Collateral Trustee, any Priority Lien Representative or any holder of Priority Lien Obligations or any other exercise by the Collateral Trustee, any Priority Lien Representative or any holder of Priority Lien Obligations of any rights and remedies relating to the Collateral under the Priority Lien Documents or otherwise and each Junior Lien Representative on behalf of itself and each holder of Junior Lien Obligations waives any and all rights it may have to object to the time or manner in which the Collateral Trustee, any Priority Lien Representative or any holder of Priority Lien Obligations seek to enforce the Priority Lien Obligations or the Priority Liens; or

(6) contest or support any other Person in contesting, in any proceeding (including an insolvency, concurso mercantil, quiebra or liquidation proceeding) the validity, enforceability, perfection or priority of the Priority Liens.

Notwithstanding the foregoing, both before and during an insolvency, concurso mercantil, quiebra or liquidation proceeding, (i) the holders of Junior Lien Obligations and the Junior Lien Representatives may take any actions and exercise any and all rights that would be available to a holder of unsecured claims, including, without limitation, the commencement of an insolvency, concurso mercantil, quiebra or liquidation proceeding against Satmex or any Guarantor in accordance with applicable law; provided that, each holder of Junior Lien Obligations will agree not to take any of the actions prohibited under clauses (1) through (6) of the preceding paragraph or oppose or contest any order that it has agreed not to oppose or contest under the provisions described below under the caption “– Insolvency or Liquidation Proceedings” and (ii) after a period of 120 days has elapsed (which period will be tolled during any period in which the Collateral Trustee will not be entitled to enforce or exercise any rights or remedies with respect to any Collateral as a result of (x) any injunction issued by a court of competent jurisdiction or (y) the automatic stay or any other stay in any insolvency, concurso mercantil, quiebra or liquidation proceeding) since the date on which the Notes trustee has delivered to the Collateral Trustee written notice of the acceleration of the Notes (the “Standstill Period”), the holders of Junior Lien Obligations and the Junior Lien Representatives may enforce or exercise any rights or remedies with respect to any Collateral; provided, however that notwithstanding the expiration of the Standstill Period or anything in the Collateral Trust Agreement to the contrary, in no event may the Collateral Trustee on behalf of any holder of Junior Lien Obligations or any Junior Lien Representative enforce or exercise any rights or remedies with respect to any Collateral, or commence, join with any Person at any time in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding, if the Collateral Trustee on behalf of the holders of Priority Lien Obligations and the Priority Lien Representatives shall have commenced, and shall be diligently pursuing (or shall have sought or requested relief from modification of the automatic stay or any other stay in any insolvency or liquidation proceeding to enable the commencement and pursuit thereof), the enforcement or exercise of any rights or remedies with respect to such Collateral or any such action or proceeding (prompt written notice thereof to be given to the Junior Lien Representatives by the Collateral Trustee).

After (a) the commencement of any insolvency, concurso mercantil, quiebra or liquidation proceeding in respect of Satmex or any Guarantor or (b) the Collateral Trustee and each Junior Lien Representative have received written notice from any Priority Lien Representative at the direction of an Act of Required Debtholders stating that (i) any Series of Priority Lien Debt has become due and payable in full (whether at maturity, upon acceleration or otherwise) or (ii) the holders of Priority Liens securing one or more Series of Priority Lien Debt have become entitled under any Priority Lien Documents to and desire to enforce any or all of the Priority Liens by reason of an event of default under such Priority Lien Documents, no payment of money (or the equivalent of money) will be made from the proceeds of Collateral by Satmex or any Guarantor to the Collateral Trustee (other than payments to the Collateral Trustee for the benefit of the holders of Priority Lien Obligations or payments to the Collateral

 

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Trustee (including but not limited to the reasonable and out-of-pocket fees and expenses of its agents or counsel) pursuant to the compensation, expense reimbursement and indemnification provisions of the Collateral Trust Agreement), any Junior Lien Representative, or any holder of Junior Lien Obligations (including, without limitation, payments and prepayments made for application to Junior Lien Obligations and all other payments and deposits made pursuant to any provision of the Indenture, the Notes, the Guarantees or any other Junior Lien Document).

Subject to the provisions described below under the caption “– Provisions of the Indenture Relating to Security – Relative Rights,” all proceeds of Collateral received by the Collateral Trustee, any Junior Lien Representative, any holder of Junior Lien Obligations in violation of the immediately preceding paragraph will be held in trust by the Collateral Trustee, the applicable Junior Lien Representative or the applicable holder of Junior Lien Obligations for the account of the holders of Priority Liens and remitted to any Priority Lien Representative upon demand by such Priority Lien Representative. The Junior Liens will remain attached to and, subject to the provisions described under the caption “– Provisions of the Indenture Relating to Security – Ranking of Junior Liens,” enforceable against all proceeds so held or remitted. All proceeds of Collateral received by the Collateral Trustee, any Junior Lien Representative or any holder of Junior Lien Obligations not in violation of the immediately preceding paragraph will be received by the Collateral Trustee, such Junior Lien Representative or such holder of Junior Lien Obligations free from the Priority Liens but subject to the Junior Liens.

Waiver of Right of Marshalling

The Collateral Trust Agreement provides that, prior to the Discharge of Priority Lien Obligations, the holders of Junior Lien Obligations, each Junior Lien Representative and the Collateral Trustee may not assert or enforce any right of marshalling accorded to a junior lienholder, as against the holders of Priority Lien Obligations and the Priority Lien Representative (in their capacity as priority lienholders). Following the Discharge of Priority Lien Obligations, the holders of Junior Lien Obligations, any Junior Lien Representative and the Collateral Trustee may assert their right under the Uniform Commercial Code or otherwise to any proceeds remaining following a sale or other disposition of Collateral by, or on behalf of, the holders of Priority Lien Obligations.

Insolvency, Concurso Mercantil, Quiebra or Liquidation Proceedings

If in any insolvency, concurso mercantil, quiebra or liquidation proceeding and prior to the Discharge of Priority Lien Obligations, the holders of Priority Lien Obligations by an Act of Required Debtholders consent to any order:

(1) for use of cash collateral;

(2) approving a debtor-in-possession financing secured by a Lien that is senior to or on a parity with all Priority Liens upon any property of the estate in such insolvency, concurso mercantil, quiebra or liquidation proceeding;

(3) granting any relief on account of Priority Lien Obligations as adequate protection (or its equivalent) for the benefit of the holders of Priority Lien Obligations in the collateral subject to Priority Liens; or

(4) relating to a sale of assets of Satmex or any Guarantor that provides, to the extent the Collateral sold is to be free and clear of Liens, that all Priority Liens and Junior Liens will attach to the proceeds of the sale;

then, the holders of Junior Lien Obligations, in their capacity as holders of secured claims, and each Junior Lien Representative will not oppose or otherwise contest the entry of such order, so long as none of the holders of Priority Lien Obligations or any Priority Lien Representative in any respect opposes or otherwise contests any request made by the holders of Junior Lien Obligations or a Junior Lien Representative for the grant to the Collateral Trustee, for the benefit of the holders of Junior Lien Obligations, of a junior Lien upon any property on which a Lien is (or is to be) granted under such order to secure the Priority Lien Obligations, co-extensive in all respects with, but subordinated (as set forth herein under the caption “– Provisions of the Indenture Relating to Security – Ranking of Junior Liens”) to, such Lien and all Priority Liens on such property; provided, however, that the foregoing shall not prevent the holders of Junior Lien Obligations and the Junior Lien Representatives, in their capacity as holders or representatives of secured claims, from participating on a pro rata basis in any such debtor-in-possession financing or from proposing any other debtor-in-possession financing to Satmex or any Guarantor or to a court of competent jurisdiction.

 

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Notwithstanding the foregoing, both before and during an insolvency, concurso mercantil, quiebra or liquidation proceeding, the holders of Junior Lien Obligations and the Junior Lien Representatives may take any actions and exercise any and all rights that would be available to a holder of unsecured claims, including, without limitation, the commencement of insolvency, concurso mercantil, quiebra or liquidation proceedings against Satmex or any Guarantor in accordance with applicable law; provided that each holder of Junior Lien Obligations will agree not to take any of the actions prohibited under clauses (1) through (6) of the second paragraph of the provisions described above under the caption “– Restrictions on Enforcement of Junior Liens” or oppose or contest any order that it has agreed not to oppose or contest under clauses (1) through (4) of the preceding paragraph.

Neither the holders of any Junior Lien Obligations nor any Junior Lien Representative will file or prosecute in any insolvency, concurso mercantil, quiebra or liquidation proceeding any motion for adequate protection (or any comparable request for relief) based upon their interest in the Collateral under the Junior Liens, except that:

(1) they may freely seek and obtain relief: (a) granting a junior Lien co-extensive in all respects with, but subordinated (as set forth herein under the caption “– Provisions of the Indenture Relating to Security – Ranking of Junior Liens”) to, all Liens granted in the insolvency, concurso mercantil, quiebra or liquidation proceeding to, or for the benefit of, the holders of Priority Lien Obligations; or (b) in connection with the confirmation of any plan of reorganization or similar dispositive restructuring plan; and

(2) they may freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition or restriction whatsoever, at any time after the Discharge of Priority Lien Obligations.

Order of application of proceeds; deficiency claims

The Collateral Trust Agreement provides that (1) if the Collateral Trustee receives any proceeds of any title insurance with respect to any Collateral or any other insurance with respect to any Collateral, in each case, not arising from an Event of Loss, or (2) if any Collateral is sold or otherwise realized upon by the Collateral Trustee in connection with any foreclosure, collection or other enforcement of Liens granted to the Collateral Trustee in the Security Documents, the proceeds (including distributions of cash, securities or other property on account of the value of the Collateral in a bankruptcy, insolvency, concurso mercantil, quiebra, reorganization or similar proceedings) received by the Collateral Trustee from such insurance or foreclosure, collection, sale or other enforcement will be distributed by the Collateral Trustee in the following order of application:

FIRST, to the payment of all amounts payable under the Collateral Trust Agreement on account of the Collateral Trustee’s fees and expenses and any reasonable and out-of-pocket legal fees, costs and expenses or other liabilities of any kind incurred by the Collateral Trustee or any co-trustee or agent of the Collateral Trustee in connection with any Security Document (including, but not limited, to, indemnification payments and reimbursements);

SECOND, to the repayment of Indebtedness and other Obligations, other than Secured Debt, secured by a Permitted Prior Lien on the Collateral sold or realized upon to the extent that such other Indebtedness or Obligation is required to be discharged in connection with such sale;

THIRD, equally and ratably, to the respective Priority Lien Representatives for application to the payment of all outstanding Priority Lien Debt and any other Priority Lien Obligations that are then due and payable in such order as may be provided in the Priority Lien Documents in an amount sufficient to pay in full in cash all outstanding Priority Lien Debt and all other Priority Lien Obligations that are then due and payable (including all interest accrued thereon after the commencement of any insolvency, concurso mercantil, quiebra or liquidation proceeding at the rate, including any applicable post-default rate, specified in the Priority Lien Documents, even if such interest is found not enforceable, allowable or allowed as a claim in such proceeding, and including, if applicable, the discharge or cash collateralization (at the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Priority Lien Document) of all outstanding letters of credit constituting Priority Lien Debt (including the furnishing of back-up letters of credit or the deemed issuance under a new agreement that is not in respect of any Priority Lien Debt and that is not a Priority Lien Document with the consent of the issuing bank of such outstanding letters of credit);

 

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FOURTH, equally and ratably, to the respective Junior Lien Representatives for application to the payment of all outstanding Junior Lien Debt and any other Junior Lien Obligations that are then due and payable in such order as may be provided in the Junior Lien Documents in an amount sufficient to pay in full in cash all outstanding Junior Lien Debt and all other Junior Lien Obligations that are then due and payable (including all interest accrued thereon after the commencement of any insolvency, concurso mercantil, quiebra or liquidation proceeding at the rate, including any applicable post-default rate, specified in the Junior Lien Documents, even if such interest is found not enforceable, allowable or allowed as a claim in such proceeding, and including, if applicable, the discharge or cash collateralization (at the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Junior Lien Document) of all outstanding letters of credit constituting Junior Lien Debt (including the furnishing of back-up letters of credit or the deemed issuance under a new agreement that is not in respect of any Junior Lien Debt and that is not a Junior Lien Document with the consent of the issuing bank of such outstanding letters of credit); and

FIFTH, any surplus remaining after the payment in full in cash of the amounts described in the preceding clauses will be paid to the applicable Grantor, as the case may be, its successors or assigns, or as a court of competent jurisdiction may direct.

If any Junior Lien Representative or any holder of a Junior Lien Obligation collects or receives any proceeds of such foreclosure, collection or other enforcement that should have been applied to the payment of the Priority Lien Obligations in accordance with the paragraph above, whether after the commencement of an insolvency, concurso mercantil, quiebra or liquidation proceeding or otherwise, such Junior Lien Representative or such holder of a Junior Lien Obligation, as the case may be, will forthwith deliver the same to the Collateral Trustee, for the account of the holders of the Priority Lien Obligations and other Obligations secured by a Permitted Prior Lien, to be applied in accordance with the provisions set forth above under this caption “– Order of Application.” Until so delivered, such proceeds will be held by that Junior Lien Representative or that holder of a Junior Lien Obligation, as the case may be, for the benefit of the holders of the Priority Lien Obligations and other Obligations secured by a Permitted Prior Lien.

The provisions set forth above under this caption “– Order of application of proceeds; deficiency claims” are intended for the benefit of each current and future holder of Secured Obligations, each current and future Secured Debt Representative and the Collateral Trustee as holder of all Priority Liens and Junior Liens, and will be enforceable as a third party beneficiary by each current and future Secured Debt Representative and the Collateral Trustee as holder of Priority and Junior Liens.

The Secured Debt Representative of each future Series of Secured Debt will be required to deliver a Lien Sharing and Priority Confirmation pursuant to the terms of the Collateral Trust Agreement to the Collateral Trustee and each other Secured Debt Representative at the time of incurrence of such Series of Secured Debt.

Release of liens on collateral

The Collateral Trust Agreement provides that the Collateral Trustee’s Liens on the Collateral will be released:

(1) in whole, upon (a) payment in full and discharge of all outstanding Secured Debt and all other Secured Obligations that are outstanding, due and payable at the time all of the Secured Debt is paid in full and discharged and (b) termination or expiration of all commitments to extend credit under all Secured Debt Documents and the cancellation or termination or cash collateralization (at the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Secured Debt Documents) of all outstanding letters of credit issued pursuant to any Secured Debt Document (including the furnishing of back-up letters of credit or the deemed issuance under a new agreement that is not in respect of any Secured Debt and that is not a Secured Debt Document with the consent of the issuing bank of such outstanding letters of credit);

(2) as to any Collateral that is sold, transferred or otherwise disposed of by the Grantors to a Person that is not (either before or after such sale, transfer or disposition) another Grantor in either (a) a foreclosure sale or

 

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other transaction approved of by an Act of Required Debtholders or (b) a transaction or other circumstance that complies with the “Asset Disposition” provisions of the Indenture and is permitted by all of the other Secured Debt Documents, at the time of such sale, transfer or other disposition to the extent of the interest sold, transferred or otherwise disposed of; provided that the Collateral Trustee’s Liens upon the Collateral will not be released if the sale or disposition is subject to the covenant described below under the caption “– Certain Covenants – Merger, Consolidation or Sale of Assets;”

(3) as to a release of less than all or substantially all of the Collateral, if (a) consent to the release of all Priority Liens on such Collateral has been given by an Act of Required Debtholders, (b) such release is in connection with a transaction or circumstance that complies with the “Asset Disposition” provisions of the Indenture and is permitted by all of the other Secured Documents at the time of such sale, transfer or other disposition, or (c) a Guarantor’s Note Guarantee is released as described under the caption “– Note Guarantees,” at the time such Note Guarantee is released; and

(4) as to a release of all or substantially all of the Collateral, if consent to the release of such Collateral has been given by the requisite percentage or number of holders of each Series of Secured Debt at the time outstanding as provided for in the applicable Secured Documents.

If the Collateral Trustee is required to take any action in connection with, or to evidence, the release of any Collateral pursuant to paragraphs 1, 2(b), 3(b), 3(c) or 4 above, Satmex will deliver to the Collateral Trustee an Officer’s Certificate certifying that all conditions precedent to such release have been met, and/or consents have been obtained, and the Collateral Trustee shall sign and permit Satmex to file all required documents provided to it, at Satmex’s sole cost and expense, to effectuate or evidence the release of the Collateral Trustee’s Liens upon such Collateral.

The Security Documents provide that the Liens securing the Secured Debt will extend to the proceeds (including distributions of cash, securities or other property on account of the value of the Collateral in a bankruptcy, insolvency, concurso mercantil, quiebra, reorganization or similar proceedings) of any sale of Collateral. As a result, the Collateral Trustee’s Liens will apply to the proceeds of any such Collateral received in connection with any sale or other disposition of assets described in the preceding paragraph.

Release of liens in respect of the Notes

The Indenture and the Collateral Trust Agreement provide that the Collateral Trustee’s Priority Liens upon the Collateral will no longer secure the Notes outstanding under the Indenture, the Note Guarantees or any other Obligations under the Indenture, and the right of the noteholders and such Obligations to the benefits and proceeds of the Collateral Trustee’s Priority Liens on the Collateral will terminate and be discharged, in which case the Collateral Trustee shall sign and permit Satmex to file all required documents provided to it, at Satmex’s sole cost and expense, to effectuate the release of the Collateral Trustee’s Liens upon the Collateral upon the receipt by the Collateral Trustee from the trustee of written notice as to:

(1) satisfaction and discharge of the Indenture as set forth under the caption “– Satisfaction and discharge;”

(2) a Legal Defeasance or Covenant Defeasance of the Notes as set forth under the caption “– Legal defeasance and covenant defeasance;”

(3) payment in full and discharge of all Notes outstanding under the Indenture and all Obligations that are outstanding, due and payable under the Indenture at the time such Notes are paid in full and discharged; or

(4) such termination or discharge, in whole or in part, with the consent of the holders of the requisite percentage of Notes in accordance with the provisions described below under the caption “– Amendment, supplement and waiver.”

 

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Amendment of security documents

The Collateral Trust Agreement provides that no amendment or supplement to the provisions of any Security Document will be effective without the approval of the Collateral Trustee acting as directed in writing by an Act of Required Debtholders, except that:

(1) any amendment or supplement that has the effect solely of:

 

  (a) adding or maintaining Collateral (including providing for entering into additional, supplemental or replacement Security Documents, securing additional Secured Debt that was otherwise permitted by the terms of the Secured Debt Documents to be secured by the Collateral or preserving, perfecting or establishing the priority of the Liens thereon or the rights of the Collateral Trustee therein,

 

  (b) curing any ambiguity, omission, mistake, defect or inconsistency;

 

  (c) providing for the assumption of any Grantor’s obligations under any Secured Debt Document in the case of a merger or consolidation or sale of all or substantially all of the assets of such Grantor to the extent permitted by the terms of the Indenture and the other Secured Debt Documents, as applicable,

 

  (d) releasing Collateral or a Grantor in accordance with the terms of the Indenture and any other Secured Debt Document,

 

  (e) making any change that would provide any additional rights or benefits to the Secured Parties or the Collateral Trustee or that does not adversely affect the rights under the Indenture or any other Secured Debt Document (including any increase in the amount of the Secured Debt secured thereby) of any noteholder, any other Secured Party or the Collateral Trustee,

 

  (f) to evidence the replacement of the Collateral Trustee as provided for in the Collateral Trust Agreement, or

 

  (g) to add additional guarantors with respect to the Secured Obligations,

will, in each case become effective when executed and delivered by the applicable Grantor party thereto and the Collateral Trustee at the direction of the Grantor and upon receipt of an Officers’ Certificate and an opinion of counsel;

(2) except as provided for in clause (1) above, any amendment or supplement of or waiver of the Collateral Trust Agreement will not be effective without the consent of the requisite percentage or number of holders of each Series of Secured Debt at the time outstanding as provided for in the applicable Secured Debt Document and such consent is confirmed to the Collateral Trustee by the applicable Secured Debt Representatives;

(3) no amendment or supplement that reduces, impairs or adversely affects the right of any holder of Secured Obligations:

 

  (a) to vote its outstanding Secured Debt as to any matter described as subject to an Act of Required Debtholders, an act of the Required Priority Lien Debtholders or an act of Required Junior Lien Debtholders (or amends the provisions of this clause (3) or the definition of “Act of Required Debtholders” or “Required Priority Lien Debtholders” or “Required Junior Lien Debtholders”),

 

  (b) to share in the order of application described above under “– Order of Application of Proceeds; Deficiency of Claims” in the proceeds of enforcement of or realization on any Collateral, or

 

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  (c) to require that Liens securing Secured Obligations be released only as set forth in the provisions described above under the caption “– Release of Liens on Collateral,”

will become effective without the consent of the requisite percentage or number of holders of each Series of Secured Debt so affected under the applicable Secured Debt Document; and

(4) no amendment or supplement that imposes any obligation upon the Collateral Trustee or any Secured Debt Representative or adversely affects the rights of the Collateral Trustee or any Secured Debt Representative, respectively, in its capacity as such will become effective without the consent of the Collateral Trustee or such Secured Debt Representative, respectively.

Any amendment or supplement to the provisions of the Security Documents that releases Collateral will be effective only in accordance with the requirements set forth in the applicable Secured Debt Document referenced above under the caption “– Release of liens on collateral.” Any amendment or supplement that results in the Collateral Trustee’s Liens upon the Collateral no longer securing the Notes and the other Obligations under the Indenture may only be effected in accordance with the provisions described above under the caption “– Release of liens in respect of the Notes.”

Voting

In connection with any matter under the Collateral Trust Agreement requiring a vote of holders of Secured Debt, each Series of Secured Debt will cast its votes in accordance with the Secured Debt Documents governing such Series of Secured Debt by a notice delivered by the applicable Secured Debt Representative to the Collateral Trustee. Hedging Obligations and Banking Product Obligations will not be considered for purposes of voting by holders of Secured Debt under the Collateral Trust Agreement unless the only Secured Debt outstanding are Hedging Obligations or Banking Product Obligations and documents evidencing such Hedging Obligations and Banking Product Obligations that are equally and ratably secured with the other Secured Debt expressly provide that such Hedging Obligations and Banking Product Obligations remain secured by the Collateral when they are the only Secured Debt remaining. The amount of Secured Debt to be voted by a Series of Secured Debt will equal (1) the aggregate principal amount of Secured Debt held by such Series of Secured Debt (including, if provided for in the applicable Secured Debt Document, outstanding letters of credit whether or not then available or drawn), plus (2) if provided for in the applicable Secured Debt Document, the aggregate principal amount of unfunded commitments to extend credit which, when funded, would constitute Indebtedness of such Series of Secured Debt. Following and in accordance with the outcome of the applicable vote under its Secured Debt Documents, the Secured Debt Representative of each Series of Secured Debt will vote the total amount of Secured Debt under that Series of Secured Debt as a block in respect of any vote under the Collateral Trust Agreement.

Provisions of the Indenture Relating to Security

Equal and ratable sharing of collateral by holders of Priority Lien Obligations

The Collateral Trustee, each Priority Lien Representative and each holder of Priority Lien Obligations will agree that, notwithstanding:

(1) anything to the contrary contained in the Security Documents;

(2) the time of incurrence of any Series of Priority Lien Debt or any Priority Lien Obligations;

(3) the order or method of attachment or perfection of any Liens securing any Series of Priority Lien Debt;

(4) the time or order of filing of financing statements or other documents filed or recorded to perfect any Lien upon any Collateral;

(5) the time of taking possession or control over any Collateral;

(6) that any Priority Lien may not have been perfected or may be or have become subordinated, by equitable subordination or otherwise, to any other Lien; or

 

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(7) the rules for determining priority under any law governing relative priorities of Liens:

 

  (a) all Priority Liens granted at any time by any Grantor will secure, equally and ratably, all current and future Priority Lien Obligations; and

 

  (b) all proceeds of all Priority Liens granted at any time by any Grantor will be allocated and distributed equally and ratably on account of the Priority Lien Debt and all other Priority Lien Obligations, in accordance with the Collateral Trust Agreement.

These provisions are intended for the benefit of each current and future holder of Priority Lien Obligations, each current and future Priority Lien Representative and the Collateral Trustee as holder of Priority Liens, and will be enforceable as a third party beneficiary by each current and future Priority Lien Representative and the Collateral Trustee as holder of Priority Liens. Satmex and the Priority Lien Representative of each future Series of Priority Lien Debt will be required to deliver, among other things, a Lien Sharing and Priority Confirmation to the Collateral Trustee and the trustee at the time of incurrence of such Series of Priority Lien Debt.

Ranking of Junior Liens

The Indenture provides that, notwithstanding:

(1) anything to the contrary contained in the Security Documents;

(2) the time of incurrence of any Series of Secured Debt;

(3) the order or method of attachment or perfection of any Liens securing any Series of Secured Debt;

(4) the time or order of filing or recording of financing statements, mortgages or other documents filed or recorded to perfect any Lien upon any Collateral;

(5) the time of taking possession or control over any Collateral;

(6) that any Priority Lien may not have been perfected or may be or have become subordinated, by equitable subordination or otherwise, to any other Lien; or

(7) the rules for determining priority under any law governing relative priorities of Liens;

all Junior Liens at any time granted by Satmex or any Guarantor will be subject and subordinate to all Priority Liens securing Priority Lien Obligations.

The provisions under the caption “– Ranking of Junior Liens” are intended for the benefit of, and will be enforceable as a third party beneficiary by, each present and future holder of Priority Lien Obligations, each present and future Priority Lien Representatives and the Collateral Trustee as holder of Priority Liens. No other Person will be entitled to rely on, have the benefit of or enforce those provisions. The Junior Lien Representative of each future Series of Junior Lien Debt will be required to deliver a Lien Sharing and Priority Confirmation to the Collateral Trustee and each Priority Lien Representative at the time of incurrence of such Series of Junior Lien Debt.

In addition, the provisions under the caption “– Ranking of Junior Liens” are intended solely to set forth the relative ranking, as Liens, of the Liens securing Junior Lien Debt as against the Priority Liens. Neither any Junior Lien Obligations nor the exercise or enforcement of any right or remedy for the payment or collection thereof are intended to be, or will ever be by reason of the foregoing provision, in any respect subordinated, deferred, postponed, restricted or prejudiced.

Relative rights

Nothing in the Note Documents will:

(1) impair, as between Satmex and the holders of the Notes, the obligation of Satmex to pay principal of, premium and interest, if any, on the Notes in accordance with their terms or any other obligation of Satmex or any Guarantor;

 

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(2) affect the relative rights of holders of the Notes as against any other creditors of Satmex or any Guarantor (other than holders of Junior Liens, Permitted Liens or other Priority Liens);

(3) restrict the right of any holder of the Notes to sue for payments that are then due and owing;

(4) restrict or prevent any holder of any Priority Lien Obligations, the Collateral Trustee or any Priority Lien Representative from exercising any of its rights or remedies upon a Default or Event of Default not specifically restricted or prohibited by the provisions described above under the captions (a) “– Collateral Trust Agreement – Restrictions on Enforcement of Junior Liens” or (b) “– Collateral Trust Agreement – Insolvency and Liquidation Proceedings;” or

(5) restrict or prevent any holder of Notes or other Priority Lien Obligations, the Collateral Trustee or any Priority Lien Representative from taking any lawful action in an insolvency or liquidation proceeding not specifically restricted or prohibited by the provisions described above under the captions (a) “– Collateral Trust Agreement – Restrictions on Enforcement of Junior Liens” or (b) “– Collateral Trust Agreement – Insolvency and Liquidation Proceedings.”

Further assurances; insurance

The Collateral Trust Agreement provides that each of the Grantors will do, or cause to be done, all acts and things that may be required, or that the Collateral Trustee when acting in accordance with an Act of the Required Debtholders, from time to time may reasonably request, to assure and confirm that the Collateral Trustee holds, for the benefit of the holders of Secured Obligations, duly created and enforceable and perfected Liens upon the Collateral, in each case, as contemplated by, and with the lien priority required under, the Secured Debt Documents. Satmex and the other Grantors will:

(1) keep their properties insured as is customary with companies in the same or similar businesses and industry by financially sound and reputable insurers;

(2) maintain such other insurance, to such extent and against such risks (and with such deductibles, retentions and exclusions), including fire and other risks insured against as is customary with companies in the same or similar businesses and industry, including public liability insurance against claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied or controlled by them;

(3) maintain such other insurance as may be required by law; and

(4) maintain such other insurance as may be required by the Indenture and the Security Documents, if any, to the extent such insurance is available on commercially reasonable terms.

Satmex or the applicable Grantor shall use its reasonable best efforts to provide evidence that (x) the Collateral Trustee, on behalf of the Secured Parties, is named as additional insured, with a waiver of subrogation, on all insurance policies of Satmex and the other Grantors and (y) the Collateral Trustee, on behalf of the Secured Parties, is named as loss payee, with 30 days’ notice of cancellation or material change, on all property and casualty insurance policies of Satmex and the other Grantors, in each case, subject to the limitations set forth in the Security Documents and the Indenture.

Without limiting the foregoing, the Collateral Trust Agreement will provide that, substantially concurrently with the acquisition by any Grantor of any assets that would constitute Collateral, such Grantor shall:

(1) take such other actions as shall be necessary or (in the reasonable opinion of any Secured Debt Representative) desirable to perfect and protect the Collateral Trustee’s security interest in such assets or property for the benefit of the present and future holders of the Secured Obligations, including without limitation, and to the extent applicable, the execution of additional Security Documents (or supplements or joinders thereto); the filing

 

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and/or recordation of Uniform Commercial Code financing statements, filings before the applicable Mexican registries, and other filings; the delivery of stock certificates endorsed in pledge or with accompanying stock powers, as the case may be; intellectual property security agreements to be filed with the United States Patent & Trademark Office and the United States Copyright Office and/or the Mexican Institute of Industrial Property (Instituto Mexicano de la Propiedad Industrial); mortgages; landlord waivers; control agreements; evidence of title insurance, flood insurance and surveys and other assurances and instruments (or, in each of the foregoing cases, the applicable foreign equivalent); and

(2) promptly deliver to the Collateral Trustee opinions of counsel, subject to customary qualifications, assumptions and exclusions, relating to the creation, validity and perfection of security interests relating to any material assets or property with a book value or fair market value in excess of $2,000,000.

For further information on the insurance obligations of Satmex, see “– Insurance.”

Optional Redemption

At any time prior to May 15, 2014, Satmex may on any one or more occasions redeem up to 35% of the aggregate principal amount of the Notes issued under the Indenture, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 109.5% of the principal amount of the Notes redeemed, plus accrued and unpaid interest and Special Interest, if any, to the date of redemption (subject to the rights of noteholders on the relevant record date to receive interest on the relevant interest payment date), with the net cash proceeds of an Equity Offering by Satmex; provided that:

(1) at least 65% of the aggregate principal amount of Notes originally issued under the Indenture (excluding Notes held by Satmex and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and

(2) the redemption occurs within 90 days of the date of the closing of such Equity Offering.

At any time prior to May 15, 2014, Satmex may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest and Special Interest, if any, to the date of redemption, subject to the rights of noteholders on the relevant record date to receive interest due on the relevant interest payment date.

Except pursuant to the preceding paragraphs and as set froth under “– Redemption for Changes in Withholding Taxes,” the Notes will not be redeemable at Satmex’s option prior to May 15, 2014.

On or after May 15, 2014, Satmex may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and Special Interest, if any, on the Notes redeemed, to the applicable date of redemption, if redeemed during the twelve-month period beginning on May 15 of the years indicated below, subject to the rights of noteholders on the relevant record date to receive interest on the relevant interest payment date:

 

Year

   Percentage  

2014

     104.750

2015

     102.375

2016 and thereafter

     100.000

Unless Satmex defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date.

Notice of any redemption, whether in connection with an Equity Offering or otherwise, may be given prior to the completion thereof, and any such redemption or notice may, at Satmex’s discretion, be subject to one or more conditions precedent.

 

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Redemption for Changes in Withholding Taxes

Satmex may redeem the Notes, in whole but not in part, at its discretion at any time upon giving not less than 30 nor more than 60 days’ prior notice to the noteholders (which notice will be irrevocable and given in accordance with the procedures described in “– Selection and Notice”) at a redemption price equal to the principal amount thereof, together with accrued and unpaid interest, if any, to the date fixed by Satmex for redemption (a “Tax Redemption Date”) and all Additional Amounts (if any) then due and which will become due on the Tax Redemption Date as a result of the redemption or otherwise (subject to the right of noteholders on the relevant record date to receive interest due on the relevant interest payment date and Additional Amounts (if any) in respect thereof), if (a) on the next date on which any scheduled amount would be payable in respect of the Notes, Satmex is or would be required to pay Additional Amounts (provided, however, that if the Additional Amounts are payable due to Mexican withholding Taxes imposed on interest (or other amounts that are treated as “interest” under Mexican Tax law) payable on the Notes, the Additional Amount shall be in excess of the Additional Amounts that would be payable were the payments of such interest subject to a 10% withholding tax (“Excess Additional Amounts”)), (b) Satmex cannot avoid any such payment obligation taking reasonable measures available (and, for avoidance of doubt, reasonable measures include changing jurisdiction of any paying agent), and (c) the requirement to pay such Excess Additional Amounts, as the case may be, arises as a result of:

(1) any change in, or amendment to, the laws, rules or regulations of the relevant Tax Jurisdiction (as defined above) affecting taxation, which change or amendment has not been announced before and becomes effective on or after the Issue Date of the Notes (or, if the relevant Tax Jurisdiction has changed since the Issue Date of the Notes, the date on which the then-current Tax Jurisdiction became the applicable Tax Jurisdiction under the Indenture); or

(2) any change in, or amendment to, the existing official position regarding the application, administration or interpretation of such laws, rules or regulations (including a holding, judgment or order by a court of competent jurisdiction or a change in published practice), which change, amendment, application, administration or interpretation has not been announced before and becomes effective on or after the Issue Date of the Notes (or, if the relevant Tax Jurisdiction has changed since the Issue Date of the Notes, the date on which the then current Tax Jurisdiction became the applicable Tax Jurisdiction under the Indenture).

Satmex will not give any such notice of redemption earlier than 60 days prior to the earliest date on which Satmex would be obligated to the Excess Additional Amount if a payment in respect of the Notes were then due, and at the time such notice is given, the obligation to pay Excess Additional Amounts must remain in effect. Prior to the publication or, where relevant, mailing of any notice of redemption of the Notes pursuant to the foregoing, Satmex will deliver to the trustee an opinion of independent tax counsel to the effect Satmex has or will become obligated to pay Additional Amounts as a result of such change, interpretation, application or amendment which would entitle Satmex to redeem the Notes hereunder. In addition, before Satmex publishes or mails notice of redemption of the Notes as described above, it will deliver to the trustee an Officers’ Certificate to the effect that it has met all the conditions for the redemption described above, including that it cannot avoid its obligation to pay Excess Additional Amounts by Satmex taking reasonable measures available to it and all other conditions for such redemption have been met.

Mandatory Redemption; Open Market Purchases

Satmex is not required to make mandatory redemption or sinking fund payments with respect to the Notes. Satmex may at any time and from time to time purchase Notes in the open market or otherwise in accordance with applicable laws.

Repurchase at the Option of Noteholders

Change of Control

If a Change of Control occurs, each noteholder will have the right to require Satmex to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof or smaller denominations as described under the caption “Principal, Maturity and Interest”) of that noteholder’s Notes pursuant to a Change of Control Offer on the terms set forth in the Indenture. In the Change of Control Offer, Satmex will offer to repurchase all of

 

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the Notes at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest and Special Interest, if any, on the Notes repurchased to the date of purchase (the “Change of Control Payment Date”), subject to the rights of noteholders on the relevant record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of Control, Satmex will mail a notice to each noteholder describing the transaction or transactions that constitute the Change of Control and offering to repurchase Notes on the Change of Control Payment Date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the procedures required by the Indenture and described in such notice. Satmex will comply with the requirements of Rule 14e-1 promulgated under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of the Indenture, Satmex will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions of the Indenture by virtue of such compliance.

On the Change of Control Payment Date, Satmex will, to the extent lawful:

(1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

(2) deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and

(3) deliver or cause to be delivered to the trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by Satmex.

The paying agent will promptly mail to each holder of Notes properly tendered the Change of Control Payment for such Notes, and the trustee will promptly authenticate, after receiving from Satmex an order to so authenticate, and mail (or cause to be transferred by book entry) to each noteholder a new note equal in principal amount to any unpurchased portion of the Notes surrendered, if any. Satmex will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.

The provisions described above that require Satmex to make a Change of Control Offer following a Change of Control will be applicable whether or not any other provisions of the Indenture are applicable as a result of the Change of Control. Except as described above with respect to a Change of Control, the Indenture does not contain provisions that permit the noteholders to require that Satmex repurchase or redeem the Notes in the event of a takeover, recapitalization or similar transaction.

Satmex will not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Indenture applicable to a Change of Control Offer made by Satmex and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant to the Indenture as described above under the caption “– Optional Redemption,” unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the consummation of such Change of Control, so long as a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made.

The Change of Control provisions described above may deter certain mergers, tender offers and other takeover attempts involving Satmex by increasing the capital required to effectuate such transactions. The definition of Change of Control also includes a phrase relating to the direct or indirect sale, lease, transfer, conveyance or other disposition of “all or substantially all” of the properties or assets of Satmex and its Subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase “substantially all,” there is no precise established definition of the phrase under applicable law. Accordingly, the ability of a noteholder to require Satmex to repurchase its Notes as a result of a sale, lease, transfer, conveyance or other disposition of less than all of the assets of Satmex and its Subsidiaries taken as a whole to another Person or group may be uncertain.

 

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If a Change of Control Offer occurs, Satmex may not have available funds sufficient to make the Change of Control Payment for all the Notes that might be delivered by noteholders seeking to accept the Change of Control Offer. In the event Satmex is required to purchase outstanding Notes pursuant to a Change of Control Offer, Satmex expects that it would seek third-party financing to the extent it does not have available funds to meet its purchase obligations and any other obligations it may have. However, we cannot assure you that Satmex would be able to obtain necessary financing, and the terms of the Indenture may restrict the ability of Satmex to obtain such financing.

Covenants in the Indenture restricting the ability of Satmex and its Restricted Subsidiaries to incur additional Indebtedness, to grant Liens on property, to make Restricted Payments and to make Asset Dispositions may also make more difficult or discourage a takeover of Satmex, whether favored or opposed by the management or its Board of Directors. Consummation of any Asset Disposition may, in certain circumstances, require redemption or effect such redemption or repurchase. In addition, restrictions on transactions with Affiliates may, in certain circumstances, make more difficult or discourage any leveraged buyout of Satmex. While these restrictions cover a wide variety of arrangements that have traditionally been used to effect highly leveraged transactions, the Indenture may not afford the noteholders protection in all circumstances from the adverse aspects of a highly leveraged transaction, reorganization, restructuring, merger, recapitalization or other similar transaction.

Asset Dispositions

Satmex will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Disposition unless:

(1) with respect to any Asset Disposition not constituting an Event of Loss, Satmex (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Disposition at least equal to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Disposition) of the assets or Equity Interests issued or sold or otherwise disposed of;

(2) with respect to any Asset Disposition not constituting an Event of Loss or a Permitted Asset Swap, at least 75% of the consideration received in the Asset Disposition by Satmex or such Restricted Subsidiary is in the form of cash. For purposes of this provision, each of the following will be deemed to be cash:

 

  (a) Cash Equivalents;

 

  (b) any liabilities (as shown on Satmex’s or any Restricted Subsidiary’s most recent balance sheet or in the footnotes thereto or, if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been shown on Satmex’s or any Restricted Subsidiary’s balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such balance sheet, as determined in good faith by Satmex (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Note Guarantee), that are assumed by the transferee of any such assets pursuant to a customary novation or indemnity agreement that releases Satmex or any applicable Restricted Subsidiary from or indemnifies against further liability;

 

  (c) any securities, Notes or other obligations received by Satmex or any Restricted Subsidiary from such transferee that are, within 90 days of the Asset Disposition, converted by Satmex or such Restricted Subsidiary into cash or Cash Equivalents, to the extent of the cash received in that conversion;

 

  (d) any stock or assets of the kind referred to in clause (2) or (4) of the third paragraph of this covenant; and

 

  (e)

any Designated Non-cash Consideration received by Satmex or any Restricted Subsidiary in such Asset Disposition having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (c) that is at that time outstanding, not to exceed $5.0 million at the time of the receipt of such

 

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  Designated Non-cash Consideration, with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value; and

(3) in the case of an Asset Disposition that constitutes a sale of Collateral, Satmex or the applicable Restricted Subsidiary, as the case may be, promptly deposits the Net Proceeds therefrom upon receipt thereof as Collateral into one or more accounts (each, a “Collateral Proceeds Account”) held by or under the “control” of (within the meaning of the Uniform Commercial Code) the Collateral Trustee for the benefit of the Secured Parties or its agent as security for the Obligations evidenced by the Notes and Note Guarantees pursuant to arrangements reasonably satisfactory to the Collateral Trustee pending application in accordance with the following paragraph; provided that no such deposit will be required except to the extent the aggregate Net Proceeds from all sales of Collateral that are not held in a Collateral Proceeds Account exceeds $10.0 million.

Within 360 days after the receipt of any Net Proceeds from an Asset Disposition (with respect to Collateral), Satmex (or the applicable Restricted Subsidiary, as the case may be) may apply such Net Proceeds:

(1) to acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business, if after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes, or is merged with or is consolidated with or into, a Guarantor (or with respect to Collateral consisting of Equity Interests of a non-Guarantor Subsidiary, the Equity Interests of which constitute Collateral);

(2) to make a capital expenditure with respect to assets that are or will constitute Collateral;

(3) to acquire other assets that are not classified as current assets under GAAP, that will become Collateral and that are used or useful in a Permitted Business;

(4) solely in the case of the sale of the Capital Stock of Enlaces Integra, S. de R.L. de C.V., or Alterna’TV International Corporation, to make an Investment pursuant to clause (13) of the definition of Permitted Investment, provided that if Satmex may not make further Investments pursuant to such clause, such Net Proceeds will be applied in accordance with the other provisions of this covenant; or

(5) any combination of the foregoing;

provided that Satmex or the applicable Guarantor will be deemed to have complied with the provision described in clauses (1), (2), (3) or (4) of this paragraph if and to the extent that, within the 360 days after the Asset Disposition that generated the Net Proceeds, Satmex or such Guarantor has entered into and not abandoned or rejected a binding agreement to acquire the assets or Capital Stock of a Permitted Business, make a capital expenditure or Permitted Investment or acquire other assets used or useful in a Permitted Business in compliance with the provision described in clauses (1), (2), (3) or (4) of this paragraph, and that acquisition, purchase or capital expenditure is thereafter completed within 180 days after the end of such 360-day period.

Within 360 days after the receipt of any Net Proceeds from an Asset Disposition (other than an Asset Disposition with respect to Collateral), Satmex (or the applicable Restricted Subsidiary, as the case may be) may apply such Net Proceeds:

(1) to repay other Indebtedness (other than Junior Lien Obligations) secured by a Permitted Lien on any Collateral that was sold in such Asset Disposition;

(2) to acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business, if, after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes, or is merged with or is consolidated with or into, a Restricted Subsidiary of Satmex;

(3) to make a capital expenditure;

(4) to acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business; or

(5) or any combination of the foregoing;

 

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provided that Satmex or the applicable Restricted Subsidiary will be deemed to have complied with the provision described in clauses (2), (3), or (4) of this paragraph if and to the extent that, within the 360 days after the Asset Sale that generated the Net Proceeds, Satmex or such Restricted Subsidiary has entered into and not abandoned or rejected a binding agreement to acquire the assets or Capital Stock of a Permitted Business or make a capital expenditure in compliance with the provision described in clauses (2), (3), or (4) of this paragraph, and that acquisition, purchase or capital expenditure is thereafter completed within 180 days after the end of such 360-day period.

Pending the final application of any Net Proceeds (other than with respect to Collateral), Satmex (or the applicable Restricted Subsidiary) may temporarily reduce revolving credit borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by the Indenture.

Any Net Proceeds from Asset Dispositions that are not applied or invested as provided in the second or third paragraphs of this covenant will constitute “Excess Proceeds.” Notwithstanding any other provision of this covenant, in the event that Satmex or any Restricted Subsidiary receives Net Proceeds from any insured Event of Loss with respect to Satmex 6 or Satmex 8, all such Net Proceeds shall constitute Excess Proceeds, provided that Net Proceeds from any Event of Loss with respect to Satmex 6 or Satmex 8 will constitute Excess Proceeds pursuant to this sentence only if received prior to the end of the second full fiscal quarter after the Satmex 8 Operation Date. When the aggregate amount of Excess Proceeds exceeds $10.0 million, within 15 days thereof, Satmex will make an offer (an “Asset Disposition Offer”) to all noteholders and all holders of other Priority Lien Obligations containing provisions similar to those set forth in the Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets to purchase, prepay or redeem the maximum principal amount of Notes and such other Priority Lien Obligations (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith) that may be purchased, prepaid, repaid or redeemed out of the Excess Proceeds. The offer price in any Asset Disposition Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest and Special Interest, if any, to the date of purchase, prepayment or redemption, subject to the rights of noteholders on the relevant record date to receive interest due on the relevant interest payment date, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Disposition Offer, Satmex may use those Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and other Priority Lien Obligations tendered in (or required to be prepaid or redeemed in connection with) such Asset Disposition Offer exceeds the amount of Excess Proceeds, the trustee will select the Notes and the applicable trustee or agent for other Priority Lien Obligations shall select such other Priority Lien Obligations to be purchased on a pro rata basis, based on the amounts tendered or required to be prepaid or redeemed (with such adjustments as may be deemed appropriate by Satmex so that only Notes in denominations of $2,000, or an integral multiple of $1,000 in excess thereof or smaller denominations as described under the caption “Principal, Maturity and Interest,” will be purchased). Upon completion of each Asset Disposition Offer, the amount of Excess Proceeds will be reset at zero.

Satmex will comply with the requirements of Rule 14e-1 promulgated under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to a Change of Control Offer or an Asset Disposition Offer. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control or Asset Disposition provisions of the Indenture, Satmex will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control or Asset Disposition provisions of the Indenture by virtue of such compliance.

Future agreements governing Satmex’s other Indebtedness may contain, prohibitions of certain events, including events that would constitute a Change of Control or an Asset Disposition and including repurchases of or other prepayments in respect of the Notes. The exercise by the noteholders of their right to require Satmex to repurchase the Notes upon a Change of Control or an Asset Disposition could cause a default under these other agreements, even if the Change of Control or Asset Disposition itself does not, due to the financial effect of such repurchases on Satmex. In the event a Change of Control or Asset Disposition occurs at a time when Satmex is prohibited from purchasing Notes, Satmex could seek the consent of its senior lenders to the purchase of Notes or could attempt to refinance the borrowings that contain such prohibition. If Satmex does not obtain a consent or repay those borrowings, Satmex will remain prohibited from purchasing Notes. In that case, Satmex’s failure to purchase tendered Notes would constitute an Event of Default under the Indenture which could, in turn, constitute a default

 

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under the other indebtedness. Finally, Satmex’s ability to pay cash to the noteholders upon a repurchase may be limited by Satmex’s then existing financial resources. See “Risk Factors – Risks Related to this Offering – We may not be able to make the change of control offer required by the Indenture.”

Selection and Notice

If less than all of the Notes are to be redeemed at any time, the trustee will select Notes for redemption on a pro rata basis to the extent practicable or by any other method customarily authorized by the clearing systems (subject to DTC procedures).

No Notes of $2,000 or less can be redeemed in part. Notices of redemption will be mailed by first class mail at least 30 but not more than 60 days before the redemption date to each holder of Notes to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture.

If any Note is to be redeemed in part only, the notice of redemption that relates to that Note will state the portion of the principal amount of that Note that is to be redeemed. A new note in principal amount equal to the unredeemed portion of the original Note will be issued in the name of the noteholder upon cancellation of the original Note. Notes called for redemption become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue on Notes or portions of Notes called for redemption.

Certain Covenants

Set forth below are summaries of certain covenants contained in the Indenture.

Restricted Payments

Satmex will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

(1) declare or pay any dividend or make any other payment or distribution on account of Satmex’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving Satmex or any of its Restricted Subsidiaries) or to the direct or indirect holders of Satmex’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of Satmex and other than dividends or distributions payable to Satmex or a Restricted Subsidiary of Satmex);

(2) purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation involving Satmex) any Equity Interests of Satmex or any direct or indirect parent of Satmex (other than purchases, redemptions, defeasances and other acquisitions or retirements of Equity Interests in each case held by a Restricted Subsidiary);

(3) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of Satmex or any Guarantor that is unsecured, secured by a Lien that is junior to the Liens securing the Notes or any Note Guarantee or contractually subordinated to the Notes or to any Note Guarantee (excluding any intercompany Indebtedness between or among Satmex and any of its Restricted Subsidiaries), except a payment of interest or principal at the Stated Maturity thereof; or

(4) make any Restricted Investment;

(all such payments and other actions set forth in clauses (1) through (4) above being collectively referred to as “Restricted Payments”),

unless, at the time of and after giving effect to such Restricted Payment:

(a) no Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 

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(b) Satmex would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Leverage Ratio test set forth in the first paragraph of the covenant described below under the caption “– Incurrence of Indebtedness and Issuance of Preferred Stock;” and

(c) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by Satmex and its Restricted Subsidiaries since the date of the Indenture (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (7), (8), (9), (10), (12), and (13) of the next succeeding paragraph), is less than the sum, without duplication, of:

 

  (1) 50% of the Consolidated Net Income of Satmex for the period (taken as one accounting period) from the beginning of the first fiscal quarter commencing after the date of the Indenture to the end of Satmex’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus

 

  (2) 100% of the aggregate net cash proceeds, and the Fair Market Value of any property other than cash, received by Satmex since May 26, 2011 as a contribution to its common equity capital (other than any such amounts used for Investments in the Satellite Subsidiaries pursuant to clause (13) of the definition of Permitted Investments) or from the issue or sale of Equity Interests of Satmex (other than Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock of Satmex or convertible or exchangeable debt securities of Satmex, in each case that have been converted into or exchanged for such Equity Interests of Satmex (other than Equity Interests (or convertible or exchangeable Disqualified Stock or debt securities) sold (x) to a Subsidiary of Satmex or (y) in an Equity Offering prior to the third anniversary of the Issue Date of the Original Notes that are eligible to be used to support an optional redemption of Notes pursuant to the “Optional Redemption” provisions of the Indenture); plus

 

  (3) to the extent that any Restricted Investment that was made after May 26, 2011 is (x) sold for cash or otherwise cancelled, liquidated or repaid for cash, the cash return of capital with respect to such Restricted Investment, less cost of disposition or (y) made in an entity that subsequently becomes a Restricted Subsidiary of Satmex that is a Guarantor, the Fair Market Value of such Restricted Investment as of the date of such designation; plus

 

  (4) to the extent that any Unrestricted Subsidiary of Satmex designated as such after May 26, 2011 is redesignated as a Restricted Subsidiary after the date of the Indenture the Fair Market Value of Satmex’s Restricted Investment in such Subsidiary as of the date of such redesignation; plus

 

  (5) 50% of any dividends received in cash by Satmex or a Restricted Subsidiary of Satmex that is a Guarantor after May 26, 2011 from an Unrestricted Subsidiary of Satmex, to the extent that such dividends were not otherwise included in the Consolidated Net Income of Satmex for such period.

The preceding provisions will not prohibit:

(1) the payment of any dividend or the consummation of any irrevocable redemption within 60 days after the date of declaration of the dividend or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or redemption payment would have complied with the provisions of the Indenture;

(2) the making of any Restricted Payment in exchange for, or out of or with the net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of Satmex) of, Equity Interests of Satmex (other than Disqualified Stock) or from the substantially concurrent contribution of common equity capital to Satmex (other

 

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than any such amounts used for Investments in the Satellite Subsidiaries pursuant to clause (13) of the definition of Permitted Investments) or from the issue or sale of Equity Interests of Satmex (other than Disqualified Stock); provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from clause (c)(2) of the preceding paragraph, and will not be considered to be net cash proceeds from an Equity Offering for purposes of the “Optional Redemption” provisions of the Indenture;

(3) the payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a Restricted Subsidiary of Satmex to the holders of such Restricted Subsidiary’s Equity Interests on a pro rata basis;

(4) the repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of Satmex or any Guarantor that is unsecured, secured by a Lien that is junior to the Liens securing the Notes or contractually subordinated to the Notes or to any Note Guarantee with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness;

(5) the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of Satmex or any Restricted Subsidiary of Satmex or any distribution, loan or advance to any direct or indirect parent company of Satmex for the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of any direct or indirect parent company of Satmex, in each case, held by any current or former officer, director or employee of Satmex or any of its Restricted Subsidiaries pursuant to any equity subscription agreement, stock option agreement, shareholders’ agreement or similar agreement; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed $1.0 million in any twelve-month period (plus the net cash proceeds from the issuance of Equity Interests to any current or former officer, director or employee of Satmex or any of its Restricted Subsidiaries; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from clause (c)(2) of the preceding paragraph, and clause (2) of this paragraph, will not be considered to be net cash proceeds from an Equity Offering for purposes of the “Optional Redemption” provisions of the Indenture); provided further that Satmex may carry over and make in subsequent twelve-month periods, in addition to the amounts permitted for such twelve-month period, the amount of such repurchases, redemptions or other acquisitions or retirements for value permitted to have been made but not made in any preceding twelve-month period (plus the net cash proceeds from the issuance of Equity Interests to any current or former officer, director or employee of Satmex or any of its Restricted Subsidiaries; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from clause (c)(2) of the preceding paragraph, and clause (2) of this paragraph and will not be considered to be net cash proceeds from an Equity Offering for purposes of the “Optional Redemption” provisions of the Indenture); it being understood that the cancellation of Indebtedness owed by management to Satmex in connection with such repurchase or redemption will not be deemed to be a Restricted Payment; provided, further, that each of the amounts in any twelve-month period under this clause may be increased by an amount not to exceed the cash proceeds of key man life insurance policies received by Satmex or its Restricted Subsidiaries (including proceeds of such insurance policies of any direct or indirect parent contributed to Satmex) after the Issue Date of the Original Notes;

(6) the repurchase of Equity Interests deemed to occur upon the exercise of stock options or warrants to the extent such Equity Interests represent a portion of the exercise price or required withholding or similar taxes in respect of those stock options or warrants;

(7) so long as no Default or Event of Default has occurred and is continuing, the declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of Disqualified Stock of Satmex or any preferred stock of any Restricted Subsidiary of Satmex issued on or after the date of the Indenture in accordance with the Consolidated Leverage Ratio test described below under the caption “– Incurrence of Indebtedness and Issuance of Preferred Stock;”

(8) any payments made, or the performance of any of the transactions contemplated, in connection with the Transactions;

(9) Permitted Payments;

 

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(10) payments of cash, dividends, distributions, advances or other Restricted Payments by Satmex or any of its Restricted Subsidiaries to allow the payment of cash in lieu of the issuance of fractional shares upon (i) the exercise of options or warrants or (ii) the conversion or exchange of Capital Stock of any such Person;

(11) dividends in an aggregate amount per annum not to exceed 6% of the net cash proceeds received by, or contributed to, Satmex in connection with any Public Equity Offerings occurring after May 26, 2011;

(12) payments made by Satmex or any Restricted Subsidiary in respect of withholding or similar taxes payable upon exercise of Equity Interests by any future, present or former employee, director, officer, members of management or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of Satmex or any Restricted Subsidiary or any direct or indirect parent company of Satmex; or

(13) so long as no Default or Event of Default has occurred and is continuing, other Restricted Payments in an aggregate amount not to exceed $10.0 million since the date of the Indenture.

The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by Satmex or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that are required to be valued by this covenant will be determined by the Board of Directors of Satmex whose resolution with respect thereto will be delivered to the trustee. Except with respect to securities traded on a U.S. national securities exchange, the Board of Directors’ determination must be based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if the Fair Market Value exceeds $20.0 million. For the avoidance of doubt, the net cash proceeds from the Rights Offering were excluded from clause (c)(2) of the first paragraph of this covenant and clauses (2) and (5) of the second paragraph of this covenant, and are not considered to be net cash proceeds from an Equity Offering for purposes of the “Optional Redemption” provisions of the Indenture or clause (5) of the definition of “Permitted Investments.

Incurrence of Indebtedness and Issuance of Preferred Stock

Satmex will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Satmex will not issue any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares of preferred stock; provided, however, that Satmex may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, and the Guarantors may incur Indebtedness (including Acquired Debt) or issue preferred stock, if the Consolidated Leverage Ratio on the date on which such additional Indebtedness is incurred or such Disqualified Stock or such preferred stock is issued, as the case may be, would have been no greater than 3.75 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom).

The first paragraph of this covenant will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”):

(1) the incurrence by Satmex and its Restricted Subsidiaries of the Existing Indebtedness;

(2) the incurrence by Satmex and the Guarantors of (a) up to $35.0 million of additional notes issued following May 26, 2011, which Satmex incurred on April 9, 2012 through the issuance of the New Notes, and (b) additional Priority Lien Debt in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (2), at any one time outstanding not to exceed the Priority Lien Cap;

(3) the incurrence by Satmex and the Guarantors of Junior Lien Debt in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (3), at any one time outstanding not to exceed the Junior Lien Cap;

(4) the incurrence by Satmex or any of the Guarantors of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing

 

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all or any part of the purchase price or cost of design, construction, installation or improvement of property, plant or equipment used in the business of Satmex or any of the Guarantors, in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (4), not to exceed $5.0 million at any time outstanding;

(5) the incurrence by Satmex or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness) that was permitted by the Indenture to be incurred under the first paragraph of this covenant or clauses (1), (2), (3), (4), (5) or (14) of this paragraph;

(6) the incurrence by Satmex or any of its Restricted Subsidiaries of intercompany Indebtedness between or among Satmex and any of its Restricted Subsidiaries; provided, however, that:

 

  (a) if Satmex or any Guarantor is the obligor on such Indebtedness and the payee is not Satmex or a Guarantor, such Indebtedness must be unsecured and expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes, in the case of Satmex, or the Note Guarantee, in the case of a Guarantor, and

 

  (b) (i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than Satmex or a Restricted Subsidiary of Satmex and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either Satmex or a Restricted Subsidiary of Satmex, will be deemed, in each case, to constitute an incurrence of such Indebtedness by Satmex or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6);

(7) the issuance by any of Satmex’s Restricted Subsidiaries to Satmex or to any of its Restricted Subsidiaries of shares of preferred stock; provided, however, that:

 

  (a) any subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than Satmex or a Restricted Subsidiary of Satmex, and

 

  (b) any sale or other transfer of any such preferred stock to a Person that is not either Satmex or a Restricted Subsidiary of Satmex, will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this clause (7);

(8) the incurrence by Satmex or any of its Restricted Subsidiaries of Hedging Obligations or Banking Product Obligations in the ordinary course of business (including such Hedging Obligations and Banking Product Obligations incurred in respect of Priority Lien Debt or Junior Lien Debt);

(9) the guarantee by Satmex or any of its Restricted Subsidiaries of Indebtedness of Satmex or any of its Restricted Subsidiaries to the extent that the guaranteed Indebtedness was permitted to be incurred by another provision of this covenant; provided that if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the Guarantee must be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed;

(10) the incurrence by Satmex or the Guarantors of Indebtedness in respect of workers’ compensation claims, self-insurance obligations or similar obligations, bankers’ acceptances, performance bonds, appeal bonds and surety bonds, customs bonds and other similar bonds and reimbursement obligations in the ordinary course of business;

(11) Indebtedness arising from agreements of Satmex or a Restricted Subsidiary of Satmex providing for indemnification, adjustment of purchase price, earn-out or other similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or a Restricted Subsidiary of Satmex, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition; provided that the maximum assumable liability in respect of all such Indebtedness shall at no time exceed the gross proceeds actually received by Satmex and its Restricted

 

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Subsidiaries in connection with such disposition provided that such contingent Indebtedness is not reflected on the balance sheet of Satmex or any Restricted Subsidiary (obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (11));

(12) the incurrence by Satmex or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered within five business days;

(13) the incurrence by a Satellite Subsidiary of Non-Recourse Debt to finance the design, construction, launch and insurance of Satmex 7 or other satellites (other than Satmex 8) to place or replace satellites occupying any orbital slot of Satmex or any Restricted Subsidiary and any refinancing with Non-Recourse Debt by a Satellite Subsidiary to finance or refinance any Non-Recourse Debt previously incurred in reliance on this exception; and

(14) the incurrence by Satmex or the Guarantors of additional Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (14), not to exceed $5.0 million.

Satmex will not incur, and will not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of Satmex or such Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness solely by virtue of being unsecured or by virtue of being secured on a junior priority basis.

For purposes of determining compliance with this “Incurrence of Indebtedness and Issuance of Preferred Stock” covenant and the covenant described under the caption “– Liens,” in the event that an item of Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (14) above, or is entitled to be incurred pursuant to the first paragraph of this covenant, Satmex will be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that complies with this covenant. Notwithstanding the foregoing, all Priority Lien Debt will be deemed to have been incurred in reliance on the exception provided by clause (2) of the definition of Permitted Debt. The accrual of interest or preferred stock dividends, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change in accounting principles, and the payment of dividends on preferred stock or Disqualified Stock in the form of additional shares of the same class of preferred stock or Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of preferred stock or Disqualified Stock for purposes of this covenant. For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be utilized, calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced plus the amount of any reasonable premium (including reasonable tender premiums), defeasance costs and any reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness. Notwithstanding any other provision of this covenant, the maximum amount of Indebtedness that Satmex or any Restricted Subsidiary may incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values.

The amount of any Indebtedness outstanding as of any date will be:

(1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

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(2) the principal amount of the Indebtedness, in the case of any other Indebtedness; and

(3) in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

  (a) the Fair Market Value of such assets at the date of determination, and

 

  (b) the amount of the Indebtedness of the other Person.

Liens

Satmex will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Lien of any kind securing Indebtedness, Attributable Debt or trade payables on any asset now owned or hereafter acquired, except Permitted Liens.

Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries

Satmex will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

(1) pay dividends or make any other distributions on its Capital Stock to Satmex or any of its Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to Satmex or any of its Restricted Subsidiaries;

(2) make loans or advances to Satmex or any of its Restricted Subsidiaries; or

(3) sell, lease or transfer any of its properties or assets to Satmex or any of its Restricted Subsidiaries.

However, the preceding restrictions will not apply to encumbrances or restrictions existing under or by reason of:

(1) agreements governing Existing Indebtedness as in effect on the date of the Indenture and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the date of the Indenture;

(2) the Indenture, the Notes, the Note Guarantees and the Security Documents;

(3) agreements governing other Indebtedness permitted to be incurred under the provisions of the covenant described above under the caption “– Incurrence of Indebtedness and Issuance of Preferred Stock” and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the restrictions therein are not materially more restrictive, taken as a whole, than those contained in the Indenture, the Notes and the Note Guarantees;

(4) applicable law, rule, regulation or order;

(5) any instrument governing Indebtedness or Capital Stock of a Person acquired by Satmex or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness was permitted by the terms of the Indenture to be incurred;

(6) customary non-assignment provisions in contracts, leases or licenses entered into in the ordinary course of business;

 

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(7) purchase money obligations for property acquired in the ordinary course of business and Capital Lease Obligations that impose restrictions on the property purchased or leased of the nature described in clause (3) of the preceding paragraph;

(8) any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending its sale or other disposition;

(9) Permitted Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced;

(10) Liens permitted to be incurred under the provisions of the covenant described above under the caption “– Liens” and restrictions in the agreements relating thereto that limit the right of the debtor to dispose of the assets subject to such Liens;

(11) provisions limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted Investment) entered into with the approval of Satmex’s Board of Directors, which limitation is applicable only to the assets that are the subject of such agreements;

(12) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

(13) any encumbrance or restriction in connection with an acquisition of property, so long as such encumbrance or restriction relates solely to the property so acquired and was not created in connection with or in anticipation of such acquisition;

(14) agreements not described in clause (1) in effect on the date of the Indenture or executed on May 26, 2011 in connection with the Transactions;

(15) provisions in agreements or instruments which prohibit the payment of dividends or the making of other distributions with respect to any class of Capital Stock of a Person other than on a pro rata basis;

(16) restrictions on the transfer of assets subject to any Lien permitted under the Indenture imposed by the holder of such Lien;

(17) restrictions on the transfer of assets imposed under any agreement to sell such assets permitted under the Indenture to any Person pending the closing of such sale;

(18) customary provisions in partnership agreements, limited liability company organizational governance documents, joint venture agreements and other similar agreements that restrict the transfer of ownership interests in such partnership, limited liability company, joint venture or similar Person; and

(19) any encumbrances or restrictions imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (18) above; provided that the encumbrances or restrictions in such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are not materially more restrictive, in the good faith judgment of the Board of Directors of Satmex, taken as a whole, than the encumbrances or restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

Merger, Consolidation or Sale of Assets

Satmex will not, directly or indirectly: (A) consolidate or merge with or into another Person (whether or not Satmex is the surviving corporation), or (B) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of Satmex and the Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person, unless:

(1) either: (a) Satmex is the surviving corporation; or (b) the Person formed by or surviving any such consolidation or merger (if other than Satmex) or to which such sale, assignment, transfer, conveyance or other disposition has been made (the “Successor Person”) is an entity organized or existing under the laws of Mexico, the U.S., any state of the U.S. or the District of Columbia; and, if such entity is not a corporation, a co-obligor of the Notes is a corporation organized or existing under any such laws;

 

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(2) the Person formed by or surviving any such consolidation or merger (if other than Satmex) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of Satmex under the Notes, the Indenture, the Registration Rights Agreement and the Security Documents, pursuant to agreements reasonably satisfactory to the trustee;

(3) immediately after such transaction, no Default or Event of Default exists; and

(4) Satmex or the Person formed by or surviving any such consolidation or merger (if other than Satmex), or to which such sale, assignment, transfer, conveyance or other disposition has been made would, on the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Leverage Ratio test set forth in the first paragraph of the covenant described above under the caption “– Incurrence of Indebtedness and Issuance of Preferred Stock;”

(5) the Successor Person promptly causes such amendments, supplements or other instruments to be executed, delivered, filed and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Liens of the Security Documents on the Collateral owned by or transferred to the Successor Person, together with such financing statements or other filings as may be required to perfect any security interests in such Collateral which may be perfected by filing of a financing statement under the Uniform Commercial Code of the relevant jurisdictions or such other filings under other applicable law;

(6) the Collateral owned by or transferred to the Successor Person shall (a) continue to constitute Collateral under the Indenture and the Security Documents, (b) be subject to the Liens in favor of the Collateral Trustee for its benefit and the benefit of the noteholders and any other Secured Debt, and (c) not be subject to any Lien other than Permitted Liens; and

(7) the property and assets of the Person which is merged or consolidated with or into the Successor Person, to the extent that they are property or assets of the types that would constitute Collateral under the Security Documents, shall be treated as after-acquired property and the Successor Person shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the Lien of the Security Documents in the manner and to the extent required in the Indenture and the Security Documents.

In addition, Satmex will not, directly or indirectly, lease all or substantially all of the properties and assets of it and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to any other Person.

This “Merger, Consolidation or Sale of Assets” covenant will not apply to any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among Satmex and the Guarantors. Clauses (3) and (4) of the first paragraph of this covenant will not apply to (1) any merger or consolidation of Satmex with or into one of its Restricted Subsidiaries for any purpose or (2) any merger or consolidation of Satmex with or into an Affiliate solely for the purpose of reincorporating Satmex in another jurisdiction.

Transactions with Affiliates

Satmex will not, and will not permit any of its Restricted Subsidiaries to, make any payment to or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of Satmex (each, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $1.0 million, unless:

(1) the Affiliate Transaction is on terms that are no less favorable to Satmex or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by Satmex or such Restricted Subsidiary with an unrelated Person; and

 

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(2) Satmex delivers to the trustee:

 

  (a) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $5.0 million, a resolution of the Board of Directors of Satmex certified by an Officers’ Certificate stating that such Affiliate Transaction complies with this covenant and that such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors of Satmex; and

 

  (b) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $20.0 million, an opinion from an accounting, appraisal, or investment banking firm of national standing in the applicable jurisdiction (i) stating that its terms are not materially less favorable to Satmex or any of the Restricted Subsidiaries than would have been obtained in a comparable transaction with an unrelated Person or (ii) as to the fairness to Satmex or any of its Restricted Subsidiaries of such Affiliate Transaction from a financial point of view.

The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of the prior paragraph:

(1) any employment agreement, employee service agreements, employee benefit plan, officer or director indemnification agreement or any similar arrangement entered into by Satmex or any of its Restricted Subsidiaries in the ordinary course of business and payments pursuant thereto;

(2) transactions between or among Satmex and/or its Restricted Subsidiaries; provided that any such transactions between Satmex or any Guarantor and a Satellite Subsidiary shall be on terms that are not materially less favorable to Satmex or any applicable Guarantor than that which would have been obtained in a comparable transaction within an unrelated Person;

(3) transactions with a Person (other than an Unrestricted Subsidiary of Satmex) that is an Affiliate of Satmex solely because Satmex owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;

(4) payment of reasonable and customary compensation, fees and reimbursements of expenses (pursuant to indemnity arrangements or otherwise) of officers, directors, employees or consultants of Satmex or any of its Restricted Subsidiaries;

(5) any issuance of Equity Interests (other than Disqualified Stock) of Satmex to Affiliates and any contribution to the capital of Satmex and the granting of registration rights in connection therewith;

(6) Restricted Payments that do not violate the provisions of the Indenture described above under the caption “– Restricted Payments;”

(7) any transaction pursuant to any agreement in existence on the date of the Indenture or any amendment or replacement thereof that, taken in its entirety, is no less favorable to Satmex than the agreement as in effect on the date of the Indenture;

(8) any agreements entered into in connection with the Transactions;

(9) the payment of indemnities provided for by Satmex’s charter, by-laws and written agreements and reasonable fees to directors of Satmex and Satmex’s Restricted Subsidiaries who are not employees of Satmex or Satmex’s Restricted Subsidiaries;

 

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(10) loans or advances to directors, officers and employees of Satmex and its Restricted Subsidiaries (a) in the ordinary course of business or outstanding or (b) to finance the purchase by such person of Capital Stock of Satmex (or any of its direct or indirect parent companies) and any of its Restricted Subsidiaries; in each of clauses (a) and (b), not to exceed $1.0 million in the aggregate at any one time outstanding; and

(11) transactions with customers, clients, suppliers or purchasers or sellers of goods, in each case, in the ordinary course of business; provided that as determined in good faith by the Board of Directors or senior management of Satmex, such transactions are on terms that are not materially less favorable, taken as a whole, to Satmex or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by Satmex or such Restricted Subsidiary with an unrelated Person.

Business Activities

Satmex will not, and will not permit any of its Restricted Subsidiaries to, engage in any business other than Permitted Businesses, except to such extent as would not be material to Satmex and its Restricted Subsidiaries taken as a whole.

New Note Guarantees

If Satmex or any of its Restricted Subsidiaries acquires or creates another New Subsidiary (other than a Satellite Subsidiary), then that newly acquired or created New Subsidiary will become a Guarantor and execute a supplemental Indenture and deliver an opinion of counsel satisfactory to the trustee within 30 days of the date on which it was acquired or created, and such entity will also become a Grantor in accordance with the terms of the Security Documents; provided that any New Subsidiary that constitutes an Immaterial Subsidiary need not become a Guarantor or a Grantor until such time as it ceases to be an Immaterial Subsidiary; provided, further, that no New Subsidiary need become a Guarantor or a Grantor if it would result in adverse tax consequences that are material to Satmex or any of its Subsidiaries, as reasonably determined by Satmex.

Designation of Restricted and Unrestricted Subsidiaries

The Board of Directors of Satmex may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Default; provided that in no event will the satellites known as Satmex 5, Satmex 6, Satmex 7, Satmex 8 or any successor satellite occupying orbital slots 113.0° W.L., 114.9° W.L. and 116.8° W.L. or any assets reasonably necessary for the operation of such satellites be transferred to or held by an Unrestricted Subsidiary unless the Board of Directors of Satmex reasonably determines that such satellite has no remaining useful life, which shall be certified in writing by Satmex in an Officers’ Certificate delivered to the trustee and Collateral Trustee. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by Satmex and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under the covenant described above under the caption “– Restricted Payments” or under one or more clauses of the definition of Permitted Investments, as determined by Satmex. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board of Directors of Satmex may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default.

Any designation of a Subsidiary of Satmex as an Unrestricted Subsidiary will be evidenced to the trustee by filing with the trustee a certified copy of a resolution of the Board of Directors giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted by the covenant described above under the caption “– Restricted Payments.” If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of the Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of Satmex as of such date and, if such Indebtedness is not permitted to be incurred as of such date under the covenant described under the caption “– Incurrence of Indebtedness and Issuance of Preferred Stock,” Satmex will be in default of such covenant. The Board of Directors of Satmex may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of Satmex; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of Satmex of any outstanding

 

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Indebtedness of such Unrestricted Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted under the covenant described under the caption “– Incurrence of Indebtedness and Issuance of Preferred Stock,” calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable reference period; and (2) no Default or Event of Default would be in existence following such designation.

Limitation on Sale and Leaseback Transactions

Satmex will not, and will not permit any of its Restricted Subsidiaries to, enter into any sale and leaseback transaction; provided that Satmex or any Restricted Subsidiary may enter into a sale and leaseback transaction if:

(1) Satmex or such Restricted Subsidiary, as applicable, could have (a) incurred Indebtedness in an amount equal to the Attributable Debt relating to such sale and leaseback transaction under the Consolidated Leverage Ratio test in the first paragraph of the covenant described above under the caption “– Incurrence of Indebtedness and Issuance of Preferred Stock” and (b) incurred a Lien to secure such Indebtedness pursuant to the covenant described above under the caption “– Liens;”

(2) the gross cash proceeds of that sale and leaseback transaction are at least equal to the Fair Market Value, as determined in good faith by the Board of Directors of Satmex and set forth in an Officers’ Certificate delivered to the trustee, of the property that is the subject of that sale and leaseback transaction; and

(3) the transfer of assets in that sale and leaseback transaction is permitted by, and Satmex applies the proceeds of such transaction in compliance with, the covenant described above under the caption “– Repurchase at the Option of Noteholders – Asset Dispositions.”

A sale and leaseback transaction between or among Satmex and any of the Guarantors, or between or among any Restricted Subsidiaries that are non-Guarantors, will not be subject to the provisions of the prior paragraph.

Payments for Consent

Satmex will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any noteholder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of the Indenture or the Notes unless such consideration is offered to be paid and is paid to all noteholders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement.

Insurance

Satmex shall, and shall cause each Restricted Subsidiary to, keep in effect launch and in-orbit insurance, as applicable, issued by insurance companies that are internationally recognized in the satellite telecommunications industry as reputable space insurance carriers in amounts not less than:

(1) $90.0 million on the satellite known as “Satmex 5” until the earlier of (i) the Satmex 8 Operation Date or (ii) the date that Satmex 5 has been fully depreciated as reflected in Satmex’s financial statements which shall be certified in writing by Satmex in an Officers’ Certificate delivered to the trustee and Collateral Trustee; provided that, following the Satmex 8 Operation Date, Satmex may reduce such insurance on Satmex 5 to the depreciated book value of Satmex 5;

(2) $288.0 million on the satellite known as “Satmex 6” until the earlier of (i) the Satmex 8 Operation Date and (ii) the date that Satmex 6 has been fully depreciated as reflected in Satmex’s financial statements which shall be certified in writing by Satmex in an Officers’ Certificate delivered to the trustee and Collateral Trustee; provided that following the Satmex 8 Operation Date, Satmex may reduce such insurance on Satmex 6 to the depreciated book value of Satmex 6; and

(3) the lesser of (i) $350.0 million and (ii) the costs incurred in connection with the design, construction, launch and initial operation of the satellite to be named “Satmex 8” in the 116.8° W.L. orbital slot prior to the Satmex 8 Operation Date as reasonably determined by the Directors of Satmex which shall be certified

 

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in writing by Satmex in an Officers’ Certificate delivered to the trustee and Collateral Trustee; provided that in no event shall such insurance be in an amount less than the then aggregate principal amount of the Notes outstanding; provided further that 24 months after the Satmex 8 Operation Date, Satmex may reduce such insurance on Satmex 8 to the depreciated book value of Satmex 8.

Satmex shall not, and shall not permit any Restricted Subsidiary to, launch Satmex 8 unless the requirements of this clause (3) have been satisfied.

Notwithstanding the foregoing, Satmex’s failure to comply with insurance requirements set forth in this paragraph will not result in a Default or Event of Default if such insurance (i) is not available from insurance companies that are internationally recognized in the satellite telecommunications industry as reputable space insurance carriers or (ii) is available only on terms materially in excess of those provided to comparable satellite telecommunications companies in the satellite telecommunications industry. On January 4, 2012, Satmex informed the trustee and the Collateral Trustee that Satmex had obtained insurance in the amount of only $21.5 million for Satmex 5 for the month of December 2011 in accordance with the exception set forth in the preceding paragraph. The insurance for Satmex 5 shall be reduced from $20.2 million in January 2012 to $5.4 million in December 2012.

Within thirty (30) days following any date on which Satmex is required or permitted to obtain insurance pursuant to the foregoing paragraph, Satmex shall deliver to the trustee and Collateral Trustee an insurance certificate certifying the amount of insurance then carried and in full force and effect. In addition, Satmex shall cause to be delivered to the trustee and Collateral Trustee no less than once each year an insurance certificate setting forth the amount of insurance then carried and in full force and effect, which insurance certificate shall entitle the trustee and Collateral Trustee to: (y) notice of any claim in excess of $1.0 million under any such insurance policy; and (z) at least thirty (30) days’ notice from the provider of such insurance prior to the cancellation of any such insurance.

Any insured loss with respect to Satmex 5, Satmex 6 or Satmex 8, whether a partial loss, total loss, or otherwise, shall constitute an Event of Loss, and all Net Proceeds received by Satmex or any Restricted Subsidiary in respect of any such Event of Loss shall be applied in the manner provided for in the covenant described under “– Repurchase at the Option of Holders – Asset Dispositions” and shall be held by the Collateral Trustee in a Segregated Account as Collateral pending such application. Satmex will use commercially reasonable efforts to provide that all policies of insurance insuring Collateral (including Satmex 5, Satmex 6 or Satmex 8) against damage or loss will name the Collateral Trustee as loss payee and additional insured.

Reports

Whether or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, Satmex will furnish to the noteholders and the trustee (or file or furnish with the SEC for public availability), within the time periods specified in the SEC’s rules and regulations:

(1) within 180 days after the end of the financial year of Satmex ended prior to 2012, and 120 days after the end of each financial year of Satmex thereafter, all annual reports on Form 20-F that would be required to be filed with the SEC by a foreign private issuer if Satmex were required to file such reports;

(2) within 45 days after the end of each of the first three financial quarters in each fiscal year of Satmex, reports on Form 6-K containing unaudited quarterly consolidated financial statements of Satmex for each quarter and “Management’s Discussion and Analysis of Financial Condition and Results of Operations;” and

(3) promptly (but not necessarily in the time frames provided in Form 8-K) from time to time after the occurrence of an event required to be reported on Form 8-K, reports on Form 6-K containing substantially the same information required to be filed or furnished on Form 8-K if Satmex were required to file such reports.

All such reports will be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports. In addition, Satmex will file a copy of each of the reports referred to in clauses (1), (2) and (3) above with the SEC for public availability within the time periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept such a filing) and will post the reports on its website promptly thereafter. Satmex will at all times comply with TIA § 314(a).

 

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If, at any time, Satmex is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, Satmex will nevertheless continue filing the reports specified in the preceding paragraphs of this covenant with the SEC within the time periods specified above unless the SEC will not accept such a filing. Satmex will not take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept Satmex’s filings for any reason, Satmex will (1) post the reports referred to in the preceding paragraphs on its website within the time periods that would apply if Satmex were required to file those reports with the SEC and (2) furnish to the noteholders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) promulgated under the Securities Act, so long as the Notes are not freely transferable under the Securities Act.

To the extent that any such information is not delivered within the time periods specified above and such information is subsequently furnished prior to the time such failure would result in an Event of Default, Satmex will be deemed to have satisfied its obligations with respect thereto and any Default or Event of Default with respect thereto shall be deemed to have been cured.

If Satmex has designated any of its Subsidiaries as Unrestricted Subsidiaries (other than Immaterial Subsidiaries), then the quarterly and annual financial information required by the preceding paragraphs will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of the financial condition and results of operations of Satmex and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of Satmex.

If any deliverable under this covenant is due on a date that is a Legal Holiday, such deliverable will be due on the next succeeding business day.

Events of Default and Remedies

Each of the following is an “Event of Default”:

(1) default for 30 days in the payment when due of interest and Special Interest, if any, on the Notes;

(2) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes;

(3) failure by Satmex or any of its Restricted Subsidiaries to comply with the provisions described under the captions “– Repurchase at the Option of Noteholders – Change of Control,” “– Repurchase at the Option of Noteholders – Asset Dispositions,” “– Certain Covenants – Merger, Consolidation or Sale of Assets” or the last sentence of clause (3) of the provisions described under the caption “– Insurance;”

(4) failure by Satmex or any of its Restricted Subsidiaries for 30 days after written notice to Satmex by the trustee, the Collateral Trustee or the holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with the provisions described under the captions “– Certain Covenants – Restricted Payments,” “– Certain Covenants – Incurrence of Indebtedness and Issuance of Preferred Stock” or “Insurance” (other than the last sentence of clause (3) of the provisions described thereunder);

(5) failure by Satmex or any of its Restricted Subsidiaries for 60 days after written notice to Satmex by the trustee, the Collateral Trustee or the holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other obligations, covenants or agreements in the Indenture or the Security Documents;

(6) default under any mortgage, Indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by Satmex or any of its Restricted Subsidiaries (or the payment of which is guaranteed by Satmex or any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the date of the Indenture, if that default:

 

  (a) is caused by a failure to pay principal, premium on, if any, or interest, if any, on, such Indebtedness and such failure is not cured prior to the expiration of the grace period provided in such Indebtedness (a “Payment Default”), or

 

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  (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates to $15.0 million or more;

(7) failure by Satmex or any of its Restricted Subsidiaries to pay final judgments entered by a court or courts of competent jurisdiction aggregating in excess of $15.0 million (net of any amount covered by insurance issued by an insurance company that has not contested coverage), which judgments are not paid, discharged or stayed, for a period of 60 days;

(8) the occurrence of any of the following:

 

  (a) except as permitted by the terms of the Indenture or any Security Document, any Security Document ceases for any reason to be fully enforceable with respect to Collateral having a Fair Market Value in excess of $10.0 million individually or in the aggregate,

 

  (b) Satmex or any Guarantor fails to grant any security interest required by the Security Documents to be granted with respect to Collateral having a Fair Market Value in excess of $10.0 million individually or in the aggregate, or

 

  (c) the repudiation by Satmex or any Guarantor of any of their material obligations under any Security Document with respect to Collateral having a Fair Market Value in excess of $10.0 million;

(9) except as permitted by the Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, or Satmex or any Guarantor that is a Significant Subsidiary, or any Person acting on behalf of Satmex or any Guarantor that is a Significant Subsidiary, denies or disaffirms its obligations under its Note Guarantee; and

(10) certain events of bankruptcy, insolvency, concurso mercantil or quiebra described in the Indenture with respect to Satmex or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of its Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary.

In the case of an Event of Default arising from certain events of bankruptcy, insolvency, concurso mercantil or quiebra, with respect to Satmex, any Restricted Subsidiary of Satmex that is a Significant Subsidiary or any group of Restricted Subsidiaries of Satmex that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the trustee or the holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately.

Subject to certain limitations, holders of a majority in aggregate principal amount of the then outstanding Notes may direct the trustee in its exercise of any trust or power. The trustee may withhold from noteholders notice of any continuing Default or Event of Default if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal of, premium on, if any, interest and Special Interest, if any.

In case an Event of Default occurs and is continuing, the trustee will be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction of any noteholders unless such noteholders have offered to the trustee reasonable indemnity or security against any loss, liability or expense. Except to enforce the right to receive payment of principal, premium, if any, interest or Special Interest, if any, when due, no noteholder may pursue any remedy with respect to the Indenture or the Notes unless:

(1) such noteholder has previously given the trustee written notice that an Event of Default is continuing;

 

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(2) holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the trustee to pursue the remedy;

(3) such noteholder or noteholders offer and, if requested, provide to the trustee reasonable security or reasonable indemnity against any loss, liability or expense;

(4) the trustee does not comply with such request within 60 days after receipt of the request and the offer of satisfactory security or indemnity; and

(5) during such 60-day period, holders of a majority in aggregate principal amount of the then outstanding Notes do not give the trustee a direction inconsistent with such request.

The holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the trustee may, on behalf of all noteholders, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Indenture, if the rescission would not conflict with any judgment or decree, except a continuing Default or Event of Default in the payment of principal of, premium on, if any, interest or Special Interest, if any, on, the Notes.

Satmex will be required to deliver to each of the trustee and the Collateral Trustee annually a statement regarding compliance with the Indenture. Upon becoming aware of any Default or Event of Default, Satmex is required to deliver to each of the trustee and the Collateral Trustee a statement specifying such Default or Event of Default.

No Personal Liability of Directors, Officers, Employees and Stockholders

No past, present or future director, officer, employee, incorporator, member, partner or stockholder of Satmex or any Guarantor, as such, will have any liability for any obligations of Satmex or the Guarantors under the Notes, the Indenture, the Note Guarantees, the Security Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each noteholder by accepting an Exchange Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Exchange Notes. The waiver may not be effective to waive liabilities under U.S. federal securities laws.

Legal Defeasance and Covenant Defeasance

Satmex may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect to have all of its obligations discharged with respect to the outstanding Notes and all obligations of the Guarantors discharged with respect to their Note Guarantees (“Legal Defeasance”) except for:

(1) the rights of holders of outstanding Notes to receive payments in respect of the principal of, premium on, if any, interest or Special Interest, if any, on, such Notes when such payments are due from the trust referred to below;

(2) Satmex’s obligations with respect to the Notes concerning issuing temporary notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust;

(3) the rights, powers, trusts, duties and immunities of the trustee under the Indenture, and Satmex’s and the Guarantors’ obligations in connection therewith; and

(4) the Legal Defeasance and Covenant Defeasance provisions of the Indenture.

In addition, Satmex may, at its option and at any time, elect to have the obligations of Satmex and the Guarantors released with respect to certain covenants (including its obligation to make Change of Control Offers and Asset Disposition Offers) that are described in the Indenture and the Security Documents (“Covenant

 

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Defeasance”) and thereafter any omission to comply with those covenants will not constitute a Default or Event of Default with respect to the Notes. In the event Covenant Defeasance occurs, all Events of Default described under “– Events of Default and Remedies” (except those relating to payments on the Notes or bankruptcy, receivership, rehabilitation or insolvency events) will no longer constitute an Event of Default with respect to the Notes.

In order to exercise either Legal Defeasance or Covenant Defeasance:

(1) Satmex must irrevocably deposit with the trustee, in trust, for the benefit of the holders of the Notes, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants (the form and substance of such opinion and the party delivering such opinion being subject to the trustee’s reasonable acceptance) to pay the principal of, premium on, if any, interest and Special Interest, if any, on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and Satmex must specify whether the Notes are being defeased to such stated date for payment or to a particular redemption date; provided, that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of the Indenture to the extent that an amount is deposited with the trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the date of redemption (any such amount, the “Applicable Premium Deficit”) only required to be deposited with the trustee on or prior to the date of the redemption (it being understood that any defeasance shall be subject to the condition subsequent that such deficit is in fact paid). Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption;

(2) in the case of Legal Defeasance, Satmex must deliver to the trustee an opinion of counsel confirming that, (a) Satmex has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the date of the Indenture, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such opinion of counsel will confirm that the holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

(3) in the case of Covenant Defeasance, Satmex must deliver to the trustee an opinion of counsel confirming that the holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

(4) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness), and the granting of Liens to secure such borrowings and any provision contained in the financing documentation related to such borrowings);

(5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than the Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced) to which Satmex or any of the Guarantors is a party or by which Satmex or any of the Guarantors is bound (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness), the granting of Liens to secure such borrowings and any provision contained in the financing documentation related to such borrowings);

(6) Satmex must deliver to the trustee an Officers’ Certificate stating that the deposit was not made by Satmex with the intent of preferring the noteholders over the other creditors of Satmex with the intent of defeating, hindering, delaying or defrauding any creditors of Satmex or others; and

(7) Satmex must deliver to the trustee an Officers’ Certificate and an opinion of counsel, subject to customary assumptions, limitations, qualifications and exclusions, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.

 

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The Collateral will be released from the Liens securing the Notes, as provided under the caption “– Collateral Trust Agreement – Release of Liens in Respect of Notes,” upon a Legal Defeasance or Covenant Defeasance in accordance with the provisions described above.

Amendment, Supplement and Waiver

Except as provided in the next four succeeding paragraphs, the Indenture, the Notes, the Note Guarantees or the Security Documents may be amended or supplemented with the consent of the holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, additional notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium on, if any, interest or Special Interest, if any, on, the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of the Indenture, the Notes, the Note Guarantees or the Security Documents may be waived with the consent of the holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, additional notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes).

Without the consent of each noteholder affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting noteholder):

(1) reduce the principal amount of Notes whose holders must consent to an amendment, supplement or waiver;

(2) reduce the principal of or change the fixed maturity of any note or alter or waive any of the provisions with respect to the redemption of the Notes (except those provisions relating to the covenants described above under the caption “– Repurchase at the Option of Noteholders”);

(3) reduce the rate of or change the time for payment of interest, including default interest, on any note;

(4) waive a Default or Event of Default in the payment of principal of, premium on, if any, interest or Special Interest, if any, on, the Notes (except a rescission of acceleration of the Notes by the holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration);

(5) make any note payable in money other than that stated in the Notes;

(6) make any change in the provisions of the Indenture relating to waivers of past Defaults or the rights of noteholders to receive payments of principal of, premium on, if any, interest or Special Interest, if any, on, the Notes;

(7) waive a redemption payment with respect to any Note (other than a payment required by one of the covenants described above under the caption “– Repurchase at the Option of Noteholders”);

(8) release any Guarantor from any of its obligations under its Note Guarantee or the Indenture, except in accordance with the terms of the Indenture; or

(9) make any change in the preceding amendment and waiver provisions.

In addition, any amendment to, or waiver of, the provisions of the Indenture or any security agreement that has the effect of releasing all or substantially all of the Collateral from the Liens securing the Notes will require the consent of the holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding.

Notwithstanding the preceding, without the consent of any noteholder, Satmex, the Guarantors and the trustee may amend or supplement the Indenture, the Notes or the Note Guarantees or the Security Documents:

(1) to cure any ambiguity, omission, mistake, defect or inconsistency;

 

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(2) to provide for uncertificated Notes in addition to or in place of certificated Notes;

(3) to provide for the Assumption and the assumption of Satmex’s or a Guarantor’s obligations to noteholders and Note Guarantees in the case of a merger or consolidation or sale of all or substantially all of Satmex’s or such Guarantor’s assets, as applicable;

(4) to make any change that would provide any additional rights, security or benefits to the noteholders or that does not adversely affect the legal rights under the Indenture of any noteholder;

(5) to comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act;

(6) to conform the text of the Indenture, the Notes, the Note Guarantees or the Security Documents to any provision of this “Description of Notes” to the extent that such provision in this “Description of Notes” was intended to be a verbatim recitation of a provision of the Indenture, the Notes, the Note Guarantees or the Security Documents, which intent may be evidenced by an Officers’ Certificate to that effect;

(7) to enter into additional or supplemental Security Documents;

(8) to confirm and evidence the release, termination and discharge of any Guarantee, Lien or Collateral in accordance with the terms of the Indenture and the Security Documents;

(9) to provide for the issuance of additional notes in accordance with the limitations set forth in the Indenture as of the date of the Indenture;

(10) to comply with the covenant relating to mergers, consolidations and sales of assets;

(11) to evidence and provide for the acceptance and appointment (x) under the Indenture of a successor trustee thereunder pursuant to the requirements thereof or (y) under the Security Documents of a successor collateral agent thereunder pursuant to the requirements thereof;

(12) to make any amendment to the provisions of the Indenture relating to the transfer and legending of the Notes as permitted by the Indenture, including, without limitation to facilitate the issuance and administration of the Notes; provided, however, that (i) compliance with the Indenture as so amended would not result in the Notes being transferred in violation of the Securities Act or any applicable securities laws and (ii) such amendment does not materially and adversely affect the rights of the noteholders to transfer the Notes;

(13) to allow any Guarantor to execute a supplemental Indenture and/or a Note Guarantee with respect to the Notes;

(14) to make, complete or confirm any grant of Collateral permitted or required by the Indenture or any of the Security Documents or any release of Collateral that becomes effective as set forth in the Indenture or any of the Security Documents;

(15) to provide for the issuance of exchange notes in accordance with the terms of the Indenture and the Registration Rights Agreement; or

(16) to modify the Security Documents to reflect additional extensions of credit and additional secured creditors holding Secured Obligations, so long as such Secured Obligations are not prohibited by the Indenture or any other Secured Debt Document.

The consent of the noteholders is not necessary under the Indenture to approve the particular form of any proposed amendment. It is sufficient if such consent approves the substance of the proposed amendment.

 

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Satisfaction and Discharge

The Indenture will be discharged and will cease to be of further effect as to all Notes issued thereunder, when:

(1) either:

 

  (a) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust and thereafter repaid to Satmex, have been delivered to the trustee for cancellation, or

 

  (b) all Notes that have not been delivered to the trustee for cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and Satmex or any Guarantor has irrevocably deposited or caused to be deposited with the trustee as trust funds in trust solely for the benefit of the noteholders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the trustee for cancellation for principal of, premium on, if any, interest and Special Interest, if any, on, the Notes to the date of maturity or redemption;

(2) in respect of clause 1(b), no Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and any similar deposit relating to other Indebtedness and, in each case, the granting of Liens to secure such borrowings and any provision contained in the financing documentation related to such borrowings) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which Satmex or any Guarantor is a party or by which Satmex or any Guarantor is bound (other than with respect to the borrowing of funds to be applied concurrently to make the deposit required to effect such satisfaction and discharge and any similar concurrent deposit relating to other Indebtedness, and in each case the granting of Liens to secure such borrowings); provided, that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of the Indenture to the extent that an amount is deposited with the trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the date of redemption (any such amount, the “Applicable Premium Deficit”) only required to be deposited with the trustee on or prior to the date of the redemption (it being understood that any defeasance shall be subject to the condition subsequent that such deficit is in fact paid). Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption;

(3) Satmex or any Guarantor has paid or caused to be paid all sums payable by it under the Indenture; and

(4) Satmex has delivered irrevocable instructions to the trustee under the Indenture to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be.

In addition, Satmex must deliver an Officers’ Certificate and an opinion of counsel to the trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

The Collateral will be released from the Lien securing the Notes, as provided under the caption “– Collateral Trust Agreement – Release of Liens in Respect of Notes,” upon a satisfaction and discharge in accordance with the provisions described above.

Concerning the Trustee

If the trustee becomes a creditor of Satmex or any Guarantor, the Indenture limits the right of the trustee to obtain payment of claims in certain cases, or to realize on certain property received in respect of any such claim as security or otherwise. The trustee will be permitted to engage in other transactions; however, if it acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if the Indenture has been qualified under the Trust Indenture Act) or resign.

The holders of a majority in aggregate principal amount of the then outstanding Notes will have the right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the trustee, subject to certain exceptions. The Indenture provides that in case an Event of Default has occurred and is continuing,

 

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the trustee will be required, in the exercise of its power, to use the degree of care of a prudent man in the conduct of his own affairs. The trustee will be under no obligation to exercise any of its rights or powers under the Indenture at the request of any noteholder, unless such noteholder has offered to the trustee indemnity or security satisfactory to it against any loss, liability or expense.

Additional Information

Anyone who receives this prospectus may obtain a copy of the Indenture, the Registration Rights Agreement and the Security Documents without charge by writing to Paseo de la Reforma No. 222, Pisos 20 y 21, Col. Juárez, 06600, México, D.F., Mexico, Attention: Veronica Gutierrez Zamora, General Counsel.

Book-Entry, Delivery and Form

The Exchange Notes will initially be represented by one or more notes in registered, global form without interest coupons (the “Global Notes”) and issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Global Notes will be deposited upon issuance with the trustee as custodian for The Depository Trust Company (DTC) and registered in the name of Cede & Co., as nominee of DTC, in each case for credit to an account of a direct or indirect participant in DTC as described below.

Except as set forth below, the Global Notes may be transferred, in whole and not in part, only to another nominee of DTC or to a successor of DTC or its nominee. Beneficial interests in the Global Notes may not be exchanged for Exchange Notes in certificated form except in the limited circumstances described below. See “– Exchange of Global Notes for Certificated Notes and Transfers of Certificated Notes.” Except in the limited circumstances described below, owners of beneficial interests in the Global Notes will not be entitled to receive physical delivery of Exchange Notes in certificated form.

Depository Procedures

The following description of the operations and procedures of DTC, Euroclear and Clearstream are provided solely as a matter of convenience. These operations and procedures are solely within the control of the respective settlement systems and are subject to changes by them. Satmex takes no responsibility for these operations and procedures and urges investors to contact the system or their participants directly to discuss these matters.

DTC has advised Satmex that DTC is a limited-purpose trust company created to hold securities for its participating organizations (collectively, the “Participants”) and to facilitate the clearance and settlement of transactions in those securities between the Participants through electronic book-entry changes in accounts of its Participants. The Participants include securities brokers and dealers (including the initial purchaser), banks, trust companies, clearing corporations and certain other organizations. Access to DTC’s system is also available to other entities such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Participant, either directly or indirectly (collectively, the “Indirect Participants”). Persons who are not Participants may beneficially own securities held by or on behalf of DTC only through the Participants or the Indirect Participants. The ownership interests in, and transfers of ownership interests in, each security held by or on behalf of DTC are recorded on the records of the Participants and Indirect Participants.

DTC has also advised Satmex that, pursuant to the procedures established by it:

(1) upon deposit of the Global Notes, DTC will credit the accounts of the Participants designated by the initial purchaser with portions of the principal amount of the Global Notes; and

(2) ownership of these interests in the Global Notes will be shown on, and the transfer of ownership of these interests will be effected only through, records maintained by DTC (with respect to the Participants) or by the Participants and the Indirect Participants (with respect to other owners of beneficial interest in the Global Notes).

Except as described below, owners of interests in the Global Notes will not have Exchange Notes registered in their names, will not receive physical delivery of Exchange Notes in certificated form and will not be considered the registered owners or “holders” thereof under the Indenture for any purpose.

 

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Payments in respect of the principal of, premium on, if any, interest and Special Interest, if any, on, a Global Note registered in the name of DTC or its nominee will be payable to DTC in its capacity as the registered holder under the Indenture. Under the terms of the Indenture, Satmex and the trustee will treat the Persons in whose names the Exchange Notes, including the Global Notes, are registered as the owners of the Exchange Notes for the purpose of receiving payments and for all other purposes. Consequently, neither Satmex, the trustee nor any agent of Satmex or the trustee has or will have any responsibility or liability for:

(1) any aspect of DTC’s records or any Participant’s or Indirect Participant’s records relating to or payments made on account of beneficial ownership interest in the Global Notes or for maintaining, supervising or reviewing any of DTC’s records or any Participant’s or Indirect Participant’s records relating to the beneficial ownership interests in the Global Notes; or

(2) any other matter relating to the actions and practices of DTC or any of its Participants or Indirect Participants.

DTC has advised Satmex that its current practice, upon receipt of any payment in respect of securities such as the Exchange Notes (including principal and interest), is to credit the accounts of the relevant Participants with the payment on the payment date unless DTC has reason to believe that it will not receive payment on such payment date. Each relevant Participant is credited with an amount proportionate to its beneficial ownership of an interest in the principal amount of the relevant security as shown on the records of DTC. Payments by the Participants and the Indirect Participants to the beneficial owners of Exchange Notes will be governed by standing instructions and customary practices and will be the responsibility of the Participants or the Indirect Participants and will not be the responsibility of DTC, the trustee or Satmex. Neither Satmex nor the trustee will be liable for any delay by DTC or any of the Participants or the Indirect Participants in identifying the beneficial owners of the Exchange Notes, and Satmex and the trustee may conclusively rely on and will be protected in relying on instructions from DTC or its nominee for all purposes.

Subject to the transfer restrictions set forth under “Notice to Investors,” transfers between the Participants will be effected in accordance with DTC’s procedures, and will be settled in same-day funds, and transfers between participants in Euroclear and Clearstream will be effected in accordance with their respective rules and operating procedures.

Subject to compliance with the transfer restrictions applicable to the Exchange Notes described herein, cross-market transfers between the Participants, on the one hand, and Euroclear or Clearstream participants, on the other hand, will be effected through DTC in accordance with DTC’s rules on behalf of Euroclear or Clearstream, as the case may be, by their respective depositaries; however, such cross-market transactions will require delivery of instructions to Euroclear or Clearstream, as the case may be, by the counterparty in such system in accordance with the rules and procedures and within the established deadlines (Brussels time) of such system. Euroclear or Clearstream, as the case may be, will, if the transaction meets its settlement requirements, deliver instructions to its respective depositary to take action to effect final settlement on its behalf by delivering or receiving interests in the relevant Global Note in DTC, and making or receiving payment in accordance with normal procedures for same-day funds settlement applicable to DTC. Euroclear participants and Clearstream participants may not deliver instructions directly to the depositories for Euroclear or Clearstream.

DTC has advised Satmex that it will take any action permitted to be taken by a noteholder only at the direction of one or more Participants to whose account DTC has credited the interests in the Global Notes and only in respect of such portion of the aggregate principal amount of the Exchange Notes as to which such Participant or Participants has or have given such direction. However, if there is an Event of Default under the Exchange Notes, DTC reserves the right to exchange the Global Notes for legended Exchange Notes in certificated form, and to distribute such Exchange Notes to its Participants.

Although DTC, Euroclear and Clearstream have agreed to the foregoing procedures to facilitate transfers of interests in the Rule 144A Global Notes and the Regulation S Global Notes among participants in DTC, Euroclear and Clearstream, they are under no obligation to perform or to continue to perform such procedures, and may discontinue such procedures at any time. None of Satmex, the trustee and any of their respective agents will have any responsibility for the performance by DTC, Euroclear or Clearstream or their respective participants or indirect participants of their respective obligations under the rules and procedures governing their operations.

 

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Exchange of Global Notes for Certificated Notes

A Global Note is exchangeable for Certificated Notes if:

(1) DTC (a) notifies Satmex that it is unwilling or unable to continue as depositary for the Global Notes or (b) has ceased to be a clearing agency registered under the Exchange Act and, in either case, Satmex fails to appoint a successor depositary;

(2) Satmex, at its option, notifies the trustee in writing that it elects to cause the issuance of the Certificated Notes; or

(3) there has occurred and is continuing a Default or Event of Default with respect to the Exchange Notes.

In addition, beneficial interests in a Global Note may be exchanged for Certificated Notes upon prior written notice given to the trustee by or on behalf of DTC in accordance with the Indenture. In all cases, Certificated Notes delivered in exchange for any Global Note or beneficial interests in Global Notes will be registered in the names, and issued in any approved denominations, requested by or on behalf of the depositary (in accordance with its customary procedures) and will bear the applicable restrictive legend referred to in “Notice to Investors,” unless that legend is not required by applicable law.

Exchange of Certificated Notes for Global Notes

Certificated Notes may not be exchanged for beneficial interests in any Global Note unless the transferor first delivers to the trustee a written certificate (in the form provided in the Indenture) to the effect that such transfer will comply with the appropriate transfer restrictions applicable to such Exchange Notes. See “Notice to Investors.”

Same Day Settlement and Payment

Satmex will make payments in respect of the Exchange Notes represented by the Global Notes, including principal, premium, if any, interest and Special Interest, if any, by wire transfer of immediately available funds to the accounts specified by DTC or its nominee. Satmex will make all payments of principal, premium, if any, interest and Special Interest, if any, with respect to Certificated Notes by wire transfer of immediately available funds to the accounts specified by the holders of the Certificated Notes or, if no such account is specified, by mailing a check to each such holder’s registered address. The Exchange Notes represented by the Global Notes are expected to trade in DTC’s Same-Day Funds Settlement System, and any permitted secondary market trading activity in such Exchange Notes will, therefore, be required by DTC to be settled in immediately available funds. Satmex expects that secondary trading in any Certificated Notes will also be settled in immediately available funds.

Because of time zone differences, the securities account of a Euroclear or Clearstream participant purchasing an interest in a Global Note from a Participant will be credited, and any such crediting will be reported to the relevant Euroclear or Clearstream participant, during the securities settlement processing day (which must be a business day for Euroclear and Clearstream) immediately following the settlement date of DTC. DTC has advised Satmex that cash received in Euroclear or Clearstream as a result of sales of interests in a Global Note by or through a Euroclear or Clearstream participant to a Participant will be received with value on the settlement date of DTC but will be available in the relevant Euroclear or Clearstream cash account only as of the business day for Euroclear or Clearstream following DTC’s settlement date.

Registration Rights; Special Interest

Pursuant to a registration statement filed on Form F-4, as declared effective on September 26, 2011, an exchange offer has already occurred with respect to the Original Notes. In connection with the exchange offer for the Original Notes, $322,975,000 in aggregate principal of the Original Notes were exchanged for Original Exchange Notes and $2,025,000 in aggregate principal of the Original Notes remain in the restricted CUSIP.

 

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The following description is a summary of the material provisions of the Registration Rights Agreement. It does not restate that agreement in its entirety. We urge you to read the Registration Rights Agreement in its entirety because it, and not this description, defines your registration rights as noteholders. See “– Additional Information.”

Pursuant to the Registration Rights Agreement, Satmex and the Guarantors agreed to file with the SEC the Exchange Registration Statement (as defined in the Registration Rights Agreement) on the appropriate form under the Securities Act with respect to the Exchange Notes. Upon the effectiveness of the Exchange Registration Statement, Satmex and the Guarantors will offer to the holders of Registrable Notes pursuant to the Exchange Offer (as defined in the Registration Rights Agreement) who are able to make certain representations the opportunity to exchange their Registrable Notes for Exchange Notes.

If:

(1) Satmex and the Guarantors are not permitted to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or SEC policy; or

(2) any holder of Registrable Notes notifies Satmex prior to the 20th business day following consummation of the Exchange Offer that:

 

  (a) it is prohibited by law or SEC policy from participating in the Exchange Offer;

 

  (b) it may not resell the Exchange Notes acquired by it in the Exchange Offer to the public without restrictions under federal Securities laws (other than due solely to the status of such holder as an affiliate of Satmex), or

 

  (c) it is a broker-dealer and owns Exchange Notes acquired directly from Satmex or an affiliate of Satmex,

Satmex and the Guarantors will file with the SEC a Shelf Registration (as defined in the Registration Rights Agreement) to cover resales of the Exchange Notes by such noteholders who satisfy certain conditions relating to the provision of information in connection with the Shelf Registration.

For purposes of the preceding, “Registrable Notes” means each Note until the earliest to occur of:

(1) the date on which such Note has been exchanged by a person other than a broker-dealer for an Exchange Note in the Exchange Offer;

(2) the date on which such Note has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration; or

(3) the date on which such Note is actually sold pursuant to Rule 144 under the Securities Act under circumstances in which any legend on such note relating to restrictions on transfer is removed by the Company pursuant to the Indenture.

The Registration Rights Agreement provides that:

(1) Satmex and the Guarantors will file an Exchange Registration Statement with the SEC on or prior to August 12, 2012;

(2) Satmex and the Guarantors will use all commercially reasonable efforts to have the Exchange Registration Statement declared effective by the SEC on or prior to November 10, 2012;

(3) unless the Exchange Offer would not be permitted by applicable law or SEC policy, Satmex and the Guarantors will:

 

  (a) commence the Exchange Offer; and

 

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  (b) use all commercially reasonable efforts to issue on or prior to 30 business days, or longer, if required by applicable securities laws, after the date on which the Exchange Registration Statement was declared effective by the SEC, Exchange Notes in exchange for all New Notes tendered prior thereto in the Exchange Offer; and

(4) if obligated to file the Shelf Registration, Satmex and the Guarantors will use all commercially reasonable efforts to file the Shelf Registration with the SEC on or prior to 30 days after such filing obligation arises and to cause the Shelf Registration to be declared effective by the SEC on or prior to 120 days after such obligation arises.

If:

(1) Satmex and the Guarantors fail to file any of the registration statements required by the Registration Rights Agreement on or before the date specified for such filing;

(2) any of such registration statements is not declared effective by the SEC on or prior to the date specified for such effectiveness (the “Effectiveness Target Date”);

(3) Satmex and the Guarantors fail to consummate the Exchange Offer within 30 business days, or longer if required by applicable law, of the Effectiveness Target Date with respect to the Exchange Registration Statement; or

(4) the Shelf Registration or the Exchange Registration Statement is declared effective but thereafter ceases to be effective or usable in connection with resales of Registrable Notes during the periods specified in the Registration Rights Agreement without being immediately succeeded by an additional registration statement covering the Registrable Notes that is declared effective during the period specified in the Registration Rights Agreement (each such event referred to in clauses (1) through (4) above, a “Registration Default”),

then Satmex and the Guarantors will pay Special Interest to each holder of Registrable Notes until all Registration Defaults have been cured.

Satmex shall notify the trustee of the occurrence of a Registration Default. With respect to the first 90-day period immediately following the occurrence of the first Registration Default, Special Interest will be paid in an amount equal to 0.25% per annum of the principal amount of Registrable Notes outstanding. The amount of the Special Interest will increase by an additional 0.25% per annum with respect to each subsequent 90-day period until all Registration Defaults have been cured, up to a maximum amount of Special Interest for all Registration Defaults of 1.0% per annum of the principal amount of the Registrable Notes outstanding.

All accrued Special Interest will be paid by Satmex and the Guarantors on the next scheduled interest payment date to DTC or its nominee by wire transfer of immediately available funds or by federal funds check and to holders of Certificated Notes by wire transfer to the accounts specified by them or by mailing checks to their registered addresses if no such accounts have been specified.

Following the cure of all Registration Defaults, the accrual of Special Interest will cease.

Noteholders will be required to make certain representations to Satmex (as described in the Registration Rights Agreement) in order to participate in the Exchange Offer and will be required to deliver certain information to be used in connection with the Shelf Registration and to provide comments on the Shelf Registration within the time periods set forth in the Registration Rights Agreement in order to have their Notes included in the Shelf Registration and benefit from the provisions regarding Special Interest set forth above. By acquiring Registrable Notes, a noteholder will be deemed to have agreed to indemnify Satmex and the Guarantors against certain losses arising out of information furnished by such noteholder in writing for inclusion in any Shelf Registration. Noteholders will also be required to suspend their use of the prospectus included in the Shelf Registration under certain circumstances upon receipt of written notice to that effect from Satmex.

 

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Certain Definitions

Set forth below are certain defined terms used in the Indenture. Reference is made to the Indenture, the Registration Rights Agreement and the Security Documents for a full disclosure of all defined terms used therein, as well as any other capitalized terms used herein for which no definition is provided.

Acquired Debt” means, with respect to any specified Person:

(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person; and

(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

Act of Required Debtholders” means, as to any matter at any time:

(1) prior to the Discharge of Priority Lien Obligations, a direction in writing delivered to the Collateral Trustee by the Priority Lien Representative or Priority Lien Representatives of the holders of more than 50.0% of the sum of:

 

  (x) the aggregate outstanding principal amount of Priority Lien Debt (including, if provided for in the applicable Priority Lien Document, the face amount of outstanding letters of credit whether or not then available or drawn); and

 

  (y) if provided for in the applicable Priority Lien Document, the aggregate unfunded commitments to extend credit which, when funded, would constitute Priority Lien Debt; and

(2) at any time after the Discharge of Priority Lien Obligations, a direction in writing delivered to the Collateral Trustee by the Junior Lien Representative or Junior Lien Representatives of the holders of Junior Lien Debt representing the Required Junior Lien Debtholders;

provided, however, that (x) each such written direction delivered by a Priority Lien Representative or a Junior Lien Representative shall set forth the aggregate principal amount of the applicable Series of Priority Lien Debt or Series of Junior Lien Debt, as the case may be, outstanding as of the date of such written direction and (y) after (1) the termination or expiration of all commitments to extend credit that would constitute Secured Debt, (2) the payment in full in cash of the principal of and interest and premium (if any) on all Secured Debt (other than any undrawn letters of credit), and (3) the discharge or cash collateralization (at the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Secured Debt Document) of all outstanding letters of credit constituting Secured Debt (including the furnishing of back-up letters of credit or the deemed issuance under a new agreement that is not in respect of any Secured Debt and that is not a Secured Debt Document with the consent of the issuing bank of such outstanding letters of credit), the “Act of Required Debtholders” shall mean a direction in writing delivered to the Collateral Trustee by or with the written consent of the holders of more than 50.0% of the sum of the aggregate “settlement amount” (or similar term) (as defined in the applicable Secured Debt Document relating to Secured Obligations consisting of a Hedging Obligation) or, with respect to any Hedging Obligation that has been terminated in accordance with its terms, the amount then due and payable (exclusive of expenses and similar payments but including any early termination payments then due) under such Hedging Obligation, under all Secured Obligations consisting of Hedging Obligations; provided that the “settlement amount” (or similar term) as of the last business day of the month preceding any date of determination shall be calculated by the appropriate swap counterparties and reported to the Collateral Trustee in writing; provided further that any Hedging Obligation with a “settlement amount” (or similar term) that is a negative number shall be disregarded for purposes of determining the direction of the Act of the Required Debtholders. If the only Secured Obligations outstanding are Banking Product Obligations, then the “Act of the Required Debtholders” shall mean the holders of more than 50.0% of the sum of such Banking Product Obligations.

 

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Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings.

Applicable Premium” means, with respect to any note on any redemption date, the greater of:

(1) 1.0% of the principal amount of the note; or

(2) the excess of:

 

  (a) the present value at such redemption date of (i) the redemption price of the note at May 15, 2014, (such redemption price being set forth in the table appearing above under the caption “– Optional Redemption”) plus (ii) all required interest payments due on the note through May 15, 2014, (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over

 

  (b) the principal amount of the note.

Asset Disposition” means:

(1) (i) any Event of Loss or (ii) the sale, lease, conveyance or other disposition of any assets or rights by Satmex or any of Satmex’s Restricted Subsidiaries; provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of Satmex and its Restricted Subsidiaries taken as a whole will be governed by the provisions of the Indenture described above under the caption “– Repurchase at the Option of Noteholders – Change of Control” and/or the provisions described above under the caption “– Certain Covenants – Merger, Consolidation or Sale of Assets” and not by the provisions of the Asset Disposition covenant; and

(2) the issuance of Equity Interests by any of Satmex’s Restricted Subsidiaries or the sale by Satmex or any of Satmex’s Restricted Subsidiaries of Equity Interests in any of Satmex’s Subsidiaries.

Notwithstanding the preceding, none of the following items will be deemed to be an Asset Disposition:

(1) any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $1.5 million;

(2) a transfer of assets (a) constituting Collateral between or among Satmex and the Guarantors, including any New Subsidiary that Satmex shall cause to become a Guarantor within the applicable time period set forth in the Indenture and (b) not constituting Collateral between Satmex and its Restricted Subsidiaries;

(3) an issuance of Equity Interests by a Restricted Subsidiary of Satmex to Satmex or to a Restricted Subsidiary of Satmex;

(4) the sale, lease or other transfer of products, services or accounts receivable in the ordinary course of business and any sale or other disposition of damaged, worn-out or obsolete assets in the ordinary course of business (including the positioning of satellites in an inclined orbit or abandonment or other disposition of intellectual property that is, in the reasonable judgment of Satmex, no longer economically practicable to maintain or useful in the conduct of the business of Satmex and its Restricted Subsidiaries taken as whole);

(5) licenses and sublicenses by Satmex or any of its Restricted Subsidiaries of software or intellectual property in the ordinary course of business;

(6) any surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other claims in the ordinary course of business;

 

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(7) the lease, assignment or sublease of any real or personal property in the ordinary course of business;

(8) any issuance or sale of Equity Interests in, or Indebtedness or other Securities in, an Unrestricted Subsidiary, solely to the extent that the Investment in such Unrestricted Subsidiary was made pursuant to clause (c) of the first paragraph of, or clause (2) or (13) of the second paragraph of, the covenant described under “– Certain Covenants – Restricted Payments;”

(9) the granting of Liens not prohibited by the covenant described above under the caption “– Liens;”

(10) the sale or other disposition of cash or Cash Equivalents; and

(11) a Restricted Payment that does not violate the covenant described above under the caption “– Certain Covenants – Restricted Payments” or a Permitted Investment.

Asset Disposition Offer” has the meaning assigned to that term in the Indenture.

Assumption” means Satmex’s assumption of Satmex Escrow’s obligations under the Indenture.

Attributable Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; provided, however, that if such sale and leaseback transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of Capital Lease Obligation.

Banking Product Obligations” means with respect to Satmex or any of its Restricted Subsidiaries, any obligations of Satmex or such Restricted Subsidiary owed to any provider of treasury or cash management services, automated clearing house transfer services, services on account of credit or debit cards or related merchant services.

Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.

Board of Directors” means:

(1) with respect to a corporation, the board of directors of the corporation;

(2) with respect to a partnership, the board of managers of the general partner of the partnership;

(3) with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof; and

(4) with respect to any other Person, the board of directors or managers of such Person serving a similar function.

Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty.

 

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Capital Stock” means:

(1) in the case of a corporation or a sociedad anónima, corporate stock;

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;

(3) in the case of a partnership, sociedad de responsabilidad limitada or limited liability company, partnership interests (whether general or limited), equity quota (parte social) or membership interests; and

(4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.

Cash Equivalents” means:

(1) United States dollars;

(2) Mexican pesos;

(3) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than one year from the date of acquisition;

(4) certificates of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any U.S. commercial bank or non-U.S. bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B” or better;

(5) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (3) and (4) above entered into with any financial institution meeting the qualifications specified in clause (4) above;

(6) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within twenty-four months after the date of acquisition;

(7) marketable short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case maturing within 12 months after the date of creation thereof;

(8) readily marketable direct obligations issued by any state, commonwealth or territory of the United States or any political subdivision or taxing authority thereof or readily marketable direct obligations issued by any state of Mexico or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P with maturities of 12 months or less from the date of acquisition;

(9) Indebtedness or Preferred Stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from Moody’s with maturities of 12 months or less from the date of acquisition;

(10) Investments with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s; and

(11) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (10) of this definition.

 

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Change of Control” means the occurrence of any of the following:

(1) any Person or group (other than the Initial Holdsat Stockholders or any of their Related Parties or Permitted Replacement Mexican Partners or any groups controlled by the Initial Holdsat Stockholders, Permitted Replacement Mexican Partners or their respective Related Parties) shall acquire (through a single transaction or a series of related transactions, whether voluntarily or by operation of law, by merger or consolidation, or otherwise) or own, or become the beneficial owner of, directly or indirectly, forty-nine percent (49%) or more of voting Capital Stock of either (a) Satmex or (b) any surviving Person into or with which Satmex is merged or consolidated;

(2) the Initial Holdsat Stockholders, any Permitted Replacement Mexican Partner(s) and their respective Related Parties cease to hold, in the aggregate, power to elect a majority of the Board of Directors of Satmex (any surviving Person into or with which Satmex is merged or consolidated) and any entity that directly or indirectly controls Satmex;

(3) any transfer of all or substantially all material assets of Satmex and its Subsidiaries taken as a whole, other than to one or more Restricted Subsidiaries of Satmex;

(4) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Satmex and its Subsidiaries taken as a whole, to any Person (including any “person” (as that term is used in Section 13(d)(3) of the Exchange Act)) other than any such “person” that is a Restricted Subsidiary of Satmex;

(5) the adoption of a plan related to the liquidation or dissolution of Satmex; or

(6) the first day on which a majority of the members of the Board of Directors of Satmex are not Continuing Directors.

For purposes of this definition and related definitions used in this definition, with respect to any investment, hedge or other fund or other collective investment vehicle, such entity shall be considered to be the ultimate beneficial owner of any Voting Stock beneficially owned by such entity.

Change of Control Offer” has the meaning assigned to that term in the Indenture.

Collateral” means all of the assets of Satmex and each Guarantor constituting real, personal or mixed property, whether owned as of the date of the Indenture or thereafter acquired or arising, and all of the Capital Stock of each future and existing Subsidiary of Satmex owned by Satmex or any Guarantor, other than:

(1) Excluded Assets;

(2) any properties and assets in which the Collateral Trustee is required to release its Liens pursuant to the provisions described above under the caption “– Collateral Trust Agreement – Release of Liens on Collateral;” and

(3) any properties and assets that no longer secure the Notes or any Obligations in respect thereof pursuant to the provisions described above under the caption “– Collateral Trust Agreement – Release of Liens in Respect of Notes,”

provided that, in the case of clauses (2) and (3), if such Liens are required to be released as a result of the sale, transfer or other disposition of any properties or assets of Satmex or any Guarantor, such assets or properties will cease to be excluded from the Collateral if Satmex or any Guarantor thereafter acquires or reacquires such assets or properties.

Consolidated EBITDA” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication:

(1) an amount equal to any extraordinary, unusual, or non-recurring expenses or losses to the extent such losses were deducted in computing such Consolidated Net Income for such period and losses on sales of assets outside of the ordinary course of business; plus

 

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(2) taxes paid and without duplication, provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus

(3) the Consolidated Interest Expense of such Person and its Restricted Subsidiaries for such period (and amounts paid in respect of interest pursuant to the provisions under the caption “– Additional Amounts”), to the extent that such Consolidated Interest Expense were deducted in computing such Consolidated Net Income; plus

(4) the Restructuring Costs for such period, to the extent that such Restructuring Costs were deducted in computing such Consolidated Net Income; plus

(5) any foreign currency translation losses (including losses related to currency remeasurements of Indebtedness) of such Person and its Restricted Subsidiaries for such period, to the extent that such losses were taken into account in computing such Consolidated Net Income; plus

(6) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash charges and expenses including, without limitation, non-cash compensation charges or other non-cash expenses or charges arising from the grant of or issuance or repricing of stock, stock options or other equity-based awards to the directors, officers and employees of Satmex and its Subsidiaries (excluding any such non-cash charge or expense to the extent that it represents an accrual of or reserve for cash charges or expenses in any future period or amortization of a prepaid cash charge or expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash charges or expenses were deducted in computing such Consolidated Net Income; plus

(7) any expenses, costs or charges related to any Equity Offering, Permitted Investment, acquisition, disposition, recapitalization or Indebtedness permitted to be incurred by the Indenture (whether or not successful), and deducted in computing Consolidated Net Income; plus

(8) for periods prior to the date of the Indenture, any other charges, costs, losses or expenses described in the reconciliation of Adjusted EBITDA to EBITDA in this prospectus; plus

(9) any foreign currency translation gains (including gains related to currency remeasurements of Indebtedness) of such Person and its Restricted Subsidiaries for such period, to the extent that such gains were taken into account in computing such Consolidated Net Income; minus

(10) non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business; minus

(11) an amount equal to any extraordinary, unusual or non-recurring income or gains to the extent such income or gains were taken into account in computing such Consolidated Net Income for such period; minus

(12) for period prior to the date of the Indenture any other income or gain described in the reconciliation of Adjusted EBITDA to EBITDA in this prospectus;

in each case, on a consolidated basis and determined in accordance with GAAP.

Notwithstanding the preceding, the provision for taxes based on the income or profits of, and the depreciation and amortization and other non-cash expenses of, a Restricted Subsidiary of Satmex will be added to Consolidated Net Income to compute Consolidated EBITDA of Satmex only to the extent that a corresponding amount would be permitted at the date of determination to be dividended to Satmex by such Restricted Subsidiary without prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its stockholders.

Consolidated Indebtedness” means, with respect to any Person as of any date of determination, the sum, without duplication, of (i) the total amount of Indebtedness of such Person and its Subsidiaries, plus (ii) the total

 

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amount of Indebtedness of any other Person, to the extent that such Indebtedness has been Guaranteed by the referent Person or one or more of its Subsidiaries, plus (iii) the aggregate liquidation value of all Disqualified Stock of such Person and all preferred stock of Subsidiaries of such Person, in each case, determined on a consolidated basis in accordance with GAAP, minus (iv) the amount of unrestricted cash and Cash Equivalents included in the consolidated balance sheet of Satmex and its Subsidiaries as of such date up to $15.0 million.

Consolidated Interest Expense” means, with respect to any Person for any period, the sum of (i) the consolidated interest expense of such Person and its Subsidiaries for such period, whether paid or accrued (including, without limitation, amortization or original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of payment associated with all Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net payments (if any) pursuant to Hedging Obligations) and (ii) the consolidated interest expense of such Person and its Subsidiaries that was capitalized during such period, and (iii) any interest expense on Indebtedness of another Person that is guaranteed by such Person or one of its Subsidiaries or secured by a Lien on assets of such Person or one of its Subsidiaries (whether or not such Guarantee or Lien is called Upon) and (iv) the product of (a) all dividends payments on any series of preferred stock of such Person or any of its Subsidiaries, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP.

Consolidated Leverage Ratio” means, as of any date, the ratio of

(1) the Consolidated Indebtedness of Satmex (other than Non-Recourse Debt of Satellite Subsidiaries) as of such date to

(2) the Consolidated EBITDA of Satmex for the most recent four-quarter period for which internal financial statements are available, in each case determined on a pro forma basis after giving effect to all acquisitions or dispositions of assets made by Satmex and its Subsidiaries from the beginning of such four-quarter period through and including such date of determination (including any related financing transactions) as if such acquisitions and dispositions had occurred at the beginning of such four-quarter period.

In addition, for purposes of calculating the Consolidated Leverage Ratio:

(1) acquisitions and Investments that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations or acquisitions of assets, or any Person or any of its Restricted Subsidiaries acquired by merger, consolidation or the acquisition of all or substantially all of its assets by the specified Person or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the date on which the event for which the calculation of the Consolidated Leverage Ratio is made (the “Leverage Calculation Date”) will be given pro forma effect (as determined in good faith by Satmex’s chief financial officer and shall be reasonably identifiable and factually supportable, as certified in an Officers’ Certificate delivered to the trustee) as if they had occurred on the first day of the four-quarter reference period;

(2) the Consolidated EBITDA attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Leverage Calculation Date will be excluded;

(3) any Person that is a Restricted Subsidiary on the Leverage Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such four-quarter reference period; and

(4) any Person that is not a Restricted Subsidiary on the Leverage Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such four-quarter reference period.

 

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Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the net income (loss) of such Person and its Restricted Subsidiaries, for such period, on a consolidated basis (excluding the net income (loss) of any Unrestricted Subsidiary of such Person), determined in accordance with GAAP and without any reduction in respect of preferred stock dividends; provided that the following will be excluded:

(1) the net income (or loss) of any Person that is not a Restricted Subsidiary (or of any Subsidiary prior to the date it becomes a Restricted Subsidiary) or that is accounted for using the equity method of accounting in which the Person or any of its Restricted Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Person or such Restricted Subsidiary in the form of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person;

(2) the net income (or loss) of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that net income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement (other than Credit Facilities whose sole restriction on such declaration or payment occurs only upon the occurrence of or during the existence or continuance of a Default or Event of Default), instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders; provided, however, that Consolidated Net Income will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) to such Person or its Restricted Subsidiary during such period, to the extent not already included therein;

(3) the cumulative effect of a change in accounting principles will be excluded;

(4) non-cash gains and losses attributable to movement in the mark-to-market valuation of Hedging Obligations pursuant to GAAP will be excluded.

continuing” means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.

Continuing Directors” means, as of any date of determination, any member of the Board of Directors of Satmex who:

(1) was a member of such Board of Directors on the date of the Indenture or on the date of the Assumption or promptly thereafter as contemplated by the Reorganization Plan; or

(2) was nominated with the approval of, at the time of such nomination or election, Holdsat, Permitted Replacement Mexican Partners or their respective Related Parties.

Controlled Investment Affiliate” means, as to any Person, any other Person, which directly or indirectly is in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect equity or debt investments in Satmex or other companies.

Credit Facility” means, any debt facility or commercial paper facility, in each case, with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced in any manner (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time.

Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration received by Satmex or any of its Restricted Subsidiaries in connection with an Asset Disposition that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale, redemption or repurchase of or collection or payment on such Designated Non-cash Consideration.

 

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Discharge of Priority Lien Obligations” means the occurrence of all of the following:

(1) termination or expiration of all commitments to extend credit that would constitute Priority Lien Debt;

(2) payment in full in cash of the principal of and interest and premium (if any) on all Priority Lien Debt (other than any undrawn letters of credit);

(3) discharge or cash collateralization (at the percentage of the aggregate undrawn amount required for release of liens under the terms of the applicable Priority Lien Document) of all outstanding letters of credit constituting Priority Lien Debt (including the furnishing of back-up letters of credit or the deemed issuance under a new agreement that is not in respect of any Priority Lien Debt and that is not a Priority Lien Document with the consent of the issuing bank of such outstanding letters of credit); and

(4) payment in full in cash of all other Priority Lien Obligations that are outstanding and unpaid at the time the Priority Lien Debt is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at such time).

Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature; provided, however, that if such Capital Stock is issued to any plan for the benefit of employees of Satmex or its Subsidiaries or by any such plan to such employees such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the issuer thereof in order to satisfy applicable statutory or regulatory obligations; provided, further, that any Capital Stock held by any future, current or former employee, director, manager or consultant (or their respective trusts, estates, investment funds, investment vehicles or immediate family members) of Satmex, any of its Subsidiaries or any direct or indirect parent entity of Satmex in each case upon the termination of employment or death of such person pursuant to any stockholders’ agreement, management equity plan, stock option plan or any other management or employee benefit plan or agreement shall not constitute Disqualified Stock solely because it may be required to be repurchased. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require Satmex to repurchase such Capital Stock upon the occurrence of a change of control or an asset disposition will not constitute Disqualified Stock if the terms of such Capital Stock provide that Satmex may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with the covenant described above under the caption “– Certain Covenants – Restricted Payments.” The amount of Disqualified Stock deemed to be outstanding at any time for purposes of the Indenture will be the maximum amount that Satmex and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends.

Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock).

Equity Offering” means a public or private sale either (1) of Equity Interests of Satmex by Satmex (other than Disqualified Stock and other than to a Subsidiary of Satmex) or (2) of Equity Interests of a direct or indirect parent company of Satmex (other than to Satmex or a Subsidiary of Satmex) to the extent that the net proceeds therefrom are contributed to the common equity capital of Satmex.

Event of Loss” means, with respect to any property or asset (tangible or intangible, real or personal) constituting Collateral, any of the following:

(1) any material loss, destruction or damage of such property or asset;

 

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(2) any actual condemnation, expropriations, seizure or taking by exercise of the power of eminent domain or otherwise of such property or asset, or confiscation of such property or asset or the requisition of the use of such property or asset; or

(3) any settlement in lieu of clause (2) above.

Excluded Account” shall mean each of the following “deposit accounts” (as defined in the Uniform Commercial Code, if applicable, or the applicable foreign equivalent): (i) any deposit account used solely for (A) funding payroll or segregating payroll taxes or (B) segregating 401k contribution or contributions to an employee stock purchase plan and other health and benefit plans, in each case for payment in accordance with any applicable laws and (ii) any deposit account holding customer deposits which by its terms or applicable law (including, without limitation, orders of government agencies) may not be pledged by a Grantor, provided that the deposit accounts referred to in clause (ii) above shall only be Excluded Accounts if, and only so long as, the terms thereof or applicable law prevents a security interest being taken in such deposit accounts.

Excluded Assets” means: (i) any Excluded Account, (ii) any contract, license, agreement, instrument, document, permit or franchise that validly prohibits, restricts or requires the consent not obtained of a third party (after the use of commercially reasonable efforts) for the creation by such Grantor of a security interest in such contract, license, agreement, instrument, document, permit or franchise (or in any rights or property obtained by such Grantor under such contract, license, agreement, instrument, document, permit or franchise) except to the extent such prohibition, restriction or consent requirement would be rendered ineffective with respect to the creation of the security interest hereunder pursuant to Sections 9-406, 9-407, 9-408 and 9-409 of the Uniform Commercial Code or any similar provisions under foreign law, in each case to the extent applicable thereto; provided that, at such time as the condition causing such limitation shall be remedied, whether by contract, change of law or otherwise, the contract, license, lease, agreement, instrument, document, permit or franchise shall immediately cease to be excluded, shall immediately be included in the Collateral, and any security interest that would otherwise be granted herein shall attach immediately to such contract, license, lease, agreement, instrument, document, permit or franchise, or to the extent severable, to any portion thereof that does not result in such limitation, (iii) any “intent-to-use” application for registration of intellectual property filed, if applicable, pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, to the extent the Lanham Act is applicable or controlling, prior to the filing or a “Statement of Use” pursuant to Section 1(d) of the Lanham Act of an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto or any similar provision under foreign law, in each case to the extent applicable thereto and solely to the extent, if any, that and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application under applicable federal or similar foreign law, (iv) any assets with respect to which each Priority Lien Representative reasonably determines that the cost of obtaining or perfecting a security interest therein is excessive in relation to the benefit to the holders of the Priority Lien Debt, (v) any rights or property (including any Equity Interests in any Subsidiaries of Satmex) to the extent that any valid and enforceable law or statute or rule, regulation, guideline, order or directive of a governmental authority or agency applicable to such rights or property prohibits, restricts, or requires the consent of a third party for, or would result in the termination of such rights or property as a result of, the creation of a security interest therein except to the extent such law, statute, rule, regulation, guideline, order or directive would be rendered ineffective with respect to the creation of the security interest hereunder pursuant to Sections 9-406, 9-407, 9-408 and 9-409 of the Uniform Commercial Code or any similar provision under foreign law, in each case to the extent applicable thereto, (vi) any assets related solely to the Satmex 7 Subsidiary (including the Satmex 7 ATP); (vii) after the successful launch and operation of Satmex 7, assets of Satmex related solely to the Solidaridad 2 Concession and any assets related thereto and (vii) Equity Interests of Immaterial Subsidiaries to the extent any additional Security Document, physical delivery, recordation or filing is required for the perfection thereof; provided that, notwithstanding anything to the contrary set forth above, the grant of the security interest shall not exclude any proceeds (or the right to receive proceeds, including from the sale, assignment or transfer of any such assets), substitutions or replacements of any such assets excluded from the Collateral pursuant to the foregoing clauses (i) through (vii) (unless such proceeds, substitutions or replacements would constitute assets specifically covered by the foregoing clauses (i) through (vii)).

Existing Indebtedness” means all Indebtedness of Satmex and its Subsidiaries in existence from and after May 26, 2011 other than the Exchange Notes and the Note Guarantees), until such amounts are repaid.

 

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Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, and, in the case of any transaction involving aggregate consideration in excess of $10.0 million, as determined in good faith by the Board of Directors of Satmex (unless otherwise provided in the Indenture).

GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the date of the Indenture or (2) if elected by Satmex by written notice to the trustee in writing in connection with the delivery of financial statements and information, the accounting standards and interpretations (“IFRS”) adopted by the International Accounting Standard Board, as in effect on the first date of the period for which Satmex is making such election; provided, that (a) any such election once made shall be irrevocable, (b) all financial statements and reports required to be provided, after such election pursuant to the Indenture shall be prepared on the basis of IFRS, (c) from and after such election, all ratios, computations and other determinations based on GAAP contained in the Indenture shall be computed in conformity with IFRS, (d) in connection with the delivery of financial statements (x) for any of its first three financial quarters of any financial year, it shall, unless not required to do so by applicable SEC rules or regulations, provide comparable consolidated interim financial statements for such interim financial period and the comparable period in the prior year to the extent previously prepared in accordance with GAAP as in effect on the date of the Indenture and (y) for delivery of audited annual financial information, it shall, provide comparable consolidated historical financial statements prepared in accordance with IFRS for the prior most recent fiscal year to the extent previously prepared in accordance with GAAP as in effect on the date of the Indenture.

Government Securities” means securities that are:

(1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged; or

(2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America,

which, in either case, are not callable or redeemable at the option of the issuers thereof.

Grantors” means Satmex, each Guarantor and any other Person that pledges any Collateral under the Security Documents for any Secured Obligation.

Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise).

Guarantor” means any Restricted Subsidiary of Satmex that executes a Note Guarantee in accordance with the provisions of the Indenture, and their respective successors and assigns, in each case, until the Note Guarantee of such Person has been released in accordance with the terms of the Indenture. As of the date hereof, each of Alterna’TV Corporation and Alterna’TV International Corporation are guarantors. For the avoidance of doubt, none of the following shall be required to be Guarantors: (1) Enlaces Integra, S. de R.L. de C.V.; (2) SMVS Administración S. de R.L. de C.V.; (3) SMVS Servicio Técnicos S. de R.L. de C.V.; (4) Satmex do Brasil Ltda; and (5) HPS Corporativo S. de R.L. de C.V.

Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under:

(1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements;

(2) other agreements or arrangements designed to manage interest rates or interest rate risk; and

 

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(3) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity prices.

Immaterial Subsidiary” means, as of any date, (i) SMVS Administración S. de R.L. de C.V. (or any successor thereto or other Subsidiary formed solely to provide payroll services); (ii) SMVS Servicios Técnicos S. de R.V. de C.V. (or any successor thereto or other Subsidiary formed solely to provide payroll services); or (iii) any other Restricted Subsidiary whose total assets, as of that date, are less than $2.0 million and whose total revenues for the most recent 12-month period do not exceed $1.0 million; provided that a Restricted Subsidiary will not be considered to be an Immaterial Subsidiary if it, directly or indirectly, guarantees or otherwise provides direct credit support for any Indebtedness of Satmex.

Immediate Family Members” means with respect to any individual, such individual’s child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor.

Indebtedness” means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether or not contingent:

(1) in respect of borrowed money;

(2) evidenced by bonds, Notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof);

(3) in respect of banker’s acceptances;

(4) representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions;

(5) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired or such services are completed, except any such balance that constitutes an accrued expense or trade payable; or

(6) representing any Hedging Obligations,

If and to the extent any of the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. Indebtedness shall be calculated without giving effect to the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under the Indenture as a result of accounting for any embedded derivatives created by the terms of such Indebtedness. Notwithstanding the foregoing, in no event shall the reclassification of any lease as Indebtedness due to a change in accounting principles after the date of the Indenture be deemed to be an incurrence of Indebtedness for any purpose under the Indenture.

Initial Holdsat Stockholders” means (i) the stockholders of Holdsat Mexico, S.A.P.I. de C.V., a sociedad anónima promotora de inversión de capital variable, organized under the laws of the United Mexican States, on the date of the Indenture and (ii) the other ultimate beneficial owners of the Voting Stock of Satmex upon the consummation of the transactions contemplated by the Reorganization Plan.

Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or, in either case, an equivalent rating by any other Rating Agency.

 

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Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If Satmex or any Restricted Subsidiary of Satmex sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of Satmex such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of Satmex, Satmex will be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of Satmex’s Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in the final paragraph of the covenant described above under the caption “– Certain Covenants – Restricted Payments.” The acquisition by Satmex or any Restricted Subsidiary of Satmex of a Person that holds an Investment in a third Person will be deemed to be an Investment by Satmex or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided in the final paragraph of the covenant described above under the caption “– Certain Covenants – Restricted Payments.” Except as otherwise provided in the Indenture, the amount of an Investment will be determined at the time the Investment is made and without giving effect to subsequent changes in value.

Issue Date” means, with respect to the Notes, the date on which such Notes are first issued under the Indenture.

Junior Lien” means a Lien granted by a Security Document to the Collateral Trustee, at any time, upon any property of any Grantor to secure Junior Lien Obligations.

Junior Lien Cap” means as of any date of determination, the principal amount of Junior Lien Debt that may be incurred by Satmex or any Guarantor such that, after giving pro forma effect to such incurrence and the application of the net proceeds therefrom, the Total Secured Leverage Ratio would not exceed 3.75 to 1.0.

Junior Lien Debt” means:

(1) Second Lien Debt; and

(2) Indebtedness incurred by Satmex under clause (3) of the covenant under the caption “– Certain Covenants – Incurrence of Indebtedness and Issuance of Preferred Stock” that is secured by a Junior Lien, and on a junior basis to the Priority Lien Debt, that was permitted to be incurred and so secured under each applicable Secured Debt Document;

provided, that

(a) on or before the date such Indebtedness is incurred by Satmex, such Indebtedness is designated by Satmex as “Junior Lien Debt” for purposes of the Secured Debt Documents and the Collateral Trust Agreement pursuant to the procedures set forth in the Collateral Trust Agreement; provided that no Series of Secured Debt may be designated as both Junior Lien Debt and Priority Lien Debt;

(b) such Indebtedness is governed by a credit agreement or other agreement that includes a Lien Sharing and Priority Confirmation; and

(c) all requirements set forth in the Collateral Trust Agreement as to the confirmation, grant or perfection of the Collateral Trustee’s Lien to secure such Indebtedness or Obligations in respect thereof are satisfied (and the satisfaction of such requirements and the other provisions of this clause (c) will be conclusively established if Satmex delivers to the Collateral Trustee an Officer’s Certificate stating that such requirements and other provisions have been satisfied and that such Notes or such Indebtedness is “Junior Lien Debt”).

Junior Lien Documents” means any Indenture, credit facility or other agreement pursuant to which Junior Lien Debt is incurred and the Security Documents related thereto (other than any Security Documents that do not secure Junior Lien Obligations).

 

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Junior Lien Obligations” means Junior Lien Debt and all other Obligations in respect thereof.

Junior Lien Representative” means, in the case of any Series of Junior Lien Debt, the trustee, agent or representative of the holders of such Series of Junior Lien Debt who maintains the transfer register for such Series of Junior Lien Debt and (a) is appointed as a representative of the Junior Lien Debt (for purposes related to the administration of the security documents) pursuant to the Indenture, the credit facility or other agreement governing such Series of Junior Lien Debt, together with its successors in such capacity, and (b) has become a party to the Collateral Trust Agreement by executing a joinder in the form required under the Collateral Trust Agreement.

Legal Holiday” means a Saturday, a Sunday or a day on which commercial banking institutions are not required to be open in the State of New York, the place of payment or Mexico.

Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security trust, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease be deemed to constitute a Lien.

Lien Sharing and Priority Confirmation” means as to any:

(a) Series of Priority Lien Debt, the written agreement of the holders of such Series of Priority Lien Debt or their authorized representative, for the benefit of all holders of Priority Lien Debt and each Priority Lien Representative:

(1) that all Priority Lien Obligations will be and are secured equally and ratably by all Priority Liens at any time granted by any Grantor to secure any Obligations in respect of such Series of Priority Lien Debt, whether or not upon property otherwise constituting Collateral, and that all such Priority Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Priority Lien Obligations;

(2) that the holders of Obligations in respect of such Series of Priority Lien Debt are bound by the provisions of the Collateral Trust Agreement, including the provisions relating to the ranking of Priority Liens and the order of application of proceeds from enforcement of Priority Liens; and

(3) consenting to the terms of the Collateral Trust Agreement and the Collateral Trustee’s performance of, and directing in writing the Collateral Trustee to perform its obligations under, the Collateral Trust Agreement and the other Security Documents; and

(b) Series of Junior Lien Debt, the written agreement of the holders of such Series of Junior Lien Debt or their authorized representative, for the benefit of all holders of Junior Lien Debt and each Junior Lien Representative:

(1) that all Junior Lien Obligations will be and are secured equally and ratably by all Junior Liens at any time granted by any Grantor to secure any Obligations in respect of such Series of Junior Lien Debt, whether or not upon property otherwise constituting Collateral, and that all such Junior Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Junior Lien Obligations;

(2) that the holders of Obligations in respect of such Series of Junior Lien Debt are bound by the provisions of the Collateral Trust Agreement, including the provisions relating to the ranking of Junior Liens and the order of application of proceeds from enforcement of Junior Liens; and

(3) consenting to the terms of the Collateral Trust Agreement and the Collateral Trustee’s performance of, and directing in writing the Collateral Trustee to perform its obligations under, the Collateral Trust Agreement and the other Security Documents.

Loral Grant” means the usufruct under Articles 908 and other related provisions of Mexico’s Federal Civil Code granted by Satmex to Loral Skynet Corporation with respect to those certain three (3) transponders on the Satmex 5 satellite and those certain four (4) transponders on the Satmex 6 satellite, pursuant to the applicable agreements between Loral Skynet Corporation and Satmex.

 

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Moody’s” means Moody’s Investors Service, Inc., and any successor to their rating agency businesses.

Net Proceeds” means (i) from an Asset Disposition that constitutes an Event of Loss, the aggregate cash proceeds and Cash Equivalents received by Satmex or any Restricted Subsidiary in respect of such Event of Loss, including, without limitation, insurance proceeds, condemnation awards or damages awarded by any judgment, net of the direct cost in recovery of such proceeds (including, without limitation, legal, accounting, appraisal and insurance adjuster fees and any relocation expenses incurred as a result thereof), and any taxes paid or payable as a result thereof and (ii) from any other Asset Disposition, the aggregate cash proceeds and Cash Equivalents received by Satmex or any of its Restricted Subsidiaries in respect of such Asset Disposition, including, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Disposition, net of the direct costs relating to such Asset Disposition and the sale or disposition of such Designated Non-cash Consideration, including, without limitation, legal, accounting and investment banking fees, discounts and sales commissions, and any relocation expenses incurred as a result of the Asset Disposition, taxes paid or payable as a result of the Asset Disposition, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements and any reserve for adjustment or indemnification obligations in respect of the sale price of such asset or assets established in accordance with GAAP.

New Subsidiary” means any Restricted Subsidiary of Satmex that is formed or acquired after the date of the Indenture; provided that no Person shall be deemed to be a New Subsidiary to the extent that such Person is not permitted by applicable law to become a Guarantor or that the provision of a Guarantee by such Person would result in adverse tax consequences that are material to Satmex or any of its Restricted Subsidiaries, as reasonably determined by Satmex.

Non-Recourse Debt” means Indebtedness:

(1) as to which neither Satmex nor any of its Restricted Subsidiaries (other than a Satellite Subsidiary) (a) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable as a guarantor or otherwise; and

(2) as to which the lenders have been notified in writing that, pursuant to the terms of the applicable agreement, they will not have any recourse to the stock or assets of Satmex or any of its Restricted Subsidiaries (other than assets of the applicable Satellite Subsidiary and the Equity Interests of an Unrestricted Subsidiary).

Note Documents” means the Indenture, the Notes and the Security Documents (to the extent related to the obligations under the Notes).

Note Guarantee” means the Guarantee by each Guarantor of Satmex’s obligations under the Indenture and the Notes, executed pursuant to the provisions of the Indenture.

Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness.

Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief Operating Officer, the General Counsel, the Chief Financial Officer, the President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of Satmex.

Officers’ Certificate” means a certificate signed on behalf of Satmex by any two Officers of Satmex, one of whom must be the chief executive officer, the chief financial officer, the treasurer or the principal accounting officer of Satmex.

Permitted Asset Swap” means the substantially concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and Cash Equivalents between Satmex or any of its Restricted Subsidiaries and another Person; provided that any Cash Equivalents received must be applied in accordance with the covenant described under “Repurchase at the Option of Noteholders – Asset Dispositions;” provided further that the assets received are pledged as Collateral to the extent required by the Security Documents to the extent that the assets disposed of constituted Collateral.

 

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Permitted Business” means any business that is the same as, or reasonably related, ancillary or complementary to, any of the businesses in which Satmex and its Restricted Subsidiaries are engaged on the date of the Indenture.

Permitted Investments” means:

(1) any Investment in Satmex or in a Restricted Subsidiary of Satmex that is a Guarantor;

(2) any Investment in Cash Equivalents;

(3) any Investment by Satmex or any Restricted Subsidiary of Satmex in a Person, if as a result of such Investment:

 

  (a) such Person becomes a Restricted Subsidiary of Satmex and a Guarantor; or

 

  (b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, Satmex or a Restricted Subsidiary of Satmex that is a Guarantor;

(4) any Investment made as a result of the receipt of non-cash consideration from an Asset Disposition that was made pursuant to and in compliance with the covenant described above under the caption “– Repurchase at the Option of Noteholders – Asset Dispositions” or from a sale of assets not constituting a Asset Disposition;

(5) any acquisition of assets or Capital Stock solely in exchange for, or out of the net proceeds from, the issuance of Equity Interests (other than Disqualified Stock) of Satmex;

(6) any Investments received in compromise or resolution of (A) obligations of trade creditors or customers that were incurred in the ordinary course of business of Satmex or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (B) litigation, arbitration or other disputes;

(7) Investments represented by Hedging Obligations;

(8) loans or advances to directors, officers, or employees of Satmex and its Restricted Subsidiaries (A) made in the ordinary course of business or (B) to finance the purchase by such person of Capital Stock of Satmex (or any of its direct or indirect parent companies) and any of its Restricted Subsidiaries; in each of clauses (a) and (b), not to exceed $2.0 million in the aggregate at any one time outstanding;

(9) repurchases of the Exchange Notes;

(10) any guarantee of Indebtedness permitted to be incurred by the covenant entitled “– Certain Covenants – Incurrence of Indebtedness and Issuance of Preferred Stock” other than a guarantee of Indebtedness of an Affiliate of Satmex that is not a Restricted Subsidiary of Satmex;

(11) any Investment existing on, or made pursuant to binding commitments existing on, the date of the Indenture and any Investments made in Satmex 7 or related assets prior to the Assumption and any Investment consisting of an extension, modification or renewal of any Investment existing on, or made pursuant to a binding commitment existing on, the date of the Indenture; provided that the amount of any such Investment may be increased (a) as required by the terms of such Investment as in existence on the date of the Indenture or (b) as otherwise permitted under the Indenture;

(12) Investments acquired after the date of the Indenture as a result of the acquisition by Satmex or any Restricted Subsidiary of Satmex of another Person, including by way of a merger, amalgamation or consolidation with or into Satmex or any of its Restricted Subsidiaries in a transaction that is not prohibited by the covenant

 

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described above under the caption “– Merger, Consolidation or Sale of Assets” after the date of the Indenture to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation;

(13) Investments made after January 1, 2012 in a Satellite Subsidiary in an aggregate amount not to exceed the sum of (a) the aggregate amount of all Satellite Subsidiary Capital Contributions made on or prior to the date such Investment is made plus (b) the lesser of (i) the amount specified in the immediately preceding clause (a) or (ii) $40.0 million minus (c) 100% of the aggregate amount of all Restricted Payments made by Satmex and its Restricted Subsidiaries since the date of the Indenture in reliance upon clause (c) of the first paragraph of the covenant described under “– Certain Covenants – Restricted Payments;” provided that, no Investments may be made in a Satellite Subsidiary under subclause (b) of this clause (13) unless the amounts to be invested under subclause (b) in such Satellite Subsidiary, together with (i) amounts invested in such Satellite Subsidiary under subclause (a) of this clause (13) on or prior to the date of such investment under subclause (b) plus (ii) the proceeds of any Non-Recourse Indebtedness of such Satellite Subsidiary received on or prior to the date of such investment under subclause (b), would be sufficient to provide for the total costs to develop, construct, launch and deploy the satellite or satellites to be owned and operated by such Satellite Subsidiary, as determined in good faith by Satmex’s chief financial officer, as certified in an Officers’ Certificate delivered to the trustee;

(14) other Investments in any Person other than an Affiliate of Satmex that is not a subsidiary of Satmex having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (14) that are at the time outstanding not to exceed $2.0 million;

(15) receivables owing to Satmex or any Restricted Subsidiary created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms;

(16) Investments in the nature of deposits with respect to leases provided to third parties in the ordinary course of business;

(17) prepaid expenses, deposits, advances or extensions of trade credit in the ordinary course of business by Satmex or any of its Restricted Subsidiaries.

The amount of Investments outstanding at any time pursuant to clause (14) above shall be reduced by (A) the net reduction after the date of the Indenture in Investments made after the date of the Indenture pursuant to such clause relating from dividends, repayments of loans or advances or other transfers of property, net cash proceeds realized on the sale of any such Investments and net cash proceeds representing the return of the capital, in each case, to Satmex or any of its Restricted Subsidiaries in respect of any such Investment, less the cost of the disposition of any such Investment (provided that, in each case, the amount of any such net cash proceeds that are applied to reduce the amount of Investments outstanding at any time pursuant to clause (14) above will be excluded from clause (c)(3) or (c)(5), as applicable, of the first paragraph of the covenant described above under the caption “– Certain Covenants – Restricted Payments”), and (B) the portion (proportionate to Satmex’s equity interest in such Unrestricted Subsidiary) of the Fair Market Value of the net assets of an Unrestricted Subsidiary that was designated after the date of the Indenture as an Unrestricted Subsidiary pursuant to clause (14) at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary (provided that, in each case, the amount applied to reduce the amount of Investments outstanding at any time pursuant to clause (14) above will be excluded from clause (c)(4) of the first paragraph of the covenant described above under the caption “– Certain Covenants – Restricted Payments”); provided, however, that the foregoing sum shall not exceed, in the case of any Person, the amount of Investments previously made by Satmex or any of its Restricted Subsidiaries pursuant to clause (14).

Permitted Liens” means:

(1) Liens on assets of Satmex or any of its Restricted Subsidiaries securing (a) Priority Lien Debt that was permitted by the terms of the Indenture to be incurred pursuant to clause (2) or (5) of the definition of Permitted Debt; (b) Junior Lien Debt that was permitted by the terms of the Indenture to be incurred pursuant to clause (3) or (5) of the definition of Permitted Debt, (c) all of the Priority Lien Obligations, and (d) all of the Junior Lien Obligations;

 

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(2) Liens in favor of Satmex or the Guarantors, or Liens granted by a Restricted Subsidiary that is not a Guarantor in favor of another Restricted Subsidiary that is not a Guarantor;

(3) Liens on property of a Person existing at the time such Person becomes a Restricted Subsidiary of Satmex or is merged with or into or consolidated with Satmex or any Restricted Subsidiary of Satmex; provided that such Liens were in existence prior to the contemplation of such Person becoming a Restricted Subsidiary of Satmex or such merger or consolidation and do not extend to any assets other than those of the Person that becomes a Restricted Subsidiary of Satmex or is merged with or into or consolidated with Satmex or any Restricted Subsidiary of Satmex;

(4) Liens on property (including Capital Stock) existing at the time of acquisition of the property by Satmex or any Subsidiary of Satmex; provided that such Liens were in existence prior to such acquisition and not incurred in contemplation of, such acquisition;

(5) Liens to secure the performance of statutory obligations, insurance, surety or appeal bonds, workers compensation obligations, unemployment insurance and other types of security and deposits securing liability to insurance carriers, performance bonds or other obligations of a like nature incurred in the ordinary course of business (including Liens to secure letters of credit issued to assure payment of such obligations);

(6) Liens to secure Indebtedness (including Capital Lease Obligations) permitted by clause (3) of the second paragraph of the covenant entitled “– Certain Covenants – Incurrence of Indebtedness and Issuance of Preferred Stock” covering only the assets acquired with or financed by such Indebtedness;

(7) Liens existing on May 26, 2011 (other than with respect to the Notes, the Note Guarantees or any other Priority Lien Debt);

(8) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor;

(9) Liens imposed by law, such as carriers’, warehousemen’s, landlord’s, and mechanics’ Liens and performance bonds, in each case, incurred in the ordinary course of business;

(10) survey exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person;

(11) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under the Indenture; provided, however, that:

 

  (a) the new Lien is limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and

 

  (b) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the outstanding principal amount, or, if greater, committed amount, of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged with such Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge;

(12) Liens on insurance policies and proceeds thereof, or other deposits, to secure insurance premium financings;

 

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(13) filing of Uniform Commercial Code financing statements (or other similar filings under the applicable laws of a relevant jurisdiction) as a precautionary measure in connection with operating leases;

(14) bankers’ Liens, rights of setoff, Liens arising out of judgments or awards not constituting an Event of Default and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made;

(15) Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness;

(16) Liens on specific items of inventory or other goods (and the proceeds thereof) of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods;

(17) grants of software and other technology licenses in the ordinary course of business;

(18) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the ordinary course of business;

(19) Liens securing Non-Recourse Debt of Satmex or any Restricted Subsidiary incurred in reliance on clause (13) of Permitted Debt;

(20) Liens incurred in the ordinary course of business of Satmex or any Restricted Subsidiary of Satmex with respect to obligations that do not exceed $5.0 million at any one time outstanding;

(21) Liens on Capital Stock of an Unrestricted Subsidiary that secure Indebtedness or other obligations of such Unrestricted Subsidiary;

(22) leases, licenses, subleases or sublicenses granted to others in the ordinary course of business that do not (a) interfere in any material respect with the business of Satmex or any of its Restricted Subsidiaries or (b) secure any Indebtedness;

(23) Liens solely on any cash earnest money deposits made by Satmex or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted under the Indenture;

(24) The Loral Grant;

(25) Liens on equipment of Satmex or any of its Restricted Subsidiaries granted in the ordinary course of business to Satmex’s clients not related to Indebtedness;

(26) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

(27) Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness; (ii) relating to pooled deposit or sweep accounts of Satmex or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of Satmex and its Restricted Subsidiaries; or (iii) relating to purchase orders and other agreements entered into with customers of Satmex or any of its Restricted Subsidiaries in ordinary course of business; and

(28) Liens arising under the Indenture in favor of the trustee for its own benefit and similar Liens in favor of other trustees, agents and representatives arising under instruments governing Indebtedness permitted to be incurred or outstanding under the Indenture, provided that such Liens are solely for the benefit of the trustees, agents and representatives in their capacities as such and not for the benefit of the holders of such Indebtedness.

 

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Permitted Payment” means:

(1) payments to Satmex or any direct or indirect parent company of, or any direct or indirect equity holder in, Satmex to permit such Person to pay its reasonable accounting, legal and administrative expenses when due or to purchase directors and officers insurance on behalf of themselves or any Restricted Subsidiary, to pay reasonable out-of-pocket costs of directors for attending board meetings, to pay any director fee, or to pay any indemnification claims to any director or officer of such direct or indirect parent company of, or any direct or indirect equity holder in, Satmex;

(2) payments to Satmex or any direct or indirect parent company of, or any direct or indirect equity holder in, Satmex to permit such Person to pay reasonable out-of-pocket costs incurred by such Person in connection with the preparation of tax returns, reports and filings;

(3) payments by Satmex and its Subsidiaries pursuant to tax sharing agreements among Satmex (and any direct or indirect parent company of, or any direct or indirect equity holder in, Satmex) and its Subsidiaries; provided that, in each case, the amount of such payments in any fiscal year does not exceed the amount that Satmex, its Restricted Subsidiaries and its Unrestricted Subsidiaries (but only to the extent of amounts received from such Unrestricted Subsidiaries) would be required to pay in respect of foreign, federal, state and local taxes for such fiscal year were Satmex, its Restricted Subsidiaries and its Unrestricted Subsidiaries (but only to the extent described above) to pay such taxes separately from any such parent entity and equity holder); and

(4) payments to any direct or indirect parent company of, or any equity holder in, Satmex to permit such Person to pay the reasonable professional fees and expenses of (i) any unsuccessful debt offering by any direct or indirect parent company of Satmex, the proceeds of which are intended to be contributed to Satmex or (ii) any restructuring of equity ownership or employee based equity incentive or equity compensation programs of any direct or indirect parent company of, or any equity holder in, Satmex in connection with such offerings.

Permitted Prior Liens” means Liens described in clauses (1)(a), (1)(c), (3), (4) (excluding Liens on Capital Stock), (5), (6), (7), (8), (9), (10) and (11) (to the extent replacing a Permitted Lien incurred pursuant to one of the foregoing clauses) of the definition of “Permitted Liens” and Permitted Liens that arise by operation of law and are not voluntarily granted, to the extent entitled by law to priority over the Liens created by the Security Documents.

Permitted Refinancing Indebtedness” means any Indebtedness of Satmex or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to renew, refund, refinance replace, defease or discharge other Indebtedness of Satmex or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that:

(1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith);

(2) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average Life to Maturity that is (a) equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged or (b) more than 90 days after the final maturity date of the Notes;

(3) if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes on terms at least as favorable to the noteholders as those contained in the documentation governing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and

(4) such Indebtedness is incurred either by Satmex or by the Restricted Subsidiary of Satmex that was the obligor on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged and is guaranteed only by Persons who were obligors on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged.

 

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Permitted Replacement Mexican Partners” means any replacement Mexican holder of Series A Shares of Satmex or the equivalent of Series A Shares of any surviving Person into or with which Satmex is merged or consolidated approved by Satmex Investment Holdings L.P., a Cayman limited partnership, as a replacement Mexican partner to take the place of any Initial Holdsat Stockholder; provided that as a result of the transfers to such replacement Mexican partner such person and its Affiliates would continue to own less than 50% of the economic interests in Satmex.

Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity.

Priority Lien” means a Lien granted by a Security Document to the Collateral Trustee, at any time, upon any property of any Grantor to secure Priority Lien Obligations.

Priority Lien Cap” means as of any date of determination, the principal amount of Priority Lien Debt that may be incurred by Satmex or any Guarantor such that, after giving pro forma effect to such incurrence and the application of the net proceeds therefrom, the Priority Lien Leverage Ratio would not exceed 3.25 to 1.0.

Priority Lien Debt” means:

(1) the Notes initially issued by Satmex under the Indenture; and

(2) additional notes issued under any indenture or other Indebtedness (including letters of credit and reimbursement obligations with respect thereto) of Satmex that is secured equally and ratably with Indebtedness referred to in clause (1) above on a priority basis by a Lien that was permitted to be incurred and so secured under each applicable Priority Lien Document; provided, that, in the case of any Indebtedness referred to in this clause (2), that:

 

  (a) on or before the date such Indebtedness is incurred by Satmex, such Indebtedness is designated by Satmex as “Priority Lien Debt” for purposes of the Secured Debt Documents and the Collateral Trust Agreement pursuant to the procedures set forth in the Collateral Trust Agreement; provided that no Series of Secured Debt may be designated as both Priority Lien Debt and Junior Lien Debt;

 

  (b) such Indebtedness is governed by a credit agreement or other agreement that includes a Lien Sharing and Priority Confirmation; and

 

  (c) all requirements set forth in the Collateral Trust Agreement as to the confirmation, grant or perfection of the Collateral Trustee’s Lien to secure such Indebtedness or Obligations in respect thereof are satisfied (and the satisfaction of such requirements and the other provisions of this clause (c) will be conclusively established if Satmex delivers to the Collateral Trustee an Officer’s Certificate stating that such requirements and other provisions have been satisfied and that such Notes or such Indebtedness is “Priority Lien Debt”).

For the avoidance of doubt, Hedging Obligations and Banking Product Obligations shall not constitute Priority Lien Debt, but may constitute Priority Lien Obligations.

Priority Lien Documents” means collectively, the Note Documents and the Indenture, any Credit Facility or other agreement pursuant to which any Priority Lien Debt is incurred and the Security Documents (other than any Security Documents that do not secure Priority Lien Obligations).

Priority Lien Leverage Ratio” means, as of any date, the ratio of

(1) the Consolidated Indebtedness of Satmex secured by Priority Liens (other than Non-Recourse Debt of Satmex and its Subsidiaries) as of such date to

(2) the Consolidated EBITDA of Satmex for the most recent four-quarter period for which internal financial statements are available, in each case determined on a pro forma basis after giving effect to all acquisitions

 

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or dispositions of assets made by Satmex and its Subsidiaries from the beginning of such four-quarter period through and including such date of determination (including any related financing transactions) as if such acquisitions and dispositions had occurred at the beginning of such four-quarter period.

In addition, for purposes of calculating the Priority Lien Leverage Ratio:

(1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations or acquisitions of assets, or any Person or any of its Restricted Subsidiaries acquired by merger, consolidation or the acquisition of all or substantially all of its assets by the specified Person or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the date on which the event for which the calculation of the Priority Lien Leverage Ratio is made (the “Priority Lien Leverage Calculation Date”) will be given pro forma effect (as determined in good faith by Satmex’s chief financial officer and shall be reasonably identifiable and factually supportable as certified in an Officers’ Certificate delivered to each of the trustee and Collateral Trustee) as if they had occurred on the first day of the four-quarter reference period;

(2) the Consolidated EBITDA attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Priority Lien Leverage Calculation Date will be excluded;

(3) any Person that is a Restricted Subsidiary on the Priority Lien Leverage Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such four-quarter reference period; and

(4) any Person that is not a Restricted Subsidiary on the Priority Lien Leverage Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such four-quarter reference period.

Priority Lien Obligations” means the Priority Lien Debt and all other Obligations in respect of Priority Lien Debt, together with Hedging Obligations and Banking Product Obligations that are secured, or intended to be secured, under the Priority Lien Documents if such provider of such Hedging Obligations has agreed to be bound by the terms of the Collateral Trust Agreement or such provider’s interest in the Collateral is subject to the terms of the Collateral Trust Agreement.

Priority Lien Representative” means (1) in the case of the Notes, the trustee and (2) in the case of any other Series of Priority Lien Debt, the trustee, agent or representative of the holders of such Series of Priority Lien Debt who maintains (or causes to be maintained) the transfer register for such Series of Priority Lien Debt and is appointed as a representative of the Priority Lien Debt (for purposes related to the administration of the security documents) pursuant to the credit agreement or other agreement governing such Series of Priority Lien Debt.

Public Equity Offering” means an offer and sale of Capital Stock (other than Disqualified Stock) of Satmex or any direct or indirect parent company thereof, as the case may be, pursuant to a registration statement that has been declared effective by the SEC pursuant to the Securities Act (other than a registration statement on Form S-8 or otherwise relating to equity securities issuable under any employee benefit plan of Satmex or any direct or indirect parent company thereof).

Related Business Assets” means assets (other than Cash Equivalents) used or useful in a Permitted Business, provided that any assets received by Satmex or a Restricted Subsidiary in exchange for assets transferred by Satmex or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary (and, in the case of such securities received in a Permitted Asset Swap with respect to Collateral other than Equity Interests of a non-Guarantor Subsidiary, a Guarantor).

Related Party” means:

(1) any controller person or entity, at least 80% owned (and controlled) subsidiary, or immediate family member (in the case of an individual) of any Initial Holdsat Stockholder; or

 

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(2) any trust, corporation, partnership, limited liability company or other entity, the beneficiaries, stockholders, partners, members, owners or Persons beneficially holding at least an 80% (and controlling) interest of which consist of any one or more Initial Holdsat Stockholders and/or such other Persons referred to in the immediately preceding clause (1).

Reorganization Plan” means the Joint Prepackaged Plan of Reorganization under Chapter 11 of the U.S. Bankruptcy Code relating to Satmex and its debtor Subsidiaries.

Required Junior Lien Debtholders” means, at any time, the holders of more than 50% of the sum of;

(1) the aggregate outstanding principal amount of Junior Lien Debt (including outstanding letters of credit whether or not then available or drawn); and

(2) the aggregate unfunded commitments to extend credit which, when funded, would constitute Junior Lien Debt.

Required Priority Lien Debtholders” means, at any time, the holders of more than 50% of the sum of:

(1) the aggregate outstanding principal amount of Priority Lien Debt (including outstanding letters of credit whether or not then available or drawn); and

(2) the aggregate unfunded commitments to extend credit which, when funded, would constitute Priority Lien Debt.

Restricted Investment” means an Investment other than a Permitted Investment.

Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary.

Restructuring Costs” means all fees, costs and expenses incurred in connection with the Transactions.

Rights Offering” means the private sale of Equity Interests in Satmex Investment Holdings GP Ltd., a limited company organized under the laws of the Cayman Islands, and Satmex Investment Holdings L.P., a limited partnership organized under the laws of the Cayman Islands, as set forth under the Reorganization Plan, where up to $90.0 million of net cash proceeds was contributed to the common equity capital of Satmex substantially simultaneously with the release of the proceeds in the escrow account.

S&P” means Standard & Poor’s Ratings Group.

Satellite Subsidiary” means (i) the Satmex 7 Subsidiary and (ii) any non-Guarantor Restricted Subsidiary formed after the Issue Date of the Original Notes and solely to design, construct, launch and own one or more satellites, together with its related assets.

Satellite Subsidiary Capital Contribution” shall mean a capital contribution to, or public or private sale of Equity Interests (other than Disqualified Stock) in, Satmex which is designated as a “Satellite Subsidiary Capital Contribution” pursuant to an Officers’ Certificate on the date it is made. A Satellite Subsidiary Capital Contribution will not be considered to be a capital contribution or sale of Equity Interests, and will be disregarded for purposes of calculations, or baskets under the covenant described under “– Certain Covenants – Restricted Payments” and will not be considered to be an Equity Offering for purposes of the “Optional Redemption” provisions of the Indenture.

Satmex 7” has the meaning ascribed to such term under the definition of “Satmex 7” Subsidiary.

Satmex 7 ATP” means that certain Authorization to Proceed, dated June 20, 2008, between Satmex and Space Systems/Loral, Inc.

Satmex 7 Subsidiary” a non-Guarantor Restricted Subsidiary formed solely to design, construct, launch and own a satellite known as “Satmex 7” for operation in the 114.9° W.L. orbital slot and related assets. For the purposes of clause (13) of Permitted Investments and the definition of Excluded Assets, Investments made in

 

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Satmex 7 and related assets prior to the formation of the Satmex 7 Subsidiary and the contribution of such assets to the Satmex 7 Subsidiary shall be deemed made directly into the Satmex 7 Subsidiary; provided that, all such Investments made prior to the Assumption were deemed to be made under clause (11) of the definition of Permitted Investments.

Satmex 8” has the meaning ascribed to such term under the caption “Certain Covenants – Insurance.”

Satmex 8 Operation Date” means the date on which a new 64 transponder, C- and Ku-band satellite known as Satmex 8 is fully operational in the 116.8° W.L. orbital slot as determined in good faith by Satmex.

Second Lien Debt” means Indebtedness of Satmex that is secured on a junior basis to the Priority Lien Debt and constitutes Junior Lien Debt.

Secured Debt” means Priority Lien Debt and Junior Lien Debt.

Secured Debt Documents” means the Priority Lien Documents and the Junior Lien Documents.

Secured Debt Representative” means each Priority Lien Representative and each Junior Lien Representative.

Secured Obligations” means Priority Lien Obligations and Junior Lien Obligations.

Secured Parties” means the holders of Secured Obligations and the Secured Debt Representatives.

Security Documents” means the Collateral Trust Agreement, each Lien Sharing and Priority Confirmation and all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers for security executed and delivered by any Grantor creating or perfecting (or purporting to create or perfect) a Lien upon Collateral in favor of the Collateral Trustee for the benefit of the Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and the provisions described above under the caption “– Collateral Trust Agreement – Amendment of security documents.”

Segregated Account” means a bank account containing cash and Cash Equivalents and held by and in the name of the Collateral Trustee, in which account and its contents the Collateral Trustee has a valid, enforceable and perfected first-priority Liens for the benefit of the noteholders.

Series of Junior Lien Debt” means, severally, any credit facility and other Indebtedness that constitutes Junior Lien Debt.

Series of Priority Lien Debt” means, severally, the Notes and other Indebtedness that constitutes Priority Lien Debt.

Series of Secured Debt” means, severally, each Series of Junior Lien Debt and each Series of Priority Lien Debt.

Significant Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of the Indenture.

Solidaridad 2 Concession” means the concession granted by the Mexican government to operate a satellite in the orbital slot currently occupied by the Solidaridad 2 satellite.

Special Interest” has the meaning assigned to that term pursuant to the Registration Rights Agreement.

Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the date of the Indenture, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.

 

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Subsidiary” means, with respect to any specified Person:

(1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

(2) any partnership or limited liability company of which (a) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (b) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

Total Secured Leverage Ratio” means, as of any date, the ratio of

(1) the Consolidated Indebtedness of Satmex secured by a Lien (other than Non-Recourse Debt of Satmex and its Subsidiaries) as of such date to

(2) the Consolidated EBITDA of Satmex for the most recent four-quarter period for which internal financial statements are available, in each case determined on a pro forma basis after giving effect to all acquisitions or dispositions of assets made by Satmex and its Subsidiaries from the beginning of such four-quarter period through and including such date of determination (including any related financing transactions) as if such acquisitions and dispositions had occurred at the beginning of such four-quarter period.

In addition, for purposes of calculating the Total Secured Leverage Ratio:

(1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations or acquisitions of assets, or any Person or any of its Restricted Subsidiaries acquired by merger, consolidation or the acquisition of all or substantially all of its assets by the specified Person or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the date on which the event for which the calculation of the Total Secured Leverage Ratio is made (the “Total Secured Leverage Calculation Date”) will be given pro forma effect (as determined in good faith by Satmex’s chief financial officer and shall be reasonably identifiable and factually supportable as certified in an Officers’ Certificate delivered to each of the trustee and the Collateral Trustee) as if they had occurred on the first day of the four-quarter reference period;

(2) the Consolidated EBITDA attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Total Secured Leverage Calculation Date will be excluded;

(3) any Person that is a Restricted Subsidiary on the Total Secured Leverage Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such four-quarter reference period; and

(4) any Person that is not a Restricted Subsidiary on the Total Secured Leverage Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such four-quarter reference period.

Transactions” means the transactions contemplated by the Reorganization Plan.

Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to the

 

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redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to May 15, 2014; provided, however, that if the period from the redemption date to May 15, 2014, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.

Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.

Uniform Commercial Code” means the Uniform Commercial Code as in effect in the applicable jurisdiction.

Unrestricted Subsidiary” means any Subsidiary of Satmex that is designated by the Board of Directors of Satmex as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary:

(1) has no Indebtedness other than Non-Recourse Debt;

(2) except as permitted by the covenant described above under the caption “– Certain Covenants – Transactions with Affiliates,” is not party to any agreement, contract, arrangement or understanding with Satmex or any Restricted Subsidiary of Satmex unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to Satmex or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of Satmex;

(3) is a Person with respect to which neither Satmex nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and

(4) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of Satmex or any of its Restricted Subsidiaries.

U.S. Subsidiary” means each of Alterna’TV Corporation and Alterna’TV International Corporation.

Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.

Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

(1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

(2) the then outstanding principal amount of such Indebtedness.

 

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THE EXCHANGE OFFER

Purpose of the Exchange Offer

On April 9, 2012, we completed the issuance of the New Notes in a private placement to qualified institutional buyers in the United States in reliance on rule 144A under the Securities Act and outside the U.S. in reliance on Regulation S promulgated under the rules of the Securities Act. Accordingly, the New Notes may not be reoffered, resold or otherwise transferred in the U.S. absent registration under the Securities Act or pursuant to an available exemption from registration thereunder. On April 9, 2012, we entered into a Registration Rights Agreement with the initial purchaser of the New Notes, pursuant to which we agreed to use our commercially reasonable efforts to file and to have declared effective an exchange offer registration statement under the Securities Act with respect to a registered offer to exchange the New Notes for the Exchange Notes and to consummate the exchange offer.

In addition, we agreed to keep the exchange offer open for at least 20 business days, or longer if required by applicable law, after the date notice of the exchange offer is mailed to the holders of the New Notes. We are offering the Exchange Notes pursuant to this prospectus to satisfy our obligations under the Registration Rights Agreement.

We are making this exchange offer in reliance on interpretations of the staff of the SEC set forth in several no-action letters. We have not, however, sought our own no-action letter. Based on interpretations by the SEC’s staff in no-action letters issued to other parties, we believe that a holder of Exchange Notes issued in the exchange offer may transfer the Exchange Notes without complying with the registration and prospectus delivery requirements of the Securities Act if such holder:

 

   

is not an affiliate of Satmex within the meaning of Rule 405 under the Securities Act;

 

   

is not a broker-dealer tendering New Notes acquired directly from Satmex for its own account;

 

   

acquired the New Notes in the ordinary course of its business; and

 

   

has no arrangements or understandings with any person to participate in this exchange offer for the purpose of distributing the New Notes and has made representations to Satmex to that effect.

Each broker-dealer that receives Exchange Notes for its own account in exchange for New Notes, where such New Notes were acquired by such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Notes. The letter of transmittal states that by so acknowledging and delivering a prospectus, a broker-dealer will not be considered to admit that it is an “underwriter” within the meaning of the Securities Act. We have agreed that we will make this prospectus available to broker-dealers for use in connection with any resales for such period as this prospectus must be delivered by such persons under the prospectus delivery requirements of the Securities Act. See “Plan of Distribution.”

Except as described above, this prospectus may not be used for an offer to resell, resale or other transfer of Exchange Notes.

The exchange offer is not being made to, nor will we accept tenders for exchange from, holders of New Notes in any jurisdiction in which the exchange offer or the acceptance of tenders would not be in compliance with the securities or blue-sky laws of such jurisdiction.

Terms of the Exchange Offer

Upon the terms and subject to the conditions of the exchange offer, we will accept any and all New Notes validly tendered and not withdrawn prior to 5:00 p.m., New York City time, on the expiration date for the exchange offer. The date of acceptance for exchange of the New Notes, and completion of the exchange offer, is the exchange date, which will be as soon as practicable following the expiration date (unless extended as described in this prospectus). Promptly following the exchange date, we will issue an aggregate principal amount of up to $35.0

 

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million of Exchange Notes for a like principal amount of outstanding New Notes tendered and accepted in connection with the exchange offer. The Exchange Notes issued in connection with the exchange offer will be delivered promptly following the exchange date. Holders may tender some or all of their New Notes in connection with the exchange offer, but only in minimum amounts of $2,000 and $1,000 increments of principal amount.

The terms of the Exchange Notes will be identical in all material respects to the terms of the New Notes, except that:

 

   

the Exchange Notes will have been registered under the Securities Act, and thus the Exchange Notes will generally not be subject to the restrictions on transfer applicable to the New Notes, nor will they bear restrictive legends;

 

   

the Exchange Notes will have a different CUSIP number from the New Notes;

 

   

the Exchange Notes will not be entitled to registration rights; and

 

   

the Exchange Notes will not have the right to earn additional interest under circumstances relating to our registration obligations.

The Exchange Notes will evidence the same debt as the New Notes and will be issued under the Indenture and entitled to the same benefits under the Indenture as the New Notes. As of the date of this prospectus, $35.0 million in aggregate principal amount of the New Notes is outstanding. This prospectus and a letter of transmittal are being sent to all registered holders of outstanding New Notes. There will be no fixed record date for determining registered holders entitled to participate in this exchange offer.

In connection with the issuance of the New Notes, we arranged for the New Notes originally purchased by qualified institutional buyers and those sold in reliance on Regulation S under the Securities Act to be issued and transferable in book-entry form through the facilities of DTC, acting as depositary. The Exchange Notes will be issued in the form of Global Notes registered in the name of DTC or its nominee, and each beneficial owner’s interest in it will be transferable in book-entry form through DTC. See “Description of the Exchange Notes – Transfer and Exchange.”

The exchange offer is not conditioned upon any minimum aggregate principal amount of outstanding New Notes being tendered for exchange.

We intend to conduct the exchange offer in accordance with the provisions of the Registration Rights Agreement, the applicable requirements of the Securities Act and the Exchange Act and the rules and regulations of the SEC.

Holders of New Notes do not have any appraisal or dissenters’ rights in connection with the exchange offer. New Notes that are not tendered for exchange or are tendered but not accepted in connection with the exchange offer will remain outstanding and be entitled to the benefits of the Indenture, but will not be entitled to any registration rights or additional interest under the Registration Rights Agreement. See “– Issuances of Exchange Notes; Consequences of Failures to Properly Tender New Notes in the Exchange Offer.”

We shall be considered to have accepted validly tendered New Notes if and when we have given oral or written notice to the exchange agent. The exchange agent will act as agent for the tendering holders for the purposes of receiving the Exchange Notes from us.

If any tendered New Notes are not accepted for exchange because of an invalid tender, the occurrence of certain other events described in this prospectus or otherwise, we will return the New Notes to the tendering holder, without expense to such holder, promptly after the expiration date.

Holders who tender New Notes will not be required to pay brokerage commissions or fees or, subject to the instructions in the letter of transmittal, transfer taxes on exchange of New Notes in connection with the exchange offer. We will pay all charges and expenses, other than certain applicable taxes described below, in connection with the exchange offer. See “– Fees and Expenses.”

 

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Expiration Date; Extensions; Amendments

The expiration date for the exchange offer is 5:00 p.m., New York City time, on             , 2012, unless extended by us in our sole discretion, in which case the term “expiration date” shall mean the latest date and time to which the exchange offer is extended. We reserve the right, in our sole discretion, to extend the exchange offer at any time and from time to time before the expiration date by giving written notice to Wilmington Trust, National Association, the exchange agent, and by timely public announcement. During any extension of the exchange offer, all New Notes previously tendered in the exchange offer will remain subject to the exchange offer.

We reserve the right, in our sole discretion:

 

   

to terminate the exchange offer if, in our reasonable judgment, any of the conditions described below shall not have been satisfied and shall not have been waived by us; or

 

   

to amend the terms of the exchange offer in any manner.

If we amend the exchange offer in a manner that we consider material, we will disclose such amendment by means of a prospectus supplement, and we will extend the exchange offer for a period of five to ten business days.

If we determine to extend, amend or terminate the exchange offer, we will publicly announce this determination by making a timely release through an appropriate news agency.

Interest on the Exchange Notes

The Exchange Notes will bear interest at 9.5% per annum from the most recent date to which interest on the New Notes has been paid or, if no interest has been paid on the New Notes, from the Issue Date. Interest will be payable semi-annually in arrears on May 15 and November 15 of each year.

Conditions to the Exchange Offer

Notwithstanding any other term of the exchange offer, we will not be required to accept for exchange, or exchange Exchange Notes for, any New Notes and may terminate the exchange offer as provided in this prospectus before acceptance of the New Notes, if prior to the expiration date:

 

   

the exchange offer violates any applicable law; or

 

   

the exchange offer violates any applicable interpretation of the staff of the SEC.

The conditions listed above are for our sole benefit and may be asserted by us regardless of the circumstances giving rise to any of these conditions. We may waive these conditions in our reasonable discretion in whole or in part at any time and from time to time prior to the expiration date. The failure by us at any time to exercise any of the above rights shall not be considered a waiver of such right, and such right shall be considered an ongoing right which may be asserted at any time and from time to time.

If we determine in our reasonable discretion that any of the conditions are not satisfied, we may:

 

   

refuse to accept any New Notes and return all tendered New Notes to the tendering holders;

 

   

extend the exchange offer and retain all New Notes tendered before the expiration of the exchange offer, subject, however, to the rights of holders to withdraw these New Notes (see “– Withdrawal of Tenders” below); or

 

   

waive unsatisfied conditions relating to the exchange offer and accept all properly tendered New Notes which have not been withdrawn.

In addition, we will not accept any New Notes tendered for exchange, and no Exchange Notes will be issued in exchange for any New Notes, if at that time any stop order is threatened or in effect relating to:

 

   

the registration statement of which this prospectus forms a part; or

 

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the qualification of the Indenture under the Trust Indenture Act.

Procedures For Tendering

Unless the tender is being made in book-entry form, to tender in the exchange offer, a holder must:

 

   

complete, sign and date the letter of transmittal, or a facsimile of it;

 

   

have the signatures guaranteed if required by the letter of transmittal; and

 

   

mail or otherwise deliver the letter of transmittal or the facsimile, the New Notes and any other required documents to the exchange agent prior to 5:00 p.m., New York City time, on the expiration date.

Any financial institution that is a participant in DTC’s Book-Entry Transfer Facility system may make book-entry delivery of the New Notes by causing DTC to transfer the New Notes into the exchange agent’s account. Although delivery of New Notes may be effected through book-entry transfer into the exchange agent’s account at DTC, the letter of transmittal (or facsimile), with any required signature guarantees and any other required documents, must, in any case, be transmitted to and received or confirmed by the exchange agent at its address set forth under the caption “Exchange Agent” below, prior to 5:00 p.m., New York City time, on the expiration date. Delivery of documents to DTC in accordance with its procedures does not constitute delivery to the exchange agent.

The tender by a holder of New Notes will constitute an agreement between us and the holder in accordance with the terms and subject to the conditions set forth in this prospectus and in the letter of transmittal.

The method of delivery of New Notes and the letter of transmittal and all other required documents to the exchange agent is at the election and risk of the holders. Instead of delivery by mail, we recommend that holders use an overnight or hand delivery service. In all cases, holders should allow sufficient time to assure delivery to the exchange agent before the expiration date. No letter of transmittal or New Notes should be sent to us. Holders may request their respective brokers, dealers, commercial banks, trust companies or nominees to effect the tenders for such holders.

Any beneficial owner whose New Notes are registered in the name of a broker, dealer, commercial bank, trust company or other nominee and who wishes to tender should contact the registered holder promptly and instruct such registered holder to tender on behalf of the beneficial owner. If the beneficial owner wishes to tender on that owner’s own behalf, the beneficial owner must, prior to completing and executing the letter of transmittal and delivering such beneficial owner’s New Notes, either make appropriate arrangements to register ownership of the New Notes in such beneficial owner’s name or obtain a properly completed bond power from the registered holder. The transfer of registered ownership may take considerable time.

Signatures on letters of transmittal or notices of withdrawal must be guaranteed by an eligible guarantor institution within the meaning of Rule 17Ad-15 under the Exchange Act, unless the New Notes tendered pursuant thereto are tendered:

 

   

by a registered holder who has not completed the box entitled “Special Registration Instructions” or “Special Delivery Instructions” on the letter of transmittal; or

 

   

for the account of an eligible guarantor institution. In the event that a signature on a letter or transmittal or a notice of withdrawal is required to be guaranteed, such guarantee must be by:

 

   

a member firm of a registered national securities exchange or of the Financial Industry Regulatory Authority, Inc.;

 

   

a commercial bank or trust company having an office or correspondent in the United States; or

 

   

an “eligible guarantor institution.”

 

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If the letter of transmittal is signed by a person other than the registered holder of any New Notes, the New Notes must be endorsed by the registered holder or accompanied by a properly completed bond power, in each case signed or endorsed in blank by the registered holder.

If the letter of transmittal or any New Notes or bond powers are signed or endorsed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing and, unless waived by us, submit evidence satisfactory to us of their authority to act in that capacity with the letter of transmittal.

We will determine all questions as to the validity, form, eligibility (including time of receipt) and acceptance and withdrawal of tendered New Notes in our sole discretion. We reserve the absolute right to reject any and all New Notes not properly tendered or any New Notes whose acceptance by us would, in the opinion of our counsel, be unlawful. We also reserve the right to waive any defects, irregularities or conditions of tender as to any particular New Notes either before or after the expiration date. Our interpretation of the terms and conditions of the exchange offer (including the instructions in the letter of transmittal) will be final and binding on all parties. Unless waived, any defects or irregularities in connection with tenders of New Notes must be cured within a time period we will determine. Although we intend to request the exchange agent to notify holders of defects or irregularities relating to tenders of New Notes, neither we, the exchange agent nor any other person will have any duty or incur any liability for failure to give such notification. Tenders of New Notes will not be considered to have been made until such defects or irregularities have been cured or waived. Any New Notes received by the exchange agent that are not properly tendered and as to which the defects or irregularities have not been cured or waived will be returned by the exchange agent to the tendering holders, unless otherwise provided in the letter of transmittal, promptly following the expiration date.

In addition, we reserve the right, as set forth above under the caption “Conditions to the Exchange Offer,” to terminate the exchange offer. By tendering, each holder represents to us, among other things, that:

 

   

the Exchange Notes acquired in connection with the exchange offer are being obtained in the ordinary course of business of the person receiving the Exchange Notes, whether or not such person is the holder;

 

   

neither the holder nor any such other person has an arrangement or understanding with any person to participate in the distribution of such Exchange Notes; and

 

   

neither the holder nor any such other person is our “affiliate” (as defined in Rule 405 under the Securities Act). Each broker-dealer that receives Exchange Notes for its own account in exchange for New Notes, where such New Notes were acquired by such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Notes. See “Plan of Distribution.”

Guaranteed Delivery Procedures

A holder who wishes to tender its New Notes and:

 

   

whose New Notes are not immediately available;

 

   

who cannot deliver the holder’s New Notes, the letter of transmittal or any other required documents to the exchange agent prior to the expiration date; or

 

   

who cannot complete the procedures for book-entry transfer before the expiration date;

may effect a tender if:

 

   

the tender is made through an eligible guarantor institution;

 

   

before the expiration date, the exchange agent receives from the eligible guarantor institution:

 

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a properly completed and duly executed notice of guaranteed delivery by facsimile transmission, mail or hand delivery,

 

   

the name and address of the holder, and

 

   

the certificate number(s) of the New Notes and the principal amount of New Notes tendered, stating that the tender is being made and guaranteeing that, within three New York Stock Exchange trading days after the expiration date, the letter of transmittal and the certificate(s) representing the New Notes (or a confirmation of book-entry transfer), and any other documents required by the letter of transmittal will be deposited by the eligible guarantor institution with the exchange agent; and

 

   

the exchange agent receives, within three New York Stock Exchange trading days after the expiration date, a properly completed and executed letter of transmittal or facsimile, as well as the certificate(s) representing all tendered New Notes in proper form for transfer or a confirmation of book-entry transfer, and all other documents required by the letter of transmittal.

Upon request, the exchange agent will send to you a notice of guaranteed delivery if you wish to tender your New Notes according to the guaranteed delivery procedures.

Withdrawal of Tenders

Except as otherwise provided herein, tenders of New Notes may be withdrawn at any time prior to 5:00 p.m., New York City time, on the expiration date.

To withdraw a tender of New Notes in connection with the exchange offer, a written or facsimile transmission notice of withdrawal must be received by the exchange agent at its address set forth herein prior to 5:00 p.m., New York City time, on the expiration date. Any such notice of withdrawal must:

 

   

specify the name of the person who deposited the New Notes to be withdrawn;

 

   

identify the New Notes to be withdrawn (including the certificate number(s) and principal amount of such New Notes);

 

   

be signed by the depositor in the same manner as the original signature on the letter of transmittal by which such New Notes were tendered (including any required signature guarantees) or be accompanied by documents of transfer sufficient to have the Trustee register the transfer of such New Notes into the name of the person withdrawing the tender; and

 

   

specify the name in which any such New Notes are to be registered, if different from that of the depositor.

We will determine all questions as to the validity, form and eligibility (including time of receipt) of such notices of withdrawal. Any New Notes so withdrawn will be considered not to have been validly tendered for purposes of the exchange offer, and no Exchange Notes will be issued in exchange for such withdrawn New Notes unless such New Notes are validly re-tendered. Any New Notes which have been tendered but which are not accepted for exchange or which are withdrawn will be returned to the holder without cost to such holder promptly after withdrawal, rejection of tender or termination of the exchange offer. Properly withdrawn New Notes may be re-tendered at any time prior to the expiration date by following one of the procedures described above under the caption “– Procedures for Tendering.”

Information Regarding the Registration Rights Agreement; Additional Interest

As noted, we are effecting this exchange offer to comply with the Registration Rights Agreement. The Registration Rights Agreement requires us to use our commercially reasonable efforts to:

 

   

file with the SEC a registration statement for the exchange offer;

 

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cause such registration statement to be declared effective under the Securities Act;

 

   

have such registration statement remain effective until the closing of the exchange offer;

 

   

commence the exchange offer promptly after the exchange offer registration statement is declared effective by the SEC; and

 

   

consummate the exchange offer not later than November 10, 2012.

In addition, if because of any change in law or in applicable interpretations thereof by the staff of the SEC, we are not permitted to effect the exchange offer or under certain other circumstances, we must use our commercially reasonable efforts to file a shelf registration statement for the resale of the New Notes cause such registration statement to be declared effective under the Securities Act.

If the exchange offer for the New Notes is not completed on or prior to November 10, 2012, the interest rate on the New Notes will increase by 0.25% per annum for the first 90-day period thereafter, and the amount of such Special Interest will increase by an additional 0.25% per annum for each subsequent 90-day period, up to a maximum of 1.0% per annum over the original interest rate on the New Notes. Special Interest will also become payable if any of the following occurs: if (i) any required shelf registration statement is not timely filed with the SEC, (ii) any required shelf registration statement is not timely declared effective by the SEC or (iii) any registration statement required by the Registration Rights Agreement is filed and declared effective but thereafter ceases to be effective or fails to be usable for its intended purpose, each of the foregoing as prescribed by the terms of the Registration Rights Agreement. Additional Interest would cease to be payable upon consummation of the exchange offer or upon cure of all applicable registration defaults as described above.

This foregoing description of the Registration Rights Agreement is only a summary and is qualified in its entirety by reference to the full text of the Registration Rights Agreement, which we have previously filed with the SEC and which is incorporated by reference herein. See “Where You Can Find More Information.”

Exchange Agent

We have appointed Wilmington Trust, National Association as exchange agent in connection with the exchange offer. Questions and requests for assistance, requests for additional copies of this prospectus or of the letter of transmittal should be directed to the exchange agent at its offices at: Wilmington Trust, National Association, c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-1626, Attention: Sam Hamed. The exchange agent’s phone number is (302) 636-6181 and facsimile number is (302) 636-4319, Attention: Sam Hamed.

Fees and Expenses

We will not make any payment to brokers, dealers or others soliciting acceptances of the exchange offer. We will pay certain other expenses to be incurred in connection with the exchange offer, including the fees and expenses of the exchange agent and certain accounting and legal fees. We will pay all transfer taxes, if any, applicable to the exchange of the outstanding New Notes under the exchange offer, except as set forth under “– Transfer Taxes.”

Accounting Treatment

The Exchange Notes will be recorded at the same carrying value as the New Notes as reflected in our accounting records on the date of the exchange. Accordingly, we will not recognize any gain or loss for accounting purposes upon the completion of the exchange offer. The expenses of the exchange offer that we pay will increase our deferred financing costs and will be amortized over the term of the Exchange Notes in accordance with generally accepted accounting principles.

 

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Issuance of Exchange Notes; Consequences of Failure to Properly Tender New Notes in the Exchange Offer

Issuance of the Exchange Notes in exchange for the New Notes in the exchange offer will be made only after timely receipt by the exchange agent of the certificate(s) representing the New Notes (or a confirmation of book-entry transfer), a properly completed and duly executed letter of transmittal (or an agent’s message from DTC) and all other required documents. Therefore, holders of the New Notes desiring to tender such New Notes in exchange for Exchange Notes should allow sufficient time to ensure timely delivery. We are under no duty to give notification of defects or irregularities of tenders of New Notes for exchange. New Notes that are not tendered or that are tendered but not accepted by us will, following completion of the exchange offer, continue to be subject to the existing restrictions upon transfer thereof under the Securities Act, and, upon completion of the exchange offer, certain registration rights under the Registration Rights Agreement will terminate. In the event the exchange offer is completed, we will not be required to register the remaining New Notes. Remaining New Notes will continue to be subject to the following restrictions on transfer:

 

   

the remaining New Notes may be resold only (i) if registered pursuant to the Securities Act, (ii) if an exemption from registration is available or (iii) if neither such registration nor such exemption is required by law; and

 

   

the remaining New Notes will bear a legend restricting transfer in the absence of registration or an exemption therefrom.

We do not anticipate that we will register the remaining New Notes under the Securities Act. To the extent that New Notes are tendered and accepted in connection with the exchange offer, any trading market for remaining New Notes could be adversely affected. See “Risk Factors – Risks Related to the Exchange Notes and the Exchange Offer – If you do not exchange your New Notes, they may be difficult to resell.”

Transfer Taxes

We will pay all transfer taxes, if any, applicable to the exchange of outstanding New Notes under the exchange offer. The tendering holder, however, will be required to pay any transfer taxes, whether imposed on the registered holder or any other person, if:

 

   

Exchange Notes are to be delivered to, or issued in the name of, any person other than the registered holder of the New Notes tendered;

 

   

tendered outstanding New Notes are registered in the name of any other person other than the person signing the letter of transmittal; or

 

   

a transfer tax is imposed for any reason other than the exchange of New Notes pursuant to the exchange offer.

If satisfactory evidence of payment of such taxes is not submitted with the letter of transmittal, the amount of such transfer taxes will be billed to the tendering holder.

Other

Participating in the exchange offer is voluntary, and you should carefully consider whether to accept. You are urged to consult your financial and tax advisors in making your decision on what action to take.

 

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CERTAIN MEXICAN TAX CONSIDERATIONS

The following summary contains a description of the principal Mexican tax consequences of the purchase, ownership and disposition of the Exchange Notes. This summary is based on the tax laws in force as of the date hereof and does not describe any tax consequences arising under the laws of any state, locality or taxing jurisdiction other than Mexico.

The below discussion does not address all Mexican tax considerations that may be relevant to particular investors, nor does it address the special tax rules applicable to certain categories of investors or any tax consequences under the tax laws of any state or municipality of Mexico.

The U.S. and Mexico have entered into a Convention for the Avoidance of Double Taxation (the “Tax Treaty”). Provisions of the Tax Treaty that may affect the taxation of certain U.S. Noteholders are summarized below. The U.S. and Mexico have also entered into an agreement that covers the exchange of information with respect to tax matters. Mexico has also entered into, and is negotiating, several other tax treaties that may reduce the amount of Mexican withholding tax to which payments of interest on the Exchange Notes may be subject.

This summary of certain Mexican tax considerations deals with Noteholders that (a) are not residents of Mexico for Mexican tax purposes and (b) do not conduct a trade or business through a permanent establishment in Mexico (each, a “Foreign Holder”). For purposes of Mexican Taxation, tax residency is a highly technical definition which involves several factual situations.

In general terms, an individual is a resident of Mexico if he or she has established his or her home in Mexico. When such person also has a home in another country different from Mexico, the individual will be considered a resident of Mexico for tax purposes if his/her center of vital interests is located in Mexico, which is deemed to occur if (i) more than 50% of such individual’s total income, in any calendar year, is from Mexican sources, or (ii) such individual’s principal center of professional activities is located in Mexico. Mexican nationals who filed a change of tax residence to a country or jurisdiction that does not have a comprehensive exchange of information agreement with Mexico in which his/her income is considered as subject to a preferential tax regime pursuant to the provisions of the Mexican Income Tax Law, will be considered Mexican residents for tax purposes during the year of filing of the notice of such residence change and during the following three years. Unless proven otherwise, a Mexican national is deemed a resident of Mexico for tax purposes.

A corporation is considered a resident of Mexico for tax purposes if it maintains the principal administration of its business or the effective location of its management in Mexico, regardless of the country in which such entity was incorporated.

A permanent establishment in Mexico of a non-resident person will be treated under the same rules applicable to a resident of Mexico for tax purposes, and will be required to pay taxes in Mexico in accordance with applicable tax laws with respect to income attributable to such permanent establishment.

However, any determination of residence should be made considering the particular situation of each person or legal entity.

PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE MEXICAN AND FOREIGN CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND HOLDING, AND DISPOSITION OF THE EXCHANGE NOTES, INCLUDING, IN PARTICULAR, THE EFFECT OF ANY FOREIGN (NON-MEXICAN), STATE, LOCAL OR MUNICIPAL TAX LAWS.

The tax implications described herein may vary depending on the applicability of a treaty for the avoidance of double taxation in effect. Mexico has entered into or is negotiating several treaties regarding the avoidance of double taxation with various countries that may have an impact on the tax treatment of the purchase, ownership and holding or disposition of Exchange Notes.

 

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PROSPECTIVE PURCHASERS OF THE EXCHANGE NOTES, WHO ARE NON-MEXICAN RESIDENTS, SHOULD CONSULT THEIR TAX ADVISORS IN RESPECT OF THE ENTITLEMENT TO BENEFITS AFFORDED BY TAX TREATIES EXECUTED BY MEXICO, IF ANY.

Taxation of Interest and Principal

Under the Mexican Income Tax Law, interest, regardless of the name used is subject to Mexican withholding tax.

Among others, interest for Mexican tax purposes refers to yields of credit of any nature, with or without mortgage guarantee and whether entitled or not to participate in the benefits; yields from public debt, bonds and debentures (including premiums and prizes assimilated to such yields), premiums paid on loans of securities, discounts for placement of negotiable securities, bonds or debentures, commissions or payments for the opening or guarantee of credits (regardless of whether such credits are contingent), payments to a third party for opening or guaranteeing a credit (regardless of whether such credits are contingent), payments to a third party for accepting to guarantee negotiable instruments or to furnish a guarantee or accept a liability of any other nature, gain from the transfer of publicly traded securities pursuant to Article 9th of the Mexican Income Tax Law, as well as gain realized by a foreign resident from the transfer of credits due from a Mexican resident or a foreign resident with a permanent establishment in Mexico, when acquired by a Mexican resident or by a foreign resident with a permanent establishment in this country.

Under the Mexican Income Tax Law, payments of interest made in respect of the Exchange Notes (including payments of principal in excess of the issue price of such Exchange Notes, which, under Mexican law, are deemed to be interest) to a Foreign Holder, will generally be subject to a Mexican withholding tax assessed at a rate of 4.9% if (a) the Exchange Notes are placed through banks or brokerage houses (casas de bolsa) in a country with which Mexico has entered into a tax treaty for the avoidance of double taxation and such tax treaty is in effect; (b) with respect to the Exchange Notes, the notice referred in the second paragraph of article 7 of the Mexican Securities Law (Ley del Mercado de Valores) is filed with the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and (c) the information requirements specified by the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público) (the “SHCP”) under its general rules are satisfied. If such requirements are not met, the applicable withholding tax rate will be 10%.

As of the date of this prospectus, neither the Tax Treaty nor any other tax treaty currently in force, provides for a lower withholding tax rate than the 4.9% imposed on interest income earned by foreign residents under the Mexican Income Tax Law. Therefore, neither the Tax Treaty nor other treaties are expected to have any effect on the Mexican tax consequences described in this summary.

A higher income tax withholding rate (30% for 2012, 29% for 2013, and 28% for 2014 and thereafter) will be applicable when the beneficial owners of payments treated as interest, whether directly or indirectly, individually or collectively with related persons, receive more than 5% of the aggregate amount of such payments on the Notes and such beneficiaries are (a) shareholders of Satmex who own, directly or indirectly, individually or collectively with related persons, more than 10% of Satmex’s voting stock or (b) entities more than 20% the stock of which is owned, directly or indirectly, individually or collectively with related persons, by Satmex or by persons related to Satmex. For such purposes, under the Mexican Income Tax Law, persons are considered related if one possesses an interest in the business of the other, common interests exist between them or a third person holds an interest in the business or property of both persons.

Payments of interest made with respect to the Exchange Notes to non-Mexican pension or retirement funds will be exempt from Mexican withholding taxes, provided, that any such fund is (a) the beneficial owner of the interest payment with respect to the Exchange Notes, (b) duly incorporated pursuant to the laws of its country of origin, (c) exempt from income tax in such country, (d) registered with the Ministry of Finance for that purpose and (e) the relevant interest income is exempt from taxes in such country.

Noteholders may be requested to, subject to specified exceptions and limitations, provide certain information or documentation necessary to enable us to apply the appropriate Mexican withholding tax rate on interest payments under the Notes made by us to such Noteholders. In the event that the specified information or documentation concerning the Noteholder, if requested, is not timely provided, we may withhold Mexican tax from interest payments on the Notes to that Noteholder at the maximum applicable rate.

 

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Gross-Up of Interest Withholding

Satmex is required under current Mexican law to deduct Mexican withholding taxes at the rate of 4.9% from interest payments made to Noteholders who are not residents of Mexico and pay such taxes to the Mexican tax authorities. Satmex will pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of interest by each Noteholder after the applicable Mexican withholding (including any withholding imposed on the Additional Amounts) will equal the amount of interest that would have been received in the absence of such withholding; provided, however, that no Additional Amounts will be payable with respect to any incremental taxes that would not have been imposed but for the Noteholder being a more than 10% owner, directly or indirectly, individually or collectively with related persons of the voting stock in Satmex and being a beneficial owner, directly or indirectly, individually or collectively with related persons of more than 5% of the interest arising from the Exchange Notes; provided that notwithstanding the foregoing, such Noteholder shall continue to be entitled to any Additional Amounts that otherwise would have been payable to such Noteholder had such Noteholder’s direct or indirect ownership remained below the ownership levels specified in this paragraph.

Payments of Principal

Under the Mexican Income Tax Law, principal paid to Noteholders who are non-resident of Mexico for tax purposes is not subject to Mexican withholding taxes or any other similar taxes.

Taxation of Acquisitions and Dispositions

Pursuant to the Mexican Income Tax Law, a tax is imposed upon the acquisition at a discount of an Exchange Note by a purchaser that is a non-resident of Mexico for tax purposes, to the extent that the seller is a resident of Mexico or a non-resident with a permanent establishment in Mexico. In such case, the difference between the sale price and the aggregate face value and accrued but unpaid interest not previously subject to withholding tax will be deemed interest for Mexican tax purposes and thereby subject to 10% tax. The seller resident of Mexico or a non-resident with a permanent establishment in Mexico will be required to withhold the 10% tax relating to deemed interest income from the purchaser and remit it to the Tax Administration Service.

Gain resulting from the sale or other disposition of the Exchange Notes by a Foreign Holder when the purchaser is a resident of Mexico or a non-resident with a permanent establishment in Mexico will be characterized as interest for Mexican tax purposes and thus subject to income tax in Mexico. As a result, the purchaser resident of Mexico or a non-resident with a permanent establishment in Mexico shall withhold the tax at the applicable rates mentioned above. In any case, the difference between the sales price over the face value of the Notes will be considered as interest.

Transfer and Other Taxes

There is no Mexican stamp, registration or similar taxes payable by a Foreign Holder in connection with the purchase, ownership or disposition of the Exchange Notes. A Foreign Noteholders will not be liable for Mexican estate, gift, inheritance or any similar tax with respect to the Exchange Notes.

 

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CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS

The following discussion summarizes certain U.S. federal income tax consequences to U.S. holders (defined below) of the purchases, ownership and disposition of an Exchange Note. This discussion does not purport to be a complete analysis of all the potential tax considerations. It is based on the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), the Treasury regulations promulgated or proposed thereunder, judicial authority, published administrative positions of the Internal Revenue Service (the “IRS”) and other applicable authorities, all as in effect on the date of this document, and all of which are subject to change, possibly on a retroactive basis. We have not sought any ruling from the IRS with respect to the statements made and the conclusions reached in this summary, and there can be no assurance that the IRS will agree with our statements and conclusions. This summary deals only with holders that purchase Exchange Notes in this offering at the offer price indicated on the cover page and that will hold the Exchange Notes as “capital assets” within the meaning of section 1221 of the Code (generally, property held for investment). This summary does not purport to deal with all aspects of U.S. federal income taxation that might be relevant to a particular Noteholder in light of the holder’s particular circumstances or status, nor does it address tax considerations applicable to an investor that may be subject to special tax rules, like a financial institution, tax-exempt organization, S corporation, partnership or other pass-through entity or investors in those entities, regulated investment company, real estate investment trust, insurance company, broker, dealer or trader in securities or currencies, a person who holds a Note as part of a hedge, straddle, synthetic security, conversion transaction or other risk reduction transaction, a person whose “functional currency” is not the U.S. dollar, persons who own First Priority Old Notes or a taxpayer subject to the alternative minimum tax. Moreover, it does not describe any tax consequences arising under the tax laws of any state, local or non-U.S. jurisdiction, any estate or gift tax consequences or any consequences arising from the newly enacted Medicare tax on investment income.

THE FOLLOWING DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT A SUBSTITUTE FOR CAREFUL TAX PLANNING AND ADVICE. AN INVESTOR CONSIDERING THE PURCHASE OF NOTES SHOULD CONSULT HIS OWN TAX ADVISER WITH RESPECT TO THE APPLICATION OF THE UNITED STATES FEDERAL INCOME TAX LAWS TO HIS PARTICULAR SITUATION AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER THE FEDERAL ESTATE, INHERITANCE OR GIFT TAX LAWS OR THE LAWS OF ANY STATE, LOCAL OR NON-UNITED STATES TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.

The term “U.S. holder” means a beneficial owner of an Exchange Note that is, for U.S. federal income tax purposes: an individual who is a citizen or resident of the U.S.; a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized in or under the law of the U.S., any state thereof or the District of Columbia; an estate the income of which is subject to U.S. federal income taxation regardless of its source; or a trust if (a) a court within the U.S. is able to exercise primary supervision over its administration, and one or more U.S. persons have the authority to control all of its substantial decisions, or (b) the trust was in existence on August 20, 1996 and properly elected to continue to be treated as a U.S. person.

If an entity treated as partnership for U.S. federal income tax purposes holds an Exchange Note, the tax treatment of a partner or member generally will depend upon the status of the partner or member, and the activities of the partnership. A holder that is a partner of a partnership purchasing an Exchange Note should consult his own tax advisers about the U.S. federal income tax consequences of the partnership purchasing, owning and disposing of the Exchange Note.

Additional Interest; Redemptions at a Premium. We are required to pay Additional Amounts as described under “Description of Notes – Additional Amounts.” In addition, in certain circumstances (see “Description of the Exchange Notes – Optional Redemption” and “Description of the Exchange Notes – Repurchase at the Option of Noteholders – Change of Control” and “Description of the Exchange Notes – Registration Rights; Special Interest”) we may be obligated to pay amounts in excess of stated interest or principal on the Exchange Notes. We believe (and the rest of this discussion assumes) that the amount of Additional Amounts we will be required to pay on the Exchange Notes will generally be constant throughout the term of the Exchange Notes and that there is only a remote possibility that we will be obligated to make any other additional payments. Accordingly, we believe that the Exchange Notes should not be treated as contingent payment debt instruments. Assuming such position is respected, a U.S. holder would be required to include in income the amount of any such additional payments at the time such

 

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payments are received or accrued in accordance with such U.S. holder’s method of accounting for U.S. federal income tax purposes. If the IRS successfully challenged this position, and the Notes were treated as contingent payment debt instruments, U.S. holders could be required to accrue interest income at a rate higher than their yield to maturity and to treat as ordinary income, rather than capital gain, any gain recognized on a sale, exchange, retirement or redemption of an Exchange Note. This disclosure assumes that the Exchange Notes will not be considered contingent payment debt instruments. U.S. holders are urged to consult their own tax advisors regarding the potential application to the Exchange Notes of the contingent payment debt instrument rules and the consequences thereof.

Amortizable Bond Premium. If a U.S. holder purchases an Exchange Note for an amount that is greater than the principal amount of the Exchange Note, the U.S. holder will be considered to have purchased the Exchange Note with amortizable bond premium. With some exceptions, a U.S. holder may elect to amortize this premium over the remaining term of the Exchange Note on a constant yield method. A U.S. holder making this election must generally use any amortizable bond premium allocable to an accrual period to offset interest required to be included in income with respect to the Exchange Note in such accrual period. A U.S. holder that elects to amortize bond premium with respect to a Exchange Note must reduce its tax basis in the Note by the amount of premium amortized in any year. An election to amortize bond premium applies to all taxable debt obligations then owned and thereafter acquired by such U.S. holder and such election may be revoked only with the consent of the IRS. If the Exchange Notes are subject to an optional redemption by us, special rules may apply which could result in a deferral of the amortization of some or all amortizable bond premium until later during the term of the Exchange Notes. U.S. holders are urged to consult their own tax advisors regarding the availability of the deduction for amortizable bond premium.

Payment of Stated Interest. Subject to the description relating to amortizable bond premium above, the stated interest (including any Mexican or other foreign income tax withheld and any Additional Amounts paid in respect of withholding taxes) on an Exchange Note will be taken into account by a U.S. holder as foreign source ordinary income at the time that interest is accrued or received in accordance with the holder’s regular method of accounting for U.S. federal income tax purposes.

Foreign Tax Credit. Interest income, if any, on an Exchange Note generally will constitute foreign source income and generally will be considered “passive category income” or, in the case of certain U.S. holders, “general category income” in computing the foreign tax credit allowable to U.S. holders under U.S. federal income tax laws. Any non-U.S. withholding tax paid by a U.S. holder at the rate applicable to such holder may be eligible for foreign tax credits (or deduction in lieu of such credits) for U.S. federal income tax purposes, subject to applicable limitations. U.S. tax rules governing the foreign tax credit are complex. U.S. holders should consult their tax advisors regarding the availability of the foreign tax credit and relevant limitations.

Sale, exchange, redemption, retirement or other taxable disposition of a note. Upon the sale, exchange, redemption, retirement or other taxable disposition of a note (other than an exchange of the note in the exchange offer, as described above under “Description of Notes – Registration Rights; Special Interest”), a U.S. holder generally will recognize capital gain or loss equal to the difference between (1) the amount realized on the sale, exchange, redemption, retirement or other taxable disposition of the note and (2) the holder’s adjusted tax basis in the note. The amount realized will be equal to the sum of the amount of cash and the fair market value of any property received on the disposition of the note (not including the amount allocable to accrued and unpaid stated interest, which will be treated as ordinary income to the extent not previously included in gross income). A U.S. holder’s adjusted tax basis in a note will, in general, be the U.S. holder’s cost thereof decreased by the amount of amortizable bond premium previously taken into account. Assuming the note is a capital asset in the hands of the holder, the capital gain or loss will be long-term capital gain or loss if the U.S. holder’s holding period for the note exceeds one year on the date of disposition. Long-term capital gains of non-corporate U.S. holders (including individuals) generally are eligible for a 15% reduced rate of U.S. federal income tax for dispositions occurring in taxable years ending on or prior to December 31, 2012 and such rate is currently scheduled to increase to 20% thereafter. The deductibility of capital losses is subject to limitations. This gain or loss will generally be U.S.-source for foreign tax credit purpose.

Information reporting and backup withholding. In general, we must report to the IRS and to certain non-corporate U.S. holders certain information with respect to payments of interest on an Exchange Note (including the

 

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payment of liquidated damages) and payments of the proceeds of the sale or other disposition of an Exchange Note (including a retirement or redemption). The payer (which may be an intermediate payer or us) will be required to backup withhold, currently at a rate of 28 percent, if (1) the payee fails to furnish a taxpayer identification number (“TIN”) to the payer or establish an exemption from backup withholding, (2) the IRS notifies the payer that the TIN furnished by the payee is incorrect, (3) there has been a notified payee underreporting with respect to interest or dividends described in section 3406(c) of the Code or (4) the payee has not certified under penalties of perjury that it has furnished a correct TIN and that the IRS has not notified the payee that it is subject to backup withholding under the Code. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from a payment to a U.S. holder will be allowed as a credit against that holder’s U.S. federal income tax liability and may entitle the holder to a refund, provided the required information is timely furnished to the IRS. Certain U.S. holders (including, among others, corporations) generally are exempt from backup withholding. U.S. holders should consult their own tax advisers regarding their qualification for an exemption from backup withholding.

Information with respect to foreign financial assets. For taxable years beginning after March 18, 2010, new legislation requires certain U.S. holders who are individuals and, to the extent provided in future regulations, entities, to report information relating to an interest in our Exchange Notes if the aggregate value of their Exchange Notes and their other “specified foreign financial assets” exceeds $50,000, subject to certain exceptions (including an exception for Notes held in accounts maintained by certain financial institutions). Significant penalties may be applied if a U.S. holder fails to disclose its “specified foreign financial assets.” For purposes hereof, “specified foreign financial assets” means any financial accounts maintained by “foreign financial institutions” as well as any of the following (but only if they are not held in accounts maintained by certain financial institutions): (1) stocks and securities issued by non-U.S. persons (such as the Exchange Notes); (2) financial instruments and contracts held for investment that have non-U.S. issuers or counterparties; and (3) interests in foreign entities. U.S. holders should consult their tax advisors regarding the effect, if any, of this legislation on their ownership and disposition of the Exchange Notes. In addition, “foreign financial institutions” is defined broadly and means foreign banks, foreign custodians, foreign depositories and foreign entities primarily engaged in the business of investing, reinvesting or trading in securities, partnership interests or commodities or any interest in such items, including hedge funds and private equity funds formed outside the U.S.

TO ENSURE COMPLIANCE WITH TREASURY DEPARTMENT CIRCULAR 230, HOLDERS ARE HEREBY NOTIFIED THAT: (A) ANY DISCUSSION OF FEDERAL TAX ISSUES IN THIS PROSPECTUS IS NOT INTENDED OR WRITTEN BY US TO BE RELIED UPON, AND CANNOT BE RELIED UPON, BY ANY PERSON FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY BE IMPOSED ON THAT PERSON; (B) SUCH DISCUSSION IS WRITTEN IN CONNECTION WITH THE PROMOTION OR MARKETING OF THE EXCHANGE NOTES AND (C) HOLDERS OF NOTES SHOULD SEEK ADVICE BASED ON THEIR PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISER.

 

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PLAN OF DISTRIBUTION

The staff of the SEC has taken the position that any broker-dealer that receives Exchange Notes for its own account in the exchange offer in exchange for New Notes that were acquired by such broker-dealer as a result of market-making or other trading activities, may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Notes. Any broker-dealer that holds New Notes that were acquired for the account of such broker-dealer as a result of market-making activities or other trading activities (other than New Notes acquired directly from Satmex or any affiliate of Satmex) may exchange such New Notes pursuant to the exchange offer.

Each broker-dealer that receives Exchange Notes for its own account pursuant to this exchange offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Notes. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Notes received in exchange for New Notes where such New Notes were acquired as a result of market-making activities or other trading activities. We will make this prospectus, as amended or supplemented from time to time, available to any broker-dealer for use in connection with any such resale for such period as this prospectus must be delivered by such persons under the prospectus delivery requirements of the Securities Act.

We will not receive any proceeds from any sale of Exchange Notes by any holder. Exchange Notes received by broker-dealers for their own account pursuant to this exchange offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the Exchange Notes or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the purchasers of any such Exchange Notes. Any broker-dealer that resells Exchange Notes that were received by it for its own account pursuant to this exchange offer and any broker or dealer that participates in a distribution of such Exchange Notes may be deemed to be an “underwriter” within the meaning of the Securities Act, and any profit on any such resale of Exchange Notes and any commission or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The letter of transmittal states that, by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.

For a period of 180 days after the expiration date, we will promptly send additional copies of this prospectus and any amendment or supplement to this prospectus to any broker-dealer that requests such documents in the letter of transmittal. We have agreed to pay all expenses incident to this exchange offer (including the expenses of one counsel for the holders of the Exchange Notes) other than commissions or concessions of any brokers or dealers and will indemnify the holders of the Exchange Notes (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act.

VALIDITY OF THE EXCHANGE NOTES

The validity of the Exchange Notes offered hereby will be passed upon by Greenberg Traurig, LLP, our United States counsel. Certain matters of Mexican law relating to the Exchange Notes will be passed upon by Cervantes Sainz, S.C., our Mexican counsel.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The consolidated financial statements as of December 31, 2011 and 2010 and for the periods From May 26, 2011 through December 31, 2011 (Successor Registrant), and from January 1, 2011 through May 25, 2011, and for each of the two years in the period ended December, 2010 (Predecessor Registrant) and the related financial statement schedule of the Successor Registrant for the period from May 26, 2011 through December 31, 2011 and the Predecessor Registrant for the period from January 1, 2011 through May 25, 2011 and for each of the two years in the period ended December 31, 2010, included elsewhere in the Registration Statement, have been audited by Galaz, Yamazaki, Ruiz Urquiza, S.C. (Member of Deloitte Touche Tohmatsu Limited), an independent registered public accounting firm, as stated in their report appearing herein (which report expresses an unqualified opinion on

 

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the consolidated financial statements and financial statement schedule and includes an explanatory paragraph regarding the fact that as a result of the recapitalization transactions described therein, effective May 26, 2011, a change in control occurred. Such consolidated financial statements and financial statement schedule have been so included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

 

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INDEX TO FINANCIAL STATEMENTS

SATÉLITES MEXICANOS, S.A. DE C.V. AND SUBSIDIARIES

INDEPENDENT AUDITORS’ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

 

Table of contents    Page  

Unaudited Condensed Consolidated Financial Statements:

  

Unaudited Condensed Consolidated Balance Sheet as of March 31, 2012

     F-2   

Unaudited Condensed Consolidated Statements of Operations for the three months ended March  31, 2012 (Successor Registrant) and 2011 (Predecessor Registrant)

     F-3   

Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March  31, 2012 (Successor Registrant) and 2011 (Predecessor Registrant)

     F-4   

Notes to the Unaudited Condensed Consolidated Financial Statements

     F-5   

Audited Financial Statements

  

Report of Independent Registered Public Accounting Firm

     F-29   

Consolidated Balance Sheets as of December  31, 2011 (Successor Registrant) and 2010 (Predecessor Registrant)

     F-31   

Consolidated Statements of Operations for the Periods From May 26, 2011 Through December  31, 2011 (Successor Registrant), and From January 1, 2011 Through May 25, 2011, and for the Years Ended December, 2010 and 2009 (Predecessor Registrant)

     F-32   

Consolidated Statements of Changes in Shareholders’ Equity (Deficit) for the Periods From May  26, 2011 Through December 31, 2011 (Successor Registrant), and From January 1, 2011 Through May 25, 2011, and for the Years Ended December, 2010 and 2009 (Predecessor Registrant)

     F-33   

Consolidated Statements of Cash Flows for the Periods From May 26, 2011 Through December  31, 2011 (Successor Registrant), and From January 1, 2011 Through May 25, 2011, and For the Years Ended December, 2010 and 2009 (Predecessor Registrant)

     F-34   

Notes to Consolidated Financial Statements

     F-36   

Schedules of Valuation and Qualifying Accounts

     F-76   

 

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Unaudited Condensed Consolidated Balance Sheet

(In thousands of U. S. dollars)

 

     March 31, 2012     December 31, 2011  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 77,627      $ 79,251   

Accounts receivable, net

     17,245        12,658   

Inventories, net of allowance for obsolescence

     393        489   

Prepaid insurance and other assets

     6,102        6,687   
  

 

 

   

 

 

 

Total current assets

     101,367        99,085   

Satellites and equipment, net

     461,288        443,015   

Concessions, net

     44,180        44,628   

Intangible assets

     56,089        63,810   

Deferred financing cost

     12,903        13,677   

Guarantee deposits and other assets

     789        728   
  

 

 

   

 

 

 

Total

   $ 676,616      $ 664,943   
  

 

 

   

 

 

 

Liabilities and Shareholders’ Equity

    

Current liabilities:

    

Accounts payable and accrued expenses

   $ 27,807      $ 18,863   

Deferred revenue

     1,361        1,361   

Income tax payable

     —          454   

Deferred income taxes

     279        1,490   
  

 

 

   

 

 

 

Total current liabilities

     29,447        22,168   

Debt obligations

     325,000        325,000   

Deferred revenue

     33,460        33,800   

Guarantee deposits and accrued expenses

     2,747        2,904   

Labor obligations

     936        891   

Deferred income taxes

     24,899        19,889   
  

 

 

   

 

 

 

Total liabilities

     416,489        404,652   

Contingencies and commitments (Note 15)

    

Shareholders’ equity:

    

Paid-in capital

     275,662        275,662   

(Common stock, class I, no par value, 50,000 shares authorized, issued and outstanding;

    

Common stock, class II, no par value, 129,950,000 shares authorized, issued and outstanding)

    

Accumulated deficit

     (19,158     (18,882
  

 

 

   

 

 

 

Total Satélites Mexicanos, S. A. de C. V. shareholders’ equity

     256,504        256,780   

Noncontrolling interest

     3,623        3,511   
  

 

 

   

 

 

 

Total shareholders’ equity

     260,127        260,291   
  

 

 

   

 

 

 

Total

   $ 676,616      $ 664,943   
  

 

 

   

 

 

 

See accompanying notes to these unaudited condensed consolidated financial statements.

 

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Unaudited Condensed Consolidated Statements of Operations

(In thousands of U. S. dollars)

 

     Successor
Registrant
Three months ended
March 31, 2012
    Predecessor
Registrant
Three months ended
March 31, 2011
 

Revenues:

    

Satellite services

   $ 25,827      $ 26,634   

Broadband satellite services

     2,320        3,186   

Programming distribution services

     3,690        2,808   
  

 

 

   

 

 

 
     31,837        32,628   
 

Cost of satellite services(1)

     2,114        2,572   

Cost of broadband satellite services(1)

     421        441   

Cost of programming distribution services(1)

     1,848        1,555   

Selling and administrative expenses(1)

     4,660        4,761   

Depreciation and amortization

     17,258        10,222   

Recapitalization transactions expenses(2)

     —          8,846   
  

 

 

   

 

 

 
     26,301        28,397   
 

Operating income

     5,536        4,231   
 

Other (expenses) income:

    

Interest expense

     (2,498     (10,673

Interest income

     107        94   

Foreign exchange gain - net

     573        173   
  

 

 

   

 

 

 
 

Income (loss) before income tax

     3,718        (6,175
 

Income tax expense

     3,882        188   
  

 

 

   

 

 

 
 

Net loss

     (164     (6,363
 

Less: Net income (loss) attributable to noncontrolling interest

     112        (7
  

 

 

   

 

 

 
 

Net loss attributable to Satélites Mexicanos, S. A. de C. V.

   $ (276   $ (6,356
  

 

 

   

 

 

 

 

(1) 

Exclusive of depreciation and amortization shown separately below.

(2) 

Recapitalization transactions expenses consist of cost incurred by Satmex as part of its activities to restructure its capital structure (including principally financial advisory, professional and regulatory fees)

See accompanying notes to these unaudited condensed consolidated financial statements.

 

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Unaudited Condensed Consolidated Statements of Cash Flows

(In thousands of U. S. dollars)

 

     Successor
Registrant
Three months ended
March 31, 2012
    Predecessor
Registrant
Three months ended
March 31, 2011
 

Cash flows from operating activities:

    

Net loss

   $ (164   $ (6,363

Adjustments to reconcile net loss to net cash provided by operating activities:

    

Depreciation and amortization

     17,258        10,222   

Deferred income taxes

     3,799        (435

Deferred revenue

     (340     (586

Amortization of deferred financing costs

     774        —     

Interest accrued to principal on debt obligations

     —          4,020   

Labor obligations

     45        —     
 

Changes in operating assets and liabilities:

    

(Increase) decrease in:

    

Accounts receivable

     (4,587     (3,561

Due from related parties

     —          (168

Inventories

     96        105   

Prepaid insurance

     585        950   

Guarantee deposits and other assets

     (61     (95

Accounts payable, accrued expenses and income tax

     8,277        1,285   

Guarantee deposits and accrued expenses

     (126     (64
  

 

 

   

 

 

 
 

Net cash provided by operating activities

     25,556        5,310   
  

 

 

   

 

 

 
 

Cash flows from investing activities:

    

Construction in progress - satellites

     (26,963     (20,112

Acquisition of equipment

     (217     (383
  

 

 

   

 

 

 
 

Net cash used in investing activities

     (27,180     (20,495
  

 

 

   

 

 

 
 

Cash and cash equivalents:

    

Net decrease for the period

     (1,624     (15,185

Beginning of period

     79,251        75,712   
  

 

 

   

 

 

 
 

End of period

   $ 77,627      $ 60,527   
  

 

 

   

 

 

 
 

Supplemental disclosures of cash flow information:

    

Cash paid during the period:

    

Interest paid

   $ —        $ 8,929   
  

 

 

   

 

 

 

Capitalized interest

   $ 6,417      $ 2,165   
  

 

 

   

 

 

 

Income taxes paid

   $ 332      $ 453   
  

 

 

   

 

 

 
 

Non-cash investing activities:

    

Capital expenditures incurred not yet paid

   $ 3,856      $ 6,314   
  

 

 

   

 

 

 

See accompanying notes to these unaudited condensed consolidated financial statements.

 

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Notes to the Unaudited Condensed Consolidated Financial Statements

(In thousands of U.S. dollars, unless otherwise stated)

 

1. Nature of business

Satélites Mexicanos, S. A. de C. V. and subsidiaries (“Satmex” or the Company) is a provider of fixed satellite services in the Americas. Satmex’s current fleet is comprised of three satellites, Satmex 6, Satmex 5, and Solidaridad 2 in contiguous orbital slots that enable its customers to effectively serve its entire coverage footprint utilizing a single satellite connection.

Satmex primarily provides commercial satellite services through Satmex 6 and Satmex 5, which have a total of 108 C- and Ku-band 36 MHz transponder equivalents. Satmex has started construction and entered into a launch services agreement for a new satellite, Satmex 8, which will replace Satmex 5. Satmex anticipates that construction of Satmex 8 will be completed by July 2012 and that Satmex 8 will be in-service by the end of 2012. In March 2008, Solidaridad 2 was placed in inclined orbit. It primarily provided L-band service to the Mexican government for national security and social services. On June 1, 2011, Satmex received the results of an independent study and based on such study Satmex has decided to de-orbit the satellite. Satmex intends to pursue plans for a new satellite, Satmex 7, to occupy the orbital slot of Solidaridad 2 and offer both C- and Ku-band services. In the interim, Satmex anticipates transferring Satmex 5 to the Solidaridad 2 orbital slot once Satmex 8 is in orbit.

Satmex also offers the programming distribution services segment to offer TV programs in Spanish for Hispanic communities living in the United States of America (“USA”). Through one of its subsidiaries, the Company also provides other broadband satellite transmission capacity services for various applications, such as internet access via satellite, telecommunication transmission and broadcasting.

 

2. Recapitalization Transactions

In order to address its liquidity needs, enhance its long-term growth and improve its competitive position, Satmex carried out a comprehensive recapitalization of the Company through various transactions pursuant to which the following actions have been taken (which are referred to, collectively, as the “Recapitalization Transactions”):

On December 22, 2010, Nacional Financiera, S. N. C., Institución de Banca de Desarrollo, Dirección Fiduciaria, in its capacity as trustee (the “NAFIN Trust”) and Deutsche Bank Mexico, S. A., Institución de Banca Múltiple, División Fiduciaria, in its

 

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capacity as trustee (the “Deutsche Trust”) (collectively the “Sellers”), former shareholders of Satmex, entered into a Share Purchase Agreement (the “SPA”) with Holdsat Mexico, S. A. P. I. de C. V., a variable capital investment promotion society (sociedad anónima promotora de inversion de capital variable), organized and existing under the laws of Mexico (“Holdsat Mexico”), as buyer, for the acquisition of the 100% of the outstanding voting equity interests of Satmex. On March 10, 2011, Holdsat Mexico ceded and assigned a portion of its rights under the SPA to acquire all existing Series “B” and “N” shares of Satmex to Satmex International B.V., a limited liability company organized under the laws of the Netherlands (“Investment Holdings BV”), which is beneficially and indirectly owned by holders of the Second Priority Secured Notes (the “Second Priority Old Notes”) of Satmex. Investment Holdings BV owns 49% of the common stock of Holdsat Mexico. The assignment of these rights by Holdsat Mexico to Investment Holdings resulted in both entities forming a collective group of investors (the “Group of Investors” or the “Buyers”) to acquire control in Satmex upon the effectiveness of the SPA, which occurred after the fulfillment of the following transactions:

 

   

Payment by the Buyers of $6.25 million to the Sellers for 100% of the outstanding common stock of Satmex, which occurred on May 26, 2011;

 

   

The offering and sale of the Senior Secured Notes (“Senior Secured Notes”), due 2017, for $325.0 million, which were initially offered on May 5, 2011 to qualified institutional buyers under Rule 144A of the Securities Act and to persons outside of the U.S. in compliance with Regulation S of the Securities Act. The Senior Secured Notes were subsequently exchanged for new exchange notes, due 2017, for a like principal amount, registered with the U.S. Securities and Exchange Commission (the “SEC”), effective September 26, 2011. The proceeds received from the Senior Secured Notes were used to repay the First Priority Senior Secured Notes due 2011 (the “First Priority Old Notes”) on May 26, 2011; and

 

   

The voluntary filing by Satmex, Alterna’TV Corporation and Alterna’TV International Corporation for protection under Chapter 11 of the U.S. Bankruptcy Code and confirmation of a prepackaged plan of reorganization filed in the United States Bankruptcy Court (the “Plan”), which such confirmation occurred on May 11, 2011. Consummation of the Plan occurred on May 26, 2011 (the “Plan Effective Date”). The Plan contemplated the following transactions:

 

   

The conversion of the Second Priority Old Notes (which were to mature in 2013) into direct or indirect equity interests representing 7.146% of the economic interests in the emerging entity (“Reorganized Satmex”) (the “Conversion Rights,” subject to dilution by any equity issued under any management incentive plan, as determined, adopted and approved by the Board of Directors of Reorganized Satmex on the Plan Effective Date, and any future issuance of equity, including certain primary rights and follow-on rights (the “Primary Rights” and the “Follow-On Rights,” respectively) of the holders of the Second Priority Old Notes as discussed below). In lieu of the Conversion Rights, the Primary Rights and the Follow-On Rights, holders of the Second Priority Old Notes could have elected to receive a cash payment of 38 cents per U.S. dollar in principal amount of the Second Priority Old Notes (including accrued and paid-in kind interest). All interested holders of Second Priority Old Notes elected the Conversion Rights, which such conversion occurred on May 26, 2011;

 

   

The offering of the Primary Rights to holders of the Second Priority Old Notes, which comprised the rights to purchase direct or indirect equity interests representing up to 85.753% of the economic interests in Reorganized Satmex for up to $96,250 (subject to dilution by any equity issued under any management incentive plan, as determined, adopted and approved by the Board of Directors of Reorganized Satmex on the Plan Effective Date, and any future issuance of equity, including the Follow-On Rights, as discussed below). The Primary Rights were exercised for $90,000, effective on May 26, 2011, representing 83.254% of the outstanding capital of Reorganized Satmex;

 

   

Aside from holders of the First Priority Old Notes and the Second Priority Old Notes which received the treatment described above, all holders of allowed claims against the debtors, including employees, trade creditors and other priority and non-priority creditors, were paid in the ordinary course during the resolution of the bankruptcy or in full on, or shortly after, the Plan Effective Date.

Paid-in capital of Reorganized Satmex as a result of the SPA and the Plan is presented in Note 11 to the accompanying unaudited condensed consolidated financial statements.

 

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New Basis of Accounting (Push-down accounting)

As the events described above occurred as expected, the SPA became legally effective on May 26, 2011, and resulted in a change in control among the Sellers and the Group of Investors. Given these facts and as a result of becoming substantially wholly-owned by the Group of Investors, Satmex applied push-down accounting in its consolidated financial information to reflect its acquisition by the Group of Investors. The acquisition method of accounting was applied, resulting in a new basis of accounting for the “successor period” beginning on May 26, 2011 (the “Acquisition Date”).

As a result, the Company recognized and measured, at their fair values, the identifiable assets acquired, liabilities assumed and the related noncontrolling interests. In order to determine fair values, Satmex considered the following generally accepted valuation approaches: The cost approach, the income approach and the market approach.

 

  a. The total estimated consideration transferred, at fair value, for the acquisition of 100% of Satmex’s common stock was as follows:

 

Consideration at fair value:   

As of May 26,

2011

 

Cash paid

   $ 1,000   

Executive bonuses

     6,303   

Cash consideration paid upon completion of the share purchase agreement

     5,250   

Rights offering

     90,000   

Capitalization of Second Priority Old Notes

     78,618   
  

 

 

 

Fair value of total consideration transferred

   $ 181,171   
  

 

 

 

 

  b. Acquisition-related costs were $47,013, of which $18,247 represent the cost of issuing the Senior Secured Notes, which was capitalized within other assets (see Note 4g) on May 5, 2011 (date of issuance of the Senior Secured Notes) and $28,766 were included in the Predecessor statement of operations within recapitalization transactions expenses.

 

  c. The following table summarizes the recognized amounts of identifiable assets, assumed liabilities and non-controlling interest, pushed-down in order to be reflected in Satmex’s financial information:

 

Recognized amounts of identifiable assets acquired and liabilities assumed:   

As of May 26,

2011

 

Satellite and equipment

   $ 344,000   

Intangible assets

     88,168   

Concessions

     45,672   

Deferred financing cost

     18,247   

Financial assets, net of financial liabilities

     67,623   

Deferred income taxes

     (10,372

Deferred revenue

     (35,956

First Priority Old Notes

     (238,237
  

 

 

 

Total identifiable net assets

     279,145   

Non-controlling interest (1)

     (3,486

Bargain purchase

     (94,488
  

 

 

 
   $ 181,171   
  

 

 

 

 

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All assets and liabilities acquired have been measured at fair value.

 

(1) 

The fair value of the noncontrolling interest in Enlaces, a private entity, was estimated by applying the income approach. This fair value measurement is based on significant inputs that are not observable in the market and thus represents a Level 3 measurement. Key assumptions include a discount rate of 12.30%, a terminal value based on terminal earnings before interest, taxes, depreciation, and amortization, and financial multiples of entities deemed to be similar to Enlaces between 5x and 6x.

As a result of the acquisition, the Company has recorded bargain purchase of $94,488, representing the amount of the fair value of the net assets acquired in excess of the purchase price. The bargain purchase gain represents the purchase of Satmex by the Group of Investors at less than fair value of Satmex’s net assets and stems from the restructuring of Satmex. At the end of 2010, the existing debt of Satmex was set to mature within the following twelve months; additionally, Satmex required additional financing for its future satellites. Its current stockholder at that time did not actively administer or operate Satmex and had not provided further financing so that Satmex could carry out its plans with respect to future operations. Accordingly, a restructuring was entered into, which included the entrance of new active investors, willing and able to contribute the financing necessary for Satmex to continue with its future operating plans, and thus, purchase Satmex from the Sellers at a bargain purchase.

As the bargain purchase gain does not result from the operations of Satmex, it was recognized as part of Reorganized Satmex’s common stock rather than within its consolidated statement of operations.

 

3. Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Factors affecting the comparability of the consolidated financial statements - push-down accounting - The Company has accounted for the Recapitalization Transactions using push-down accounting for the acquisition of the Company by the Group of Investors. This resulted in the adjustment of all net assets to their respective fair values as of the Acquisition Date.

Although Satmex continued as the same legal entity after the Recapitalization Transactions, the application of push-down accounting represents the termination of the old accounting entity and the creation of a new one. As a result, the accompanying unaudited condensed consolidated financial statements are presented for: Predecessor and Successor, which relate to the period preceding the Recapitalization Transaction and the periods succeeding the Recapitalization Transaction, respectively. The Company refers to the operations of Satmex and subsidiaries for both the Predecessor and Successor periods.

Accordingly, the Successor Company presentation is not comparable to the Predecessor Company presentation due to the different basis of accounting.

Interim financial statements - The accompanying consolidated financial statements have been condensed. The accounting policies applied therein are consistent with those of the annual consolidated financial statements for the year ended December 31, 2011. The accompanying condensed consolidated financial statements have not been audited. In the opinion of Company’s Management, all adjustments and other ordinary recurring adjustments necessary for a fair presentation of the accompanying financial statements are included. The results of the interim periods are not necessarily indicative of the results for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and the respective notes as of and for the year ended December 31, 2011.

Consolidation of financial statements - The unaudited condensed consolidated financial statements include the financial statements of Satmex and those of its subsidiaries. The financial statements of the subsidiaries are consolidated from their respective dates of acquisition or incorporation. All intercompany transactions and balances have been eliminated in consolidation.

 

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The activities of the entities in the consolidated group are described below:

 

Company

   Ownership
percentage
   

Activity

Enlaces Integra, S. de R.L. de C.V.
(“Enlaces”)

     75.00  

Acquired on November 30, 2006. Enlaces offers private networks for voice, video and data as well as other value-added satellite services in Mexico.

HPS Corporativo S. de R. L. de C. V.
(“HPS”)

     99.97  

Incorporated on December 20, 2007 to provide administrative services exclusively to Enlaces. It is owned 99.97% by Enlaces and 0.03% by Satmex USA.

Alterna’TV Corporation
(“Alterna’TV Corp.”)

     100.00  

Incorporated on December 19, 2008, to be a vehicle to contract the procurement of the Satmex 7 satellite.

Alterna’TV International Corporation
(“Alterna’TV Int.”)

     100.00  

Incorporated on May 21, 2009. This entity is engaged in programming distribution services, primarily in the United States of America.

SMVS Administración, S. de R. L. de C. V. and SMVS Servicios Técnicos, S. de R. L. de C. V.

(“Service Companies”)

     99.97  

Incorporated on June 30, 2006, to provide administrative and operating services exclusively to Satmex.

Satmex USA LLC
(“Satmex USA”)

     100.00  

Incorporated on August 4, 2011. This entity holds the non-controlling interests related to the Service Companies.

Satmex Escrow, S. A. de C. V., (“Escrow”) was incorporated on March 8, 2011 solely to act as the issuer of the Senior Secured Notes and was merged into Satmex on May 26, 2011. Satmex assumed all of Escrow’s obligations.

Foreign currency transactions - For U.S. GAAP reporting purposes, the Company maintains separate accounting records in its functional currency, the U.S. dollar. Transactions denominated in Mexican pesos and other foreign currencies are recorded at the rate of exchange in effect at the date of the transactions. Monetary assets and liabilities denominated in Mexican pesos and other foreign currencies are converted into the Company’s functional currency at the rate of exchange in effect at the balance sheet date (Mexican pesos per one U.S. dollar as of March 31, 2012 and December 31, 2011, were $12.6833 and $13.9787, respectively), with the resulting effect included in other (expense) income within results of operations.

 

4. Significant accounting policies

A summary of the significant accounting policies used in the preparation of the accompanying unaudited condensed consolidated financial statements follows:

 

  a. Cash and cash equivalents - This line item consists mainly of bank deposits in checking accounts and readily available daily investments of cash surpluses. Cash equivalents are composed of highly liquid investments with original maturities of three months or less. This line item is stated at nominal value plus accrued yields, which are recognized in results as they accrue.

 

  b. Concentration of credit risk - Financial assets, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalents are maintained with high-credit quality financial institutions.

 

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The Company’s customers are comprised of several companies in the private domestic sector and certain foreign companies. Management considers that its credit evaluation, approval and monitoring processes combined with negotiated billing arrangements mitigate potential credit risks with regard to its current customer base.

The principal customers of the Company are as follows: for Satellite services - broadcasting: Grupo Televisa and Productora y Comercializadora de Televisión, S.A. de C.V.; for Satellite services - telecommunications: Teléfonos de México, S.A. de C.V. and Telmex Perú, S.A. (“Telmex”); and for Satellite services - data transmission and Internet: Hughes Network Systems, LLC. For Programming distribution services (Alterna’TV International Corp.), the Company’s principal customers are Direct TV and Comcast Cable Communications. For Broadband satellite services (Enlaces), the principal customers are Grupo Wal-Mart de México and Grupo Oxxo.

Revenues provided by Satellite services, Broadband satellite services, and Programming distribution services were obtained from:

 

    

Three months ended

March 31, 2012

%

    

Three months ended

March 31, 2011

%

 

Hughes Networks Systems, Inc.

     13         14   

Telmex

     15         15   

Other foreign customers

     45         40   

Other domestic customers

     27         31   

 

  c. Inventories - Inventories consist mainly of antennas and are stated at the lower of cost or market value. Cost is determined using the average cost method.

 

  d. Satellites and equipment - As of May 26, 2011, Satmex adopted push-down accounting, under which its satellites and equipment were recorded at fair values based upon the appraised values of such assets. Satmex determined the fair value of the satellites and equipment using the cost approach. The cost approach, often referred to as current replacement cost, estimates fair value based on the amount that currently would be required to replace the service capacity of an asset. Assets acquired after the adoption of push-down accounting are recorded at acquisition cost.

Depreciation is calculated using the straight-line method for satellites, related equipment and other owned assets over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements.

The estimated useful lives of our in-orbit satellites and the estimated remaining useful lives, as of March 31, 2012, are as follows:

 

    

Useful Life

(Years)

    

Estimated Remaining

Useful Life

(Years)

 

Satmex 6

     15.0         10.94   

Satmex 5

     15.0         0.88   

Solidaridad 2

     14.5         0.00   

Depreciation of satellites commences on the date on which the satellite is placed in orbit. Satmex 6 was launched on May 27, 2006 and commenced operations in July 2006. Satmex 5 was launched on December 5, 1998 and commenced operations in January 1999. Solidaridad 2 concluded its depreciation period based upon its estimated useful life during 2009.

 

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The estimated useful lives of equipment are as follows:

 

    

Useful life

(Years)

 

Equipment:

  

Satellite equipment

     15   

Furniture and fixtures

     10   

Leasehold improvements

     5   

Teleport, equipment and antennas

     10   

Costs incurred in connection with the construction and successful deployment of the satellites and related equipment are capitalized. Such costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentives expected to be payable to the satellite manufacturers, costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. Satellite construction and launch services are generally procured under long-term contracts that provide for payments over the contract periods. Satellite construction and launch services costs are capitalized to reflect progress toward completion. Capitalizing these costs typically coincides with contract milestone payment schedules.

The insurance paid to renew in-orbit coverage is recorded as a prepaid insurance and amortized over the related policy period (see Note 14).

 

  e. Concessions - As of May 26, 2011, Satmex adopted push-down accounting, under which its concessions were recorded at fair values based upon the appraised values of such assets. Satmex determined the fair value of the orbital concessions and the public telecommunications network concession using market approach and income approach methods, respectively. Orbital concessions are amortized over 40 years using the straight-line method; their remaining useful life as of the Acquisition Date was 26 years. The public telecommunications network concession is amortized over 30 years using the straight-line method; its remaining useful life as of the Acquisition Date was 19 years.

 

  f. Valuation of satellites and long-lived assets - The carrying value of the satellites, amortizable intangible assets and other long-lived assets is reviewed for impairment wherever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the expected undiscounted future cash flows are less than the carrying value of the long-lived assets, an impairment charge is recorded based on such asset’s estimated fair value. Changes in estimates of future cash flows could result in a write-down of the asset in a future period.

Estimated future cash flows from the Company’s satellites could be impacted by changes in estimates of its ability to operate the satellite at expected levels, changes in the manner in which the satellite is to be used and the loss of one or several significant customer contracts on the satellite.

 

  g. Deferred financing costs - Deferred financing costs related to the issuance of Senior Secured Notes were capitalized and reported as an asset. These costs are amortized to interest expense using the effective rate interest method.

 

  h. Intangible assets - Intangible assets arising from push-down accounting are initially recorded at fair value using the income approach method. Intangible assets identified as part of the push-down of acquisition accounting consisted primarily of contract backlog and customer relationships. The Company reviews intangible assets for impairment whenever facts and circumstances indicate that the carrying amounts may not be recoverable. An intangible asset with a determinable useful life is considered to have been impaired when its carrying amount exceeds its fair value; however, an impairment loss shall only be recognized when the estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset are less than the carrying value of the asset. The Company measures an impairment loss as the difference between the carrying value of the asset and its fair value.

 

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The costs of intangible assets with finite and determinable useful lives are amortized to reflect the pattern of consumption, over the estimated useful lives of the assets, as follows:

 

    

Useful life

(Years)

 

Contract backlog

     10   

Customer relationships

     4   

Landing rights

     5   

Internally develop software and technology

     5   

 

  i. Labor obligations - In accordance with Mexican Labor Law, Satmex provides seniority premiums benefits to its employees under certain circumstances. These benefits consist of a one-time payment equivalent to 12 days wages for each year of service (at the employee’s most recent salary, but not to exceed twice the legal minimum wage), payable to all employees with 15 or more years of service, as well as to certain employees terminated involuntarily prior to the vesting of their seniority premium benefit. Satmex also provides statutorily mandated severance benefits to its employees terminated under certain circumstances. Such benefits consist of a one-time payment of three months wages plus 20 days wages for each year of service payable upon involuntary termination without just cause. Costs associated with these benefits are provided for based on actuarial computations using the projected unit credit method.

 

  j. Fair value of financial instruments and fair value measurements - An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Accounting guidance establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Inputs used to measure fair value may fall into one of three levels:

Level 1 - applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 - applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 - applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, debt, accounts payable and accrued expenses. The Company believes that the recorded values of cash, accounts receivable, accounts payable and accrued expenses approximate their current fair values because of their nature and respective maturity dates or durations.

 

  k. Provisions - Are recognized for current obligations that result of a past event, are probable to result in the use of economic resources and can be reasonably estimated.

 

  l. Income taxes - Current income taxes, calculated as the higher of the regular Mexican income tax (“ISR”) or the Business Flat Tax (“IETU”), are recorded in the results of the year in which they are incurred. The Company recognizes deferred income tax assets and liabilities for the future consequences of temporary differences between the financial statement carrying amounts of assets and liabilities and their related tax bases, measured using enacted rates. To determine tax bases of assets and liabilities, the Company evaluates whether it expects to be principally subject to ISR or IETU in the future and uses such tax base accordingly. If the Company is unable to conclude that it will be principally subject to either tax regime, a hybrid calculation may be utilized.

 

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Based on the Company’s projections, it determined that in certain fiscal years it will pay ISR, while in others, it will pay IETU. The Company scheduled the reversal of the temporary differences for both ISR and IETU purposes, determined by year whether the applicable temporary differences should be those under ISR or those under IETU, and applied the applicable rates.

Deferred income tax assets are also recognized for the estimated future effects of tax loss carryforwards and asset tax credit carryforwards. A valuation allowance is applied to reduce deferred income tax assets to the amount of future net benefits that are more likely than not to be realized, which is computed based on projected tax results.

 

  m. Statutory employee profit sharing - Statutory employee profit sharing (“PTU”) is recorded in the results of the year in which it is incurred and presented within operating expenses in the accompanying consolidated statements of operations. Deferred PTU liabilities are derived from temporary differences that result from comparing the accounting and PTU values of assets and liabilities.

 

  n. Revenue recognition - Fixed satellite service revenues are recognized as the satellite capacity is provided according to service lease agreements. Satellite transmission capacity is sold through permanent and temporary contracts, which stipulate the agreed capacity. Lease agreements are accounted for either as operating or sales-type leases.

Operating lease revenues are recognized on a straight-line basis over the lease term. Revenues for temporary services are recognized as services are performed.

Revenues from end-of-life leases for transponders are usually collected in advance. The Company does not provide insurance and/or guarantees of any kind for the related transponders to these customers. Total revenues and related costs are accounted as sales-type leases and recognized in income when the risk and rewards of the transponders are transferred to the customer in accordance with the agreements.

The public and private network signal and value-added services (“Broadband satellite services”) are recognized when services are rendered.

To calculate the monthly revenue attributable to purchasers of “Alterna’TV” programming distribution services, the Company estimates, on a monthly basis, the number of “Alterna’TV” subscribers per purchaser according to the contractual value of each subscriber. Approximately 45 to 60 days after the end of each month, the Company receives a definitive report from each purchaser and reconciles the definitive revenue with the estimated amount, issuing an invoice to such purchaser based on the definitive report. Variations between the estimated and actual revenue amounts are not material.

Public and private net signal and value-added services are recognized when rendered. The sale of antennas and installation services are recognized in the period in which risk and rewards are transferred to the customers, which generally coincides with the completion of the installation of the antennas and acceptance by the customer.

 

  o. Deferred revenue - Satmex is required to provide the Mexican federal government, at no charge, approximately 362.88 MHz of its available transponder capacity for the duration of the orbital concessions (“State Reserve”). As of May 26, 2011, as a result of the adoption of push-down accounting, this obligation was recorded at its fair value, using the income approach method, and recognized as deferred revenue with a corresponding increase in the value of the related assets. Deferred revenue is amortized to fixed satellite services revenue based on the expected consumption pattern. On May 26, 2011, in conjunction with the adoption of push-down accounting, the Company revised its estimates regarding the expected life of the deferred revenue to better reflect its expected consumption pattern.

 

  p.

Use of estimates - The preparation of unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the amounts of revenues and expenses reported during the periods reported. Such estimates include the allowance for doubtful

 

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  accounts, the revenue recognition of programming distribution services, the valuation of long-lived assets and goodwill, the valuation allowance on deferred income tax assets, the scheduling of reversal of the temporary differences under different tax regimes, the estimated useful lives of each satellite and estimates of fair values.

Although management believes the estimates and assumptions used in the preparation of these unaudited condensed consolidated financial statements were appropriate in the circumstances, actual results could differ from those estimates and assumptions.

 

  q. Recently adopted accounting pronouncements

In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which updated the guidance in ASC Topic 820, Fair Value Measurement. ASU 2011-04 clarifies the application of existing fair value measurement requirements including (1) the application of the highest and best use and valuation premise concepts, (2) measuring the fair value of an instrument classified in a reporting entity’s shareholders’ equity, and (3) quantitative information required for fair value measurements categorized within Level 3. ASU 2011-04 also provides guidance on measuring the fair value of financial instruments managed within a portfolio, and application of premiums and discounts in a fair value measurement. In addition, ASU 2011-04 requires additional disclosure for Level 3 measurements regarding the sensitivity of fair value to changes in unobservable inputs and any interrelationships between those inputs. The amendments in this guidance are to be applied prospectively, and are effective for interim and annual periods beginning after December 15, 2011, and early application is not permitted. The adoption of this guidance did not have a significant impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.

In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income, which updated the guidance in ASC Topic 220, Comprehensive Income. Under the amendments in this ASU, an entity has the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity only. The amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. This new guidance was originally proposed to be effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 and applied retrospectively. In October 2011, the FASB proposed to indefinitely defer the specific requirement to present items that are reclassified from other comprehensive income to net income alongside their respective components of net income and other comprehensive income on the face of the respective statements; entities still must comply with the existing requirements during the deferral period. The remaining requirements of ASU 2011-05 are effective for the Company as of the beginning of our first quarter of 2012. The adoption of this guidance did not have an impact on the Company’s unaudited condensed consolidated financial statements and related disclosures as the Company does not have any items of other comprehensive income or loss such that comprehensive loss is solely comprised of net loss of the period.

 

5. Cash and cash equivalents

 

     March 31, 2012      December 31, 2011  

Cash

   $ 3,065       $ 4,142   

Cash equivalents (1)

     74,562         75,109   
  

 

 

    

 

 

 
   $ 77,627       $ 79,251   
  

 

 

    

 

 

 

 

(1) The Company’s cash equivalents consist mainly of treasury bills with original maturities less than 20 days.

 

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6. Accounts receivable

 

     March 31, 2012     December 31, 2011  

Customers

   $ 15,387      $ 11,748   

Allowance for doubtful accounts

     (561     (1,360
  

 

 

   

 

 

 
     14,826        10,388   

Recoverable income taxes

     1,597        1,519   

Recoverable value-added tax and tax withholdings

     695        651   

Other

     127        100   
  

 

 

   

 

 

 
   $ 17,245      $ 12,658   
  

 

 

   

 

 

 

 

7. Satellites and equipment

 

     March 31, 2012     December 31, 2011  

Satellites in-orbit

   $ 196,425      $ 196,425   

Satellite equipment, teleport and antennas

     8,572        6,619   

Furniture and fixtures

     4,603        4,388   

Leasehold improvements

     316        115   
  

 

 

   

 

 

 
     209,916        207,547   

Accumulated depreciation and amortization

     (31,847     (21,145
  

 

 

   

 

 

 
     178,069        186,402   

Construction in-progress for Satmex 8

     267,012        253,149   

Construction in progress for Satmex 7 (Note 15)

     14,676        2,600   

Construction in-progress for F4

     1,250        —     

Other construction in-progress

     281        864   
  

 

 

   

 

 

 
   $ 461,288      $ 443,015   
  

 

 

   

 

 

 

For the three months ended March 31, 2012 (Successor Registrant) and 2011 (Predecessor Registrant), the depreciation and amortization expense related to satellites and equipment was $9,089 and $9,087, respectively.

Satmex estimates that the Satmex 8 construction will be completed by July 2012. For the three months ended March 31, 2012 and 2011, interest costs of $6,417 and $2,165 respectively, were capitalized.

 

8. Concessions

 

     March 31, 2012     December 31, 2011  

Orbital concessions

   $ 41,740      $ 41,740   

Public telecommunications network

     3,932        3,932   
  

 

 

   

 

 

 
     45,672        45,672   

Accumulated amortization

     (1,492     (1,044
  

 

 

   

 

 

 
   $ 44,180      $ 44,628   
  

 

 

   

 

 

 

For the periods from January 1 to March 31, 2012 (Successor Registrant) and from January 1 to March 31, 2011 (Predecessor Registrant), amortization of concessions was $448 and $354, respectively.

 

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  a. Orbital Concessions and Facilities

In October 1997, the Mexican federal government granted to Satmex the rights to three concessions (the “Concessions”) for an initial 20-year term to operate in the orbital slots 113.0° W.L., 116.8° W.L., and 114.9° W.L. In May 2011, extensions of the Orbital Concessions were granted by the Mexican federal government for an additional term of 20 years as of 2017, expiring in 2037, without payment of any additional consideration. Satmex has the right to an additional 20-year extension, at a certain cost to Satmex, to be determined by the Mexican government, as long as Satmex meets certain conditions, as discussed below.

In order to extend the orbital concession term, Satmex must comply with all obligations established by the concession documents, solicit extension of the concession before the beginning of the fifth term of the concession, must obtain approval from the Mexican Secretary of Communication and Transportation (“SCT”) of the technical and operating characteristics of any new satellites, and must guarantee the occupation and use of the orbital slots during the concession’s original and extended terms.

In accordance with the Ley Federal de Telecomunicaciones (Federal Law of Telecommunications or “LFT”), concessionaries are required to maintain the satellite control centers within Mexican territory.

The satellites are controlled and operated through two control centers, one of them is located in the east side of Mexico City, and the other one is located in Hermosillo, Sonora. The land and related facilities of the first control center and the land of the second control center are the property of the Mexican federal government.

Use of the land and facilities where the control centers are located that are property of the Mexican federal government was granted to the Company through a concession for a 40-year term, for which the Company pays a fee, which is adjusted every five years by the Secretaría de la Función Pública (The Ministry of Public Administration) (see Note 14).

 

  b. Concessions for the Use and Exploitation of a Telecommunications Public Network

On January 20, 2000, the Mexican federal government granted to Enlaces a “Concession to Operate, Install, Exploit and Use a Public Telecommunications Network within Mexican Territory” at no charge, in order to provide services for private and public networks, and to provide value-added services. The concession term is for 30 years, with the possibility for an extension under certain conditions.

On November 9, 2000, Enlaces obtained from the SCT a registration of value-added services certificate, which allows it to offer internet access services, electronic data transfer and multimedia services (content delivery to private television channels).

The terms of both concessions are subject to certain legal provisions regarding assignment or transfer of rights. According to Mexican Law, Satmex is not allowed to transfer the concessions to any foreign country or state. If the Mexican federal government expropriates them, the companies are entitled to liquidation or resignation of their rights. As of March 31, 2012, the Company has complied with the obligations established in the concession titles.

 

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9. Intangible assets

Intangible assets recognized in connection with the adoption of push-down accounting are as follows:

 

     Weighted
average
remaining
     March 31, 2012      December 31, 2011  
     amortization
period
(years)
     Gross amount      Accumulated
amortization
     Gross amount      Accumulated
amortization
 

Contract backlog (1)

     9       $ 86,835       $ 31,784       $ 86,835       $ 24,077   

Customer relationships (1)

     3         1,333         295         1,333         281   
     

 

 

    

 

 

    

 

 

    

 

 

 
      $ 88,168       $ 32,079       $ 88,168       $ 24,358   
     

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) 

Using the income approach to determine fair values as of May 26, 2011, as a result of the adoption of push-down accounting.

For the three months ended March 31, 2012 (Successor Registrant), and 2011 (Predecessor Registrant), amortization expense for these intangible assets was $7,721 and $781, respectively.

Future annual amortization expense for intangible assets is estimated to be as follows:

 

2012 (remaining nine months)

   $ 23,167   

2013

     22,915   

2014

     5,600   

2015

     2,658   

2016

     898   

Thereafter

     851   
  

 

 

 
   $ 56,089   
  

 

 

 

 

10. Debt obligations

The balances of the Senior Secured Notes as of March 31, 2012 and December 31, 2011 is $325.0 million.

The principal characteristics of the Senior Secured Notes are as follows:

 

   

Maturity is on May 15, 2017.

 

   

Fixed annual interest of 9.5%, payable semi-annually in arrears on May 15 and November 15 of each year.

 

   

Fully and unconditionally guaranteed, jointly and severally, on a first priority senior secured basis by all of the existing U.S. subsidiaries and all future material subsidiaries of Satmex, subject to certain exceptions (see Note 15).

 

   

Optional redemption at any time prior to May 15, 2014, pursuant to which Satmex may redeem up to 35% of the aggregate principal amount of the Notes, plus accrued and unpaid interest.

 

   

In the event of a change of control, the holders have the right to require Satmex to repurchase the Senior Secured Notes at 101% of their issue price, plus accrued and unpaid interest.

 

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The indenture related to the Senior Secured Notes issued by Satmex establishes certain covenants, common for this type of transaction. Principal covenants are as follows:

 

   

The Company should pay the notes on the dates and in the manner provided by the indenture.

 

   

The Company should maintain an office or agency where the notes may be surrendered for registration.

 

   

The Company should furnish to the holders of the notes and the Trustee all annual reports on Form 20-F, within 180 days after the end of the financial year.

 

   

The Company and each guarantor should deliver to each of the Trustee and the Collateral Trustee and officers’ certificate stating that such officers have made a review of the activities of the companies.

 

   

The Company should not permit any of its restricted subsidiaries to declare or pay any dividends, purchase or redeem any equity interest of the Company or make any restricted investment as defined in the indenture.

 

   

The Company should not incur any additional indebtedness or issue preferred stock unless permitted by the indenture.

 

   

The Company should not permit any of its restricted subsidiaries to consummate any asset disposition, unless permitted by the indenture.

As of March 31, 2012, Satmex has complied with these obligations.

As a result of the Recapitalization Transactions, the First Priority Old Notes were full repaid on May 26, 2011 and the Second Priority Old Notes were converted into direct or indirect equity interests in Reorganized Satmex (Successor Registrant) on May 26, 2011 (see Note 2).

 

11. Shareholders’ equity

After giving effect to the Recapitalization Transactions and the application of the proceeds therefrom, Satmex is owned principally by Holdsat Mexico and Investment Holdings BV. Investment Holdings BV equity interests are owned indirectly by Satmex Investment Holdings L.P., an exempted limited partnership organized under the laws of the Cayman Islands (“Investment Holdings LP”), which owns 99.99% of such equity interests, and Satmex Investment Holdings GP Ltd., an exempted limited company organized under the laws of the Cayman Islands (“Investment Holdings GP” and together with Investment Holdings LP, “Investment Holdings”), which is the general partner of Investment Holdings LP and owns 0.01% of such equity interests. Eligible former holders of the Second Priority Old Notes own 100.00% of the interests in Investment Holdings. Holders that are not eligible to hold their interests through Investment Holdings hold shares of reorganized Satmex directly.

 

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  a. As of March 31, 2012, the authorized, issued and outstanding common stock is as follows:

 

       Variable Capital Class II             Rights %  

Fixed

Class I Series A

     Series A      Series B      Series N      Total      Voting      Economic  
  50,000         6,580,000         —           —           6,630,000         51.000        5.10000  
  —           —           6,363,339         116,877,651         123,240,990         48.950         94.80076  
  —           —           1,113         20,448         21,561         0.008         0.01659   
  —           —           4,081         74,963         79,044         0.031         0.06080   
  —           —           1,467         26,938         28,405         0.011         0.02185   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  50,000         6,580,000         6,370,000         117,000,000         130,000,000         100.000         100.00000   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Satmex is authorized to issue three types of shares: Series A shares, Series B shares, and Series N shares.

 

   

The Series A shares of Satmex entitle holders thereof to 51.0% of Satmex’s voting rights and 5.1% of its economic rights. The Series A shares may be owned only by Mexican individuals, Mexican entities that are owned only by Mexican individuals or entities or Mexican entities in which at least 51.0% of the capital is owned by Mexican individuals or entities (if entities, only if at least 51.0% of the capital of such entities is also owned by Mexican individuals or entities). All Series A shares of Satmex are owned by Holdsat México.

 

   

Series B shares of Satmex entitle the holders thereof to 49.0% of Satmex’s voting rights and 4.9% of the economic rights. The Series B shares may be owned by any person including foreign investors. The Series B shares of Satmex are currently held by (i) Investment Holdings BV, with 6,363,339 shares, (ii) EJA Holdings LTD, with 1,113 shares, and (iii) Centerbridge Capital Partners SBS (Cayman) L.P., with 4,081 shares. Satmex currently holds 1,467 Series B shares in its treasury.

 

   

Series N shares of Satmex entitle holders of such Series N shares to 90.0% of the economic rights and limited voting rights. The holders of Series N shares may vote only on the following matters: (i) extension of Satmex’s corporate existence; (ii) dissolution; (iii) change of corporate purpose; (iv) change of nationality; (v) transformation of Satmex from one type of entity to another; (vi) merger of Satmex with and into another entity; or (vii) spin-off of certain Satmex assets into another entity. The Series N shares may be owned by any person, including foreign investors. Under Mexican law, foreign investment in Satmex’s capital, represented by full voting rights shares, may not exceed 49.0%. The Series N shares, however, are not taken into account in determining the level of foreign investment. The Series N shares of Satmex are currently held by (i) Investment Holdings BV, with 116,877,651 shares, (ii) EJA Holdings LTD, with 20,448 shares, and (iii) Centerbridge Capital Partners SBS (Cayman) L.P., with 74,963 shares. Satmex currently holds 26,938 Series N shares in its treasury.

 

  b. Pursuant to a unanimous resolutions adopted by the shareholders at a meeting held on May 26, 2011, the following resolutions were authorized:

 

   

The outstanding shares formerly held by the NAFIN Trust and the Deutsche Trust, representing the total common stock of the Company as of May 26, 2011, were exchanged through a reverse stock split with a ratio of 10 to 1, resulting in 4,687,500 shares. The stock split has been reflected retrospectively in the accompanying unaudited condensed consolidated financial statements.

 

   

Variable common stock was increased by the issuance of 5,713,333 common, nominative, Class II, Series “A” shares, without par value, through cash contributions of $7,680 in exchange of 5.1% of the economic interest in the Company.

 

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Variable common stock was increased by the issuance of 104,459,367 Class II ordinary shares, without par value, of which (i) 5,620,000 are Series “B” shares and (ii) 98,839,367 are Series “N” shares, through cash contributions of $82,320 in exchange for 83.254% of the economic interests in the Company.

 

   

Pursuant to the Plan, effective on May 26, 2011, 100% of the Second Priority Old Notes were cancelled and converted into the right to receive equity interest (the “Conversion Interest” described in Note 2), directly or indirectly, in the aggregate of 7.146% of the capital stock of the Company. The capitalization of the Conversion Rights and the cancellation of the Second Priority Old Notes were made at the face amount of the Second Priority Old Notes of $206,890, as follows:

 

   

Variable common stock was increased by the issuance of 9,289,800 Series “N” Class II, shares, without par value, for the capitalization of the Conversion Rights and the cancellation of the Second Priority Old Notes, through the capitalization of liabilities for $70,457.

 

   

A paid-in capital premium was recognized of $136,433 for the shares subscription in consideration of the Conversion Rights and the cancellation of the Second Priority Old Notes; the amount of such premium was capitalized pro rata between the shareholders of the Company in the proportion of their participation percentage in the capital stock of the Company without issuance of new shares.

 

   

A put premium was capitalized in the amount of $7,855, in exchange of 4.5% of the economic interests in the Company. The amount of shares issued in exchange for the capitalization of the put premium was 5,850,000 Series “N” Class II, shares, without par value.

 

  c. As of March 31, 2012 the common stock of Satmex amounted to $275,662.

 

  d. Shareholders’ equity, except restated tax contributed capital and tax-retained earnings, will be subject to income tax at the rate in effect upon distribution of such equity. Any tax paid on this distribution may be credited against annual and estimated income taxes of the year in which the tax on dividends is paid and the following two fiscal years.

 

  e. As of December 31, 2011, the balance of the tax contributed capital account is $1,994,763.

 

12. Income taxes

 

  a. Enacted tax law changes in 2010 - On December 7, 2009, Mexico enacted new tax laws that became effective January 1, 2010 (the “2010 Tax Reform”). Among other things, the new laws:

 

   

Provide for a temporary increase in the ISR rate.

 

   

Disallow crediting IETU loss credit carryforwards against ISR liabilities.

The effects of these changes did not have a material effect on the Company’s financial information.

 

  b. Statutory income tax rates - Mexican companies are subject to a dual tax system comprised of ISR and IETU. Mexican entities pay the greater of the corporate flat tax or regular income tax and therefore determine their deferred income taxes based on the tax regime expected to be paid to in the future.

In 2012 and 2011, the ISR rate is 30%. As a result of the 2010 Tax Reform, the ISR rate will decrease to, 29% for 2013 and 28% for 2014 and thereafter. Taxpayers who file tax reports and meet certain requirements may obtain a tax credit equivalent to 0.5% or 0.25% of taxable income.

The IETU rate is 17.5% in 2012 and 2011.

 

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Based on its projections, Satmex determined that in certain fiscal years it will pay ISR, while in others, it will pay IETU. Accordingly, Satmex scheduled the reversal of the temporary differences for both ISR and IETU purposes, determined by year, and applied the respective rates to temporary differences.

The Company has not taken any uncertain tax positions for which it believes it is more likely than not, based on technical merits, that it will not receive benefits taken for its tax positions. The tax years that remain subject to examination by the tax authorities include 2007 - 2011.

 

  c. As of December 31, 2011, Satmex has tax loss carryforwards, which are available to offset future taxable income, as follows:

 

Expiration Date    Amount  

Years

  

2012 (remaining nine months)

   $ 63,680   

2013

     74,742   

2014

     27,538   

2016

     205,549   

2017

     22,248   

2018

     71,697   

2021

     7,385   
  

 

 

 
   $ 472,839   
  

 

 

 

The amounts presented above have been adjusted for Mexican inflation as permitted by Mexican tax law. Satmex utilized tax loss carryforwards of $16,470 as of March 31, 2012.

Due to uncertainties regarding Satmex’s ability to realize the full benefit from these tax loss carryforwards, Satmex has established a valuation allowance of $28,610 as of December 31, 2011, against the deferred tax assets.

 

13. Recapitalization transactions expenses

This caption includes legal, financial and regulatory expenses and fees in connection with various attempts made by Satmex in each year to carry out a restructuring, reorganization or sale transaction and/or recapitalization of its outstanding indebtedness.

 

14. Contingencies and commitments

Satellite and insurance matters

 

  a. In December 2011, Satmex renewed the in-orbit insurance policy for Satmex 6, which expires on December 5, 2012, and provides coverage for $288 million. The insurance companies have the right to review the terms and conditions of the insurance policy, including the right to terminate the insurance coverage.

The insurance policy terms and conditions are in accordance with current industry standards. Any uninsured loss of Satmex 6 would not have a material effect on Satmex’s results of operations and financial position.

 

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In December 2011, Satmex renewed the in-orbit insurance policy for Satmex 5, which expires on December 5, 2012. As of March 31 2012, Satmex 5 is insured with coverage of $17.5 million. This insurance is based upon asset value and shall be reduced from $20.2 million in January 2012 to $5.4 million in December 2012.

The Satmex 5 insurance policy excludes coverage for the Xenon Ion Propulsion System (“XIPS”) and any other anomaly related to this system. It also has another exclusion related to the anomaly from the channel 1C.

Satmex 5 operates using the chemical propellant subsystem. Due to a XIPS failure that occurred during 2010, the estimated remaining life of the satellite is 0.88 years as of March 31, 2012. Such failure does not have an impact on the service capacity of Satmex 5.

The insurance policy terms and conditions are in accordance with current industry standards. Any uninsured loss of Satmex 5 could have a material adverse effect on Satmex’s results of operations and financial position.

 

  b. The in-orbit insurance for Solidaridad 2 was not renewed primarily because the satellite’s geostationary life was ended in 2009. Any uninsured loss of Solidaridad 2 would not have a material adverse effect on Satmex’s results of operations and financial condition.

 

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Commitments

 

  c. Satmex entered into a contract with Space Systems/Loral, Inc. (“SS/L”) and granted to SS/L a usufruct right (a Mexican law concept that grants another person the right to use and benefit from another person’s property) over certain transponders on the Satmex 5 and Satmex 6 satellites, until the end of the life of such satellites. SS/L was not required to post a bond related to the usufruct arrangement. In the event that Satmex or a new shareholder decides not to continue with the usufruct arrangement, SS/L has the right to receive the higher of a percentage of the net sale value of Satmex 6 and Satmex 5 or an amount equal to the market value related to the transponders granted under the usufruct arrangement.

 

  d. State Reserve - Under the orbital concessions granted by the Mexican federal government, Satmex must provide, at no charge, satellite capacity of approximately 362.88 MHz to the Mexican federal government in C- and Ku- bands.

 

  e. On October 15, 1997, the Mexican government granted a property concession that relates to Satmex’s use of the land and buildings on which its satellite control centers are located and allows Satmex to base its ground station equipment within telecommunication facilities that belong to the Mexican government. Under such concession, Satmex is obliged to pay an annual fee, equivalent to 7.5% of the total value of the land, which is determined by appraisal experts assigned by the Mexican federal government. For the three months ended March 31, 2012 and 2011, the fees paid were $126 and $136, respectively.

 

  f. On May 7, 2010, but effective as of April 1, 2010, Satmex entered into a construction contract (the “Construction Agreement”) with SS/L for the design and construction of a new, 64 transponder, C- and Ku- band satellite, to be named Satmex 8 and which will replace Satmex 5.

The Construction Agreement provides that SS/L will have the satellite ready for shipment to the launch site prior to July 1, 2012. The Construction Agreement contemplates a fixed price for the construction of Satmex 8 and specified support services, plus additional costs depending on the launch vehicle selected and Satmex 8’s achievement of orbital performance. Payments are due from Satmex upon SS/L achieving specified milestones.

On December 23, 2010, Satmex entered into a Launch Services Agreement (the “Launch Services Agreement”) with ILS International Launch Services, Inc. (“ILS”) for the launch of Satmex 8. The Launch Services Agreement provides for the launch of Satmex 8 in the third quarter of 2012. Amounts due to ILS for launch services under the agreement are payable prior to the launch date.

 

  g. On June 20, 2008, SS/L and Satmex entered into an Authorization to Proceed (“ATP-S7”) for Satmex 7. On October 2, 2009, Satmex, with the approval of SS/L, assigned ATP-S7 to Alterna’TV Corp. Satmex agreed to be jointly and severally liable for Alterna’TV Corp.’s obligations under ATP-S7 and unconditionally guaranteed to SS/L the due and timely performance by Alterna’TV Corp. of all the present and future undertakings and obligations to SS/L under ATP-S7. On December 3, 2010, Alterna’TV Corp. and SS/L entered into a Second Amendment to ATP-S7, to extend the term of the ATP-S7 to December 31, 2011. On December 22, 2011, the Company entered into a Third Amendment, to extend the term of the ATP-S7 to December 31, 2012.

Satmex has no obligations beyond the $2.6 million already paid to SS/L.

 

  h. On February 3, 2012, the Company entered into a contract for launch services (the “Satmex Launch Services Agreement”) with Space X Exploration Technologies Corp. for the launch of a dual-satellite payload which includes its next generation satellite, designed Satmex 7 (“Satmex 7”).

On March 13, 2012, Satmex entered into a construction agreement, (the “Satmex Procurement Agreement”), with Boeing Satellite Systems International, Inc. (“Boeing”), for the design, construction and delivery of Satmex 7. The construction program provides for a 34 months construction schedule, with a scheduled launch period between December 2014 and February 2015.

 

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Table of Contents

On March 13, 2012, Satmex and Asia Broadcast Satellite Holdings Ltd. (“ABS”) also entered into a master procurement agreement with Boeing (the “Master Procurement Agreement”), which establishes the framework for the joint administration by Satmex and ABS of the procurement program. In addition to entering into the Satmex Procurement Agreement with Boeing, Satmex also entered into a bilateral agreement with ABS on March 13, 2012 (the “Bilateral Agreement”), in which the parties agreed to share launch services costs, allocate common procurement program costs and cross-indemnify each other for any actions or changes to the procurement program made by Satmex or ABS that adversely affect the costs, timing, delivery or launch of the other party’s satellite or satellites.

 

  i. Satmex leases two floors in the building where its headquarters are located. The corresponding lease agreement establishes a mandatory period of five years and three months as of October 2008 and ending in December 2013. For the three months ended March 31, 2012 and 2011, rental expense was $129 and $124, respectively. The minimum future payments are as follows:

 

Years

  

2012 (remaining nine months)

   $ 388   

2013

     517   
  

 

 

 
   $ 905   
  

 

 

 

 

  j. Future minimum revenues due from customers under non-cancelable operating lease contracts, which include a penalty clause against customers in case of early termination, for transponder capacity on satellites in-orbit as of March 31, 2012, are as follows:

 

Years

  

2012 (remaining nine months)

   $ 73,004   

2013

     66,958   

2014

     25,356   

2015

     11,887   

Thereafter

     26,046   
  

 

 

 
   $ 203,251   
  

 

 

 

Other Matters

 

  k. The primary and alternate control centers used by Satmex to operate its satellites form part of a building complex that also houses equipment owned and used by the Mexican federal government’s teleport and mobile satellite services systems. Under its property concession, Satmex can only use these control centers for the operation of satellites. However, the teleport of Enlaces is also housed at the primary control center. A request for approval to use the control center for the operation of Enlaces’ teleport was filed with SCT in July 2000. In March 2009, Enlaces provided the SCT with a list of the equipment and antennas being used at the control center that are independent of Satmex’s satellite operations.

On May 14, 2010, the SCT issued an amendment to the property concession granted on October 15, 1997, under which the Company may, with prior authorization from the SCT, lease or give under a commodatum (i.e., a rent-free lease) agreement, segments of the primary and alternate control centers to third parties as long as such segments are used for activities related to the subject matter of the property concession. This amendment allows the Company, among other things, to provide control and satellite operation services to other operators, with the prior authorization of the SCT.

Pursuant to this amendment to the property concession, the Company filed a new authorization request for Enlaces’ teleport to be housed at Satmex’s primary control center on May 17, 2010. Authorization is pending as of the date of the accompanying unaudited condensed consolidated financial statements.

 

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Table of Contents
15. Supplemental Guarantor Unaudited Condensed Consolidating Financial Statements

Satmex offered $325.0 million in aggregate principal amount of Senior Secured Notes as part of its Plan discussed in Note 2. Satmex exchanged the Senior Secured Notes for $325.0 million of registered 9.5% Senior Secured Notes due 2017 (the “Exchange Notes”). The Exchange Notes are guaranteed by all of Satmex’s U.S. domiciled subsidiaries existing on the issue date (which as of the date of these financial statements includes Alterna’TV Corp. and Alterna’TV Int. (the “Guarantors”)). Future guarantor subsidiaries are contemplated in the offering. The guarantees are full and unconditional and are joint and several obligations of the guarantors and are secured by first priority liens on the collateral securing the notes, subject to certain permitted liens.

Satmex’s investments in subsidiaries in the accompanying guarantor information are accounted for under the equity method, representing acquisition cost adjusted for Satmex’s share of the subsidiary’s cumulative results of operations capital contributions and distributions and other equity changes. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions.

The following tables have been prepared in accordance with Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered, in order to present the (i) unaudited condensed consolidating balance sheet as of March 31, 2012 (Successor registrant), (ii) unaudited condensed consolidating statements of operations and of cash flows for the three months ended March 31, 2012 and 2011 of Satmex, which is the issuer of the Senior Secured Notes, the Guarantors (which are combined for this purpose), the Non-Guarantors, and the elimination entries necessary to consolidate the issuer with the Guarantor and Non-Guarantor subsidiaries.

 

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Table of Contents

Unaudited Condensed Consolidating Balance Sheet

As of March 31, 2012

(In thousands of U. S. dollars)

 

     Successor Registrant  
     Satmex
Issuer
    Guarantor
Subsidiaries
    Non
Guarantor
Subsidiaries
     Eliminations  and
reclassifications
    Consolidated  

Assets

           

Current assets:

           

Cash and cash equivalents

   $ 61,987      $ 1,454      $ 14,186       $ —        $ 77,627   

Accounts receivable and others, net

     13,555        3,189        6,093         (5,592     17,245   

Inventories, net

     —          —          393         —          393   

Prepaid insurance and other assets

     5,653        94        355         —          6,102   

Deferred income taxes

     —          —          680         (680     —     
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total current assets

     81,195        4,737        21,707         (6,272     101,367   

Satellites and equipment, net

     459,060        91        2,137         —          461,288   

Concessions, net

     40,424        —          3,756         —          44,180   

Due from related parties

     5,003        —          817         (5,820     —     

Intangible assets

     52,296        2,754        1,039         —          56,089   

Investment in subsidiaries

     18,621        —          —           (18,621     —     

Deferred financing cost

     12,903        —          —           —          12,903   

Guarantee deposits and other assets

     755        13        21         —          789   

Deferred income taxes

     —          720        —           (720     —     
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total

   $ 670,257      $ 8,315      $ 29,477       $ (31,433   $ 676,616   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Liabilities and Shareholders’ Equity

           

Current liabilities:

           

Accounts payable and accrued expenses

   $ 25,263      $ 3,364      $ 4,772       $ (5,592   $ 27,807   

Deferred revenue

     1,361        —          —           —          1,361   

Deferred income taxes

     —          —          279         —          279   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total current liabilities

     26,624        3,364        5,051         (5,592     29,447   

Debt obligations

     325,000        —          —           —          325,000   

Deferred revenue

     33,460        —          —           —          33,460   

Guarantee deposits and accrued expenses

     3,546        5,021        —           (5,820     2,747   

Labor obligations

     —          —          936         —          936   

Deferred income taxes

     25,123        —          1,176         (1,400     24,899   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total liabilities

     413,753        8,385        7,163         (12,812     416,489   

Shareholders’ equity:

           

Paid-in capital

     275,662        (1,173     21,481         (20,308     275,662   

(Accumulated deficit) retained earnings

     (19,158     1,103        833         (1,936     (19,158

Noncontrolling interest

     —          —          —           3,623        3,623   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total shareholders’ equity

     256,504        (70     22,314         (18,621     260,127   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total

   $ 670,257      $ 8,315      $ 29,477       $ (31,433   $ 676,616   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

 

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Table of Contents

Unaudited Condensed Consolidating Statements of Operations

For the three months ended March 31, 2012

(In thousands of U. S. dollars)

 

     Successor Registrant  
     Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations  and
consolidating
adjustments
    Consolidated  

Revenues:

          

Satellite services

   $ 27,429      $ —        $ —        $ (1,602   $ 25,827   

Broadband satellite services

     —          —          2,326        (6     2,320   

Programming distribution services

     —          3,690        —          —          3,690   

Services companies

     —          —          3,406        (3,406     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     27,429        3,690        5,732        (5,014     31,837   

Cost of satellite services

     2,244        —          995        (1,125     2,114   

Cost of broadband satellite services

     —          —          1,706        (1,285     421   

Cost of programming distribution services

     —          2,165        —          (317     1,848   

Selling and administrative expenses

     3,830        400        2,717        (2,287     4,660   

Depreciation and amortization

     16,834        221        203        —          17,258   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     22,908        2,786        5,621        (5,014     26,301   

Operating income

     4,521        904        111        —          5,536   

Interest expense - net and other

     (727     (40     882        (1,933     (1,818

Income before income tax

     3,794        864        993        (1,933     3,718   

Income tax expense (benefit)

     4,070        (35     (153     —          3,882   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income

     (276     899        1,146        (1,933     (164

Less: Net income attributable to noncontrolling interest

     —          —          —          112        112   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income attributable to Satélites Mexicanos, S. A. de C. V.

   $ (276   $ 899      $ 1,146      $ (2,045   $ (276
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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Table of Contents

Unaudited Condensed Consolidating Statements of Cash Flows

For the three months ended March 31, 2012

 

     Successor Registrant  
     Satmex
Issuer
    Guarantor
Subsidiaries
     Non -
Guarantor
Subsidiaries
    Eliminations      Consolidated  

Cash flows from operating activities

   $ 23,723      $ 465       $ 1,368      $ —         $ 25,556   

Cash flows from investing activities:

            

Construction in progress- satellites

     (26,963     —           —          —           (26,963

Acquisition of equipment

     (166     —           (51     —           (217
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Net cash used in investing activities

     (27,129     —           (51     —           (27,180
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Cash and cash equivalents:

            

Net (decrease) increase for the period

     (3,406     465         1,317        —           (1,624

Beginning of period

     65,393        989         12,869        —           79,251   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

End of period

   $ 61,987      $ 1,454       $ 14,186      $ —         $ 77,627   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

16. Subsequent events

Debt Obligations

 

  a. On April 9, 2012, Satmex issued $35,000 aggregate principal amount of additional Senior Secured Notes (“SSN”) due in 2017, to be issued in a private placement under rule 144A and Regulation S of the U.S. Securities Act of 1933, as amended, with rights to either offer to exchange the additional SSN for substantially similar notes that are registered under the U.S. Securities Act of 1933, as amended, or register the resale of the additional SSN. The additional SSN were priced at 102.00% and will bear interest at an annual fixed rate of 9.50%. The additional SSN offering closed on April 9, 2012.

Other

 

  b. On April 26, 2012, the Court ultimately ruled in favor of Enlaces, in which Globalstar de Mexico, S. de R. L. de C. V., agrees to pay $864 for the provision of broadband services plus penalty interest and legal fees generated.

 

F-28


Table of Contents

Report of Independent Registered Public

Accounting Firm

To the Board of Directors and Shareholders of

Satélites Mexicanos, S. A. de C. V. and Subsidiaries:

Mexico City, Mexico

We have audited the accompanying consolidated balance sheets of Satélites Mexicanos, S. A. de C. V. and subsidiaries (“Satmex”) as of December 31, 2011 (Successor Registrant balance sheet) and as of December 31, 2010 (Predecessor Registrant balance sheet), and the related consolidated statements of operations, changes in shareholders’ equity, and cash flows for the period from May 26, 2011 through December 31, 2011 (Successor Registrant operations) and for the period from January 1, 2011 through May 25, 2011 and for each of the two years in the period ended December 31, 2010 (Predecessor Registrant operations). Our audits also included the financial statement schedule of the Successor Registrant for the period from May 26, 2011 through December 31, 2011 and the Predecessor Registrant for the period from January 1, 2011 through May 25, 2011 and for each of the two years in the period ended December 31, 2011, as listed in the table of contents. These consolidated financial statements and financial statement schedule are the responsibility of Satmex’s management. Our responsibility is to express an opinion on the financial statements and financial statement schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Satmex is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Satmex’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the Successor Registrant consolidated financial statements present fairly, in all material respects, the financial position of Satélites Mexicanos, S. A. de C. V. and subsidiaries as of December 31, 2011, and the results of their operations and their cash flows for the period from May 26, 2011 through December 31, 2011, in conformity with accounting principles generally accepted in the United States of America. Further, in our opinion, the Predecessor Registrant consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Predecessor Registrant as of December 31, 2010 and the results of their operations and their cash flows for the period from January 1, 2011 through May 25, 2011 and for each of the two years in the period ended December 31, 2010, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such Successor and Predecessor Registrant consolidated financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.

 

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Table of Contents

As discussed in Note 2 to the consolidated financial statements, as a result of the recapitalization transactions described therein, effective May 26, 2011 a change in control occurred. As a result, the Successor Registrant applied push-down accounting in its consolidated financial statements to reflect its acquisition by the Group of Investors. Therefore, the consolidated financial statements of the Successor Registrant are presented on a different basis than those of the Predecessor Registrant and, therefore, are not comparable.

Galaz, Yamazaki, Ruiz Urquiza, S. C.

Member of Deloitte Touche Tohmatsu Limited

C. P. C. Alejandro González Anaya

Mexico City, Mexico

February 22, 2012

(April 9, 2012 as to Note 20)

 

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Table of Contents

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Consolidated Balance Sheets

As of December 31, 2011 and 2010

(In thousands of U. S. dollars)

 

     Successor
Registrant
    Predecessor
Registrant
 
     2011     2010  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 79,251      $ 75,712   

Accounts receivable, net

     12,658        13,126   

Due from related parties

     —          840   

Inventories, net of allowance for obsolescence

     489        494   

Prepaid insurance and other assets

     6,687        4,911   
  

 

 

   

 

 

 

Total current assets

     99,085        95,083   
 

Satellites and equipment, net

     443,015        265,158   

Concessions, net

     44,628        38,185   

Intangible assets

     63,810        7,156   

Deferred financing cost

     13,677        —     

Guarantee deposits and other assets

     728        873   

Goodwill

     —          32,502   
  

 

 

   

 

 

 
 

Total

   $ 664,943      $ 438,957   
  

 

 

   

 

 

 
 

Liabilities and Shareholders’ Equity (Deficit)

    

Current liabilities:

    

Short-term portion of debt obligations

   $ —        $ 238,237   

Accounts payable and accrued expenses

     18,863        16,411   

Deferred revenue

     1,361        2,344   

Income tax payable

     454        101   

Deferred income taxes

     1,490        325   
  

 

 

   

 

 

 

Total current liabilities

     22,168        257,418   
 

Debt obligations

     325,000        197,873   

Deferred revenue

     33,800        60,666   

Guarantee deposits and accrued expenses

     2,904        2,677   

Labor obligations

     891        943   

Deferred income taxes

     19,889        5,413   
  

 

 

   

 

 

 

Total liabilities

     404,652        524,990   
 

Contingencies and commitments (Note 17)

    
 

Shareholders’ equity (deficit):

    

Paid-in capital

     275,662        46,764   

(Predecessor Registrant common stock, class I, no par value, 10,312,499 shares authorized, issued and outstanding

     —          —     

Predecessor Registrant common stock, class II, no par value, 36,562,500 shares authorized, issued and outstanding

     —          —     

Successor Registrant common stock, class I, no par value, 50,000 shares authorized, issued and outstanding

     —          —     

Successor Registrant common stock, class II, no par value, 129,950,000 shares authorized, issued and outstanding)

     —          —     

Accumulated deficit

     (18,882     (136,320
  

 

 

   

 

 

 

Total Satélites Mexicanos, S. A. de C. V. shareholders’ equity (deficit)

     256,780        (89,556

Noncontrolling interest

     3,511        3,523   
  

 

 

   

 

 

 

Total shareholders’ equity (deficit)

     260,291        (86,033
  

 

 

   

 

 

 
 

Total

   $ 664,943      $ 438,957   
  

 

 

   

 

 

 

See accompanying notes to these consolidated financial statements.

 

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Table of Contents

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Consolidated Statements of Operations

For the periods from May 26, 2011 through December 31, 2011 (Successor Registrant) and from January 1, 2011 through May 25, 2011, and for the Years Ended December, 2010 and 2009 (Predecessor Registrant)

(In thousands of U. S. dollars)

 

     Successor Registrant     Predecessor Registrant  
    

Period from

May 26, 2011
through

December 31, 2011

   

Period from

January 1, 2011
through

May 25, 2011

    2010     2009  
 

Revenues:

        

Satellite services

   $ 59,714      $ 43,734      $ 105,781      $ 102,061   

Broadband satellite services

     7,433        5,190        12,910        12,384   

Programming distribution services

     7,563        4,786        10,071        10,594   
  

 

 

   

 

 

   

 

 

   

 

 

 
     74,710        53,710        128,762        125,039   
 

Cost of satellite services(1)

     6,191        4,401        11,405        12,884   

Cost of broadband satellite services(1)

     1,388        685        2,821        2,249   

Cost of programming distribution services(1)

     4,393        2,625        5,387        5,331   

Selling and administrative expenses(1)

     12,792        7,714        17,040        16,893   

Depreciation and amortization

     46,547        17,080        43,402        47,657   

Recapitalization transactions expenses

     —          28,766        16,443        3,324   
  

 

 

   

 

 

   

 

 

   

 

 

 
     71,311        61,271        96,498        88,338   
 

Operating income (loss)

     3,399        (7,561     32,264        36,701   
 

Other (expenses) income:

        

Interest expense

     (8,990     (19,499     (45,789     (43,708

Interest income

     328        150        345        480   

Foreign exchange (loss) gain - net

     (1,461     349        71        12   
  

 

 

   

 

 

   

 

 

   

 

 

 
 

Loss before income tax

     (6,724     (26,561     (13,109     (6,515
 

Income tax expense

     12,133        2,199        779        13,233   
  

 

 

   

 

 

   

 

 

   

 

 

 
 

Net loss

     (18,857     (28,760     (13,888     (19,748
 

Less: Net income attributable to noncontrolling interest

     25        3        444        406   
  

 

 

   

 

 

   

 

 

   

 

 

 
 

Net loss attributable to Satélites Mexicanos, S. A. de C. V.

   $ (18,882   $ (28,763   $ (14,332   $ (20,154
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Exclusive of depreciation and amortization shown separately below.

See accompanying notes to these consolidated financial statements.

 

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Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Consolidated Statements of Shareholders’ Equity (Deficit)

For the periods from May 26, 2011 through December 31, 2011 (Successor Registrant) and from January 1, 2011 through May 25, 2011, and for the Years Ended December, 2010 and 2009 (Predecessor Registrant)

(In thousands of U. S. dollars, except share data)

 

    

Shares

Issued

     Paid-in capital     (Accumulated
deficit)
   

Noncontrolling

interest

   

Total

shareholders’

(deficit) equity

 

Balance, January 1, 2009

     4,687,500       $ 46,764      $ (101,834   $ 2,673      $ (52,397

Net (loss) income

     —           —          (20,154     406        (19,748
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Balance, December 31, 2009

     4,687,500         46,764        (121,988     3,079        (72,145

Net (loss) income

     —           —          (14,332     444        (13,888
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Balance, December 31, 2010

     4,687,500         46,764        (136,320     3,523        (86,033

Net (loss) income from January 1, 2011 through May 25, 2011

     —           —          (28,763     3        (28,760
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Balance, May 25, 2011 (Predecessor Registrant)

     4,687,500         46,764        (165,083     3,526        (114,793

Push-down accounting adjustments:

           

Valuation adjustments, net

     —           225,363        —          (40     225,323   

Elimination of Predecessor accumulated deficit

     —           (165,083     165,083        —          —     

Issuance of common stock

     116,022,700         90,000        —          —          90,000   

Capitalization of debt into common stock

     9,289,800         78,618        —          —          78,618   

Net (loss) income from May 26, 2011 through December 31, 2011

     —           —          (18,882     25        (18,857
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Balance, December 31, 2011 (Successor Registrant)

     130,000,000       $ 275,662      $ (18,882   $ 3,511      $ 260,291   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

See accompanying notes to these consolidated financial statements.

 

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Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Consolidated Statements of Cash Flows

For the periods from May 26, 2011 through December 31, 2011 (Successor Registrant) and from January 1, 2011 through May 25, 2011, and for the Years Ended December, 2010 and 2009 (Predecessor Registrant)

(In thousands of U. S. dollars)

 

     Successor Registrant     Predecessor Registrant  
    

Period from

May 26, 2011
through

December 31, 2011

   

Period from

January 1, 2011

through

May 25, 2011

    2010     2009  
 

Cash flows from operating activities:

        

Net loss

   $ (18,857   $ (28,760   $ (13,888   $ (19,748

Adjustments to reconcile net loss to net cash provided by operating activities:

        

Net periodic pension cost

     (24     —          208        274   

Depreciation and amortization

     46,547        17,080        43,402        47,657   

Deferred income taxes

     10,814        1,575        191        517   

Deferred revenue

     (794     (977     (2,344     (2,344

Amortization of deferred financing costs

     1,806        —          —          —     

Provision for (reversal of) allowance for doubtful accounts

     1,360        —          172        (150

Interest accrued to principal on debt obligations

     —          4,020        15,495        14,318   

Write-off of satellite construction costs

     —          —          —          1,256   
 

Changes in operating assets and liabilities:

        

(Increase) decrease in:

        

Accounts receivable

     5,594        (6,486     (3,755     7,888   

Due from related parties

     —          840        (376     (79

Inventories

     171        (166     (84     (223

Prepaid insurance

     (560     1,881        784        (1,989

Guarantee deposits and other assets

     277        (132     (227     69   

Accounts payable, accrued expenses and income tax

     (13,472     18,594        (457     (1,977

Guarantee deposits and accrued expenses

     (508     665        1,889        525   
  

 

 

   

 

 

   

 

 

   

 

 

 
 

Net cash provided by operating activities

     32,354        8,134        41,010        45,994   
  

 

 

   

 

 

   

 

 

   

 

 

 
 

Cash flows from investing activities:

        

Construction in progress Satmex 8 (including capitalized interest)

     (150,537     (42,333     (63,113     —     

Acquisition of equipment

     (1,627     (635     (4,578     (1,808
  

 

 

   

 

 

   

 

 

   

 

 

 
 

Net cash used in investing activities

     (152,164     (42,968     (67,691     (1,808
  

 

 

   

 

 

   

 

 

   

 

 

 

 

Continued

 

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Table of Contents
     Successor Registrant     Predecessor Registrant  
    

Period from

May 26, 2011
through

December 31, 2011

   

Period from

January 1, 2011

through

May 25, 2011

    2010     2009  
 

Cash flows from financing activities:

        

Proceeds from equity interest

     90,000        —          —          —     

Repayment of First Priority Old Notes

     (238,237     —          —          —     

Issuance of Senior Secured Notes

     —          325,000        —          —     

Deferred financing costs

     (333     (18,247     —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash (used in) provided by financing activities

     (148,570     306,753        —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 
 

Cash and cash equivalents:

        

Net (decrease) increase for the period

     (268,380     271,919        (26,681     44,186   

Beginning of period

     347,631        75,712        102,393        58,207   
  

 

 

   

 

 

   

 

 

   

 

 

 
 

End of period

   $ 79,251      $ 347,631      $ 75,712      $ 102,393   
  

 

 

   

 

 

   

 

 

   

 

 

 
 

Supplemental disclosures of cash flow information:

        

Cash paid during the year:

        

Interest paid, net of interest capitalized

   $ 16,295      $ 40,196      $ 32,554      $ 28,912   
  

 

 

   

 

 

   

 

 

   

 

 

 

Capitalized interest

   $ 11,715      $ 3,801      $ 2,582      $ —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Income taxes paid

   $ 1,172      $ —        $ 4,666      $ 9,008   
  

 

 

   

 

 

   

 

 

   

 

 

 
 

Non-cash investing activities:

        

Capital expenditures incurred not yet paid

   $ 3,674      $ 35,678      $ 844      $ 2,391   
  

 

 

   

 

 

   

 

 

   

 

 

 
 

Non-cash financing activities:

        

Capitalization of debt into common stock

   $ 206,890      $ —        $ —        $ —     
  

 

 

   

 

 

   

 

 

   

 

 

 

See accompanying notes to these consolidated financial statements.

 

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Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Notes to Consolidated Financial Statements

For the periods from May 26, 2011 through December 31, 2011 (Successor Registrant) and from January 1, 2011 through May 25, 2011, and For the Years Ended December, 2010 and 2009 (Predecessor Registrant)

(In thousands of U.S. dollars, unless otherwise stated)

 

1. Nature of business

Satélites Mexicanos, S. A. de C. V. and subsidiaries (“Satmex” and together with its subsidiaries, the “Company”) is a provider of fixed satellite services (“FSS”) in the Americas. Satmex’s current fleet is comprised of three satellites, Satmex 6, Satmex 5, and Solidaridad 2 in contiguous orbital slots that enable its customers to effectively serve its entire coverage footprint utilizing a single satellite connection. Satmex’s business provides mission-critical communication services to a diverse range of customers, including large telecommunications companies, private and state-owned broadcasting networks, cable and direct-to-home satellite television operators, and public and private telecommunications networks operated by financial, industrial, transportation, tourism, educational and media companies as well as governmental entities. Satmex provides services primarily to three types of customers: data, voice-over IP networks and video.

Satmex primarily provides commercial FSS through Satmex 6 and Satmex 5, which have a total of 108 C- and Ku-band 36 MHz transponder equivalents. Satmex has started construction and entered into a launch services agreement for a new satellite, Satmex 8, which will replace Satmex 5. Satmex anticipates that Satmex 8 will be in-service by the end of 2012. In March 2008, Solidaridad 2 was placed in inclined orbit. It primarily provided L-band service to the Mexican government for national security and social services. As of December 31, 2010, Satmex estimated that Solidaridad 2 could remain in inclined orbit for 2.5 years but in early 2011 Satmex began to suspect that it had less propellant than needed to continue to operate in inclined orbit for that period. On June 1, 2011, Satmex received the results of an independent study and based on such study Satmex has decided to de-orbit the satellite. On March 13, 2012, Satmex entered into a definitive construction agreement with Boeing for the design, construction and delivery of a new satellite, Satmex 7, which will occupy the orbital slot of Solidaridad 2 and offer both C- and Ku-band services. In the interim, Satmex anticipates transferring Satmex 5 to the Solidaridad 2 orbital slot once Satmex 8 is in orbit.

Satmex operates and monitors satellite fleet from two specialized earth stations or satellite control centers, located in Iztapalapa, Mexico, and Hermosillo, Mexico.

In addition to the core FSS business, which is reported as “Satellite services” segment, Satmex also offers the programming distribution services segment to offer TV programs in Spanish for Hispanic communities living in the United States of America (“USA”). Through one of its subsidiaries, the Company also provides other broadband satellite transmission capacity services for various applications, such as internet access via satellite, telecommunication transmission and broadcasting

 

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2. Recapitalization Transactions

In order to address its liquidity needs, enhance its long-term growth and improve its competitive position, Satmex carried out a comprehensive recapitalization of the Company through various transactions pursuant to which the following actions have been taken (which are referred to, collectively, as the “Recapitalization Transactions”):

On December 22, 2010, Nacional Financiera, S. N. C., Institución de Banca de Desarrollo, Dirección Fiduciaria, in its capacity as trustee (the “NAFIN Trust”) and Deutsche Bank Mexico, S. A., Institución de Banca Múltiple, División Fiduciaria, in its capacity as trustee (the “Deutsche Trust”) (collectively the “Sellers”), former shareholders of Satmex, entered into a Share Purchase Agreement (the “SPA”) with Holdsat Mexico, S. A. P. I. de C. V., a variable capital investment promotion society (sociedad anónima promotora de inversion de capital variable), organized and existing under the laws of Mexico (“Holdsat Mexico”), as buyer, for the acquisition of the 100% of the outstanding voting equity interests of Satmex. On March 10, 2011, Holdsat Mexico ceded and assigned a portion of its rights under the SPA to acquire all existing Series “B” and “N” shares of Satmex to Satmex International B.V., a limited liability company organized under the laws of The Netherlands (“Satmex International BV”), which is beneficially and indirectly owned by holders of the Second Priority Secured Notes (the “Second Priority Old Notes”) of Satmex. Satmex International BV owns 49% of the common stock of Holdsat Mexico. The assignment of these rights by Holdsat Mexico to Investment Holdings resulted in both entities forming a collective group of investors (the “Group of Investors” or the “Buyers”) to acquire control in Satmex upon the effectiveness of the SPA, which occurred after the fulfillment of the following transactions:

 

   

Payment by the Buyers of $6.25 million to the Sellers for 100% of the outstanding common stock of Satmex, which occurred on May 26, 2011;

 

   

The offering and sale of the Senior Secured Notes (“Senior Secured Notes”), due 2017, for $325,000, which were initially offered on May 5, 2011 to qualified institutional buyers under Rule 144A of the Securities Act and to persons outside of the U.S. in compliance with Regulation S of the Securities Act. The Senior Secured Notes were subsequently exchanged for new exchange notes, due 2017, for a like principal amount, registered with the U.S. Securities and Exchange Commission (the “SEC”), effective September 26, 2011. The proceeds received from the Senior Secured Notes were used to repay the First Priority Senior Secured Notes due 2011 (the “First Priority Old Notes”) on May 26, 2011; and

 

   

The voluntary filing by Satmex, Alterna’TV Corporation and Alterna’TV International Corporation for protection under Chapter 11 of the U.S. Bankruptcy Code and confirmation of a prepackaged plan of reorganization filed in the United States Bankruptcy Court (the “Plan”), which such confirmation occurred on May 11, 2011. Consummation of the Plan occurred on May 26, 2011 (the “Plan Effective Date”). The Plan contemplated the following transactions:

 

   

The conversion of the Second Priority Old Notes (which were to mature in 2013) into direct or indirect equity interests representing 7.146% of the economic interests in the emerging entity (“Reorganized Satmex”) (the “Conversion Rights,” subject to dilution by any equity issued under any management incentive plan, as determined, adopted and approved by the Board of Directors of Reorganized Satmex on the Plan Effective Date, and any future issuance of equity, including certain primary rights and follow-on rights (the “Primary Rights” and the “Follow-On Rights,” respectively) of the holders of the Second Priority Old Notes as discussed below). In lieu of the Conversion Rights, the Primary Rights and the Follow-On Rights, holders of the Second Priority Old Notes could have elected to receive a cash payment of 38 cents per U.S. dollar in principal amount of the Second Priority Old Notes (including accrued and paid-in kind interest). All interested holders of Second Priority Old Notes elected the Conversion Rights, which such conversion occurred on May 26, 2011;

 

   

The offering of the Primary Rights to holders of the Second Priority Old Notes, which comprised the rights to purchase direct or indirect equity interests representing up to 85.753% of the economic interests in Reorganized Satmex for up to $96,250 (subject to dilution by any equity issued under any management incentive plan, as determined, adopted and approved by the Board of Directors of Reorganized Satmex on the Plan Effective Date, and any future issuance of equity, including the Follow-On Rights, as discussed below). The Primary Rights were exercised for $90,000, effective on May 26, 2011, representing 83.254% of the outstanding capital of Reorganized Satmex. Eligible holders of the Second Priority Old Notes also had the right to the Follow-On Rights, comprising the right to invest in their pro rata share of a follow-on issuance of equity securities in an aggregate amount of up to $40,000; this option has expired unexercised;

 

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Aside from holders of the First Priority Old Notes and the Second Priority Old Notes which received the treatment described above, all holders of allowed claims against the debtors, including employees, trade creditors and other priority an non-priority creditors, were paid in the ordinary course during the resolution of the bankruptcy or in full on, or shortly after, the Plan Effective Date

Paid-in capital of Reorganized Satmex as a result of the SPA and the Plan is presented in Note 13 to the accompanying consolidated financial statements.

New Basis of Accounting (Push-down accounting)

As the events described above occurred as expected, the SPA became legally effective on May 26, 2011, and resulted in a change in control among the Sellers and the Group of Investors. Given these facts and as a result of becoming substantially wholly-owned by the Group of Investors, Satmex applied push-down accounting in its consolidated financial statements to reflect its acquisition by the Group of Investors. The acquisition method of accounting was applied, resulting in a new basis of accounting for the “successor period” beginning on May 26, 2011 (the “Acquisition Date”).

As a result, the Company recognized and measured, at their fair values, the identifiable assets acquired, liabilities assumed and the related noncontrolling interests. In order to determine fair values, Satmex considered the following generally accepted valuation approaches: The cost approach, the income approach and the market approach. Significant assumptions used in the determination of fair values include cash flow projections and related discount rates, industry indices, market prices regarding replacement cost and comparable market transactions. While Satmex believes that the estimates and assumptions underlying the valuation methodologies were reasonable, different assumptions could have resulted in different fair values.

 

  d. The total estimated consideration transferred, at fair value, for the acquisition of 100% of Satmex’s common stock was as follows:

 

Consideration at fair value:   

As of May 26,

2011

 

Cash paid

   $ 1,000   

Executive bonuses

     6,303   

Cash consideration paid upon completion of the share purchase agreement

     5,250   

Rights offering

     90,000   

Capitalization of Second Priority Old Notes

     78,618   
  

 

 

 

Fair value of total consideration transferred

   $ 181,171   
  

 

 

 

 

  e. Supplementary Pro Forma Information (Unaudited)

The following table presents the revenues and earnings (net loss) of Satmex as if the acquisition had occurred as of January 1, 2011:

 

     Revenues      Net loss  
     Unaudited  

Actual from May 26, 2011 to December 31, 2011 (Successor Registrant)

     74,710         (18,882

Supplemental pro forma from January 1, 2011 to December 31, 2011

     128,010         (12,027

Supplemental pro forma from January 1, 2010 to December 31, 2010

     127,779         31,326   

 

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Supplemental pro forma from January 1, 2011 to December 31, 2011 was adjusted to exclude $28,766, of recapitalization transaction expenses incurred in such period, as they are considered non-recurring charges.

Supplemental pro forma from January 1, 20110 to December 31, 2010 was adjusted to exclude $16,443, of recapitalization transaction expenses incurred in such period, as they are considered non-recurring charges.

 

  f. Acquisition-related costs were $47,013, of which $18,247 represent the cost of issuing the Senior Secured Notes, which was capitalized within other assets (see Note 4g) on May 5, 2011 (date of issuance of the Senior Secured Notes) and $28,766 were included in the Predecessor statement of operations within recapitalization transactions expenses.

 

  g. The following table summarizes the recognized amounts of identifiable assets, assumed liabilities and non-controlling interest, pushed-down in order to be reflected in Satmex’s financial information:

 

Recognized amounts of identifiable assets acquired and liabilities assumed:   

As of May 26,

2011

 

Satellite and equipment

   $ 344,000   

Intangible assets

     88,168   

Concessions

     45,672   

Deferred financing cost

     18,247   

Financial assets, net of financial liabilities

     67,623   

Deferred income taxes

     (10,372

Deferred revenue

     (35,956

First Priority Old Notes

     (238,237
  

 

 

 

Total identifiable net assets

     279,145   

Non-controlling interest (1)

     (3,486

Bargain purchase

     (94,488
  

 

 

 
   $ 181,171   
  

 

 

 

All assets and liabilities acquired have been measured at fair value.

 

(2) 

The fair value of the noncontrolling interest in Enlaces, a private entity, was estimated by applying the income approach. This fair value measurement is based on significant inputs that are not observable in the market and thus represents a Level 3 measurement. Key assumptions include a discount rate of 12.30%, a terminal value based on terminal earnings before interest, taxes, depreciation, and amortization, and financial multiples of entities deemed to be similar to Enlaces between 5x and 6x.

As a result of the acquisition, the Company has recorded bargain purchase of $94,488, representing the amount of the fair value of the net assets acquired in excess of the purchase price. The bargain purchase gain represents the purchase of Satmex by the Group of Investors at less than fair value of Satmex’s net assets and stems from the restructuring of Satmex. At the end of 2010, the existing debt of Satmex was set to mature within the following twelve months; additionally, Satmex required additional financing for its future satellites. Its current stockholder at that time did not actively administer or operate Satmex and had not provided further financing so that Satmex could carry out its plans with respect to future operations. Accordingly, a restructuring was entered into, which included the entrance of new active investors, willing and able to contribute the financing necessary for Satmex to continue with its future operating plans, and thus, purchase Satmex from the Sellers at a bargain purchase.

As the bargain purchase gain does not result from the operations of Satmex, it is recognized as part of Reorganized Satmex’s common stock rather than within its consolidated statement of operations.

 

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3. Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Factors affecting the comparability of the consolidated financial statements - push-down accounting - The Company has accounted for the Recapitalization Transactions using push-down accounting for the acquisition of the Company by the Group of Investors. This resulted in the adjustment of all net assets to their respective fair values as of the Acquisition Date.

Although Satmex continued as the same legal entity after the Recapitalization Transactions, the application of push-down accounting represents the termination of the old accounting entity and the creation of a new one. As a result, the accompanying consolidated balance sheets, statements of operations, stockholders’ equity and cash flows are presented for two periods: Predecessor and Successor, which relate to the period preceding the Recapitalization Transaction and the periods succeeding the Recapitalization Transaction, respectively. The Company refers to the operations of Satmex and subsidiaries for both the Predecessor and Successor periods.

Accordingly, the Successor Company presentation is not comparable to the Predecessor Company presentation due to the different basis of accounting.

Consolidation of financial statements - The consolidated financial statements include the financial statements of Satmex and those of its subsidiaries. The financial statements of the subsidiaries are consolidated from their respective dates of acquisition or incorporation. All intercompany transactions and balances have been eliminated in consolidation.

The activities of the entities in the consolidated group are described below:

 

Company

   Ownership
percentage
   

Activity

Enlaces Integra, S. de R.L. de C.V.
(“Enlaces”)

     75.00  

Acquired on November 30, 2006. Enlaces offers private networks for voice, video and data as well as other value-added satellite services in Mexico.

HPS Corporativo S. de R. L. de C. V.
(“HPS”)

     99.97  

Incorporated on December 20, 2007 to provide administrative services exclusively to Enlaces. It is owned 99.97% by Enlaces and 0.03% by Satmex USA.

Alterna’TV Corporation
(“Alterna’TV Corp.”)

     100.00  

Incorporated on December 19, 2008, to be a vehicle to contract the procurement of the Satmex 7 satellite.

Alterna’TV International Corporation
(“Alterna’TV Int.”)

     100.00  

Incorporated on May 21, 2009. This entity is engaged in programming distribution services, primarily in the United States of America.

SMVS Administración, S. de R. L. de C. V. and SMVS Servicios Técnicos, S. de R. L. de C. V.

(“Service Companies”)

     99.97  

Incorporated on June 30, 2006, to provide administrative and operating services exclusively to Satmex.

Satmex USA LLC
(“Satmex USA”)

     100.00  

Incorporated on August 4, 2011. This entity holds the non-controlling interests related to the Service Companies.

Satmex Escrow, S. A. de C. V., (“Escrow”) was incorporated on March 8, 2011 solely to act as the issuer of the Senior Secured Notes and was merged into Satmex on May 26, 2011. Satmex assumed all of Escrow’s obligations.

 

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Foreign currency transactions - For U.S. GAAP reporting purposes, the Company maintains separate accounting records in its functional currency, the U.S. dollar. Transactions denominated in Mexican pesos and other foreign currencies are recorded at the rate of exchange in effect at the date of the transactions. Monetary assets and liabilities denominated in Mexican pesos and other foreign currencies are converted into the Company’s functional currency at the rate of exchange in effect at the balance sheet date (Mexican pesos per one U.S. dollar as of December 31, 2011 and 2010, were $13.9787 and $12.3571, respectively), with the resulting effect included in other (expense) income within results of operations.

Fresh-start reporting in 2006 - Satmex went through a reorganization process in 2006, and adopted fresh-start reporting as of November 30, 2006. Reorganization adjustments were made on that date in the consolidated financial information to reflect the effects of agreements in accordance with the confirmation order and to reflect adoption of fresh-start reporting. These adjustments reflected the relative fair values the Company’s assets and liabilities on the effective date of that reorganization. As a result of Satmex’s emergence from Chapter 11 of the United States Federal Bankruptcy Law, for financial reporting purposes a new economic entity was established with respect to Satmex and its subsidiaries; however, each of the legal entities preserved its rights and responds to its obligations individually in accordance with Mexican laws.

 

4. Significant accounting policies

A summary of the significant accounting policies used in the preparation of the accompanying consolidated financial statements follows:

 

  r. Cash and cash equivalents - This line item consists mainly of bank deposits in checking accounts and readily available daily investments of cash surpluses. Cash equivalents are composed of highly liquid investments with original maturities of three months or less. This line item is stated at nominal value plus accrued yields, which are recognized in results as they accrue.

 

  s. Concentrations of credit risk - Financial assets, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalents are maintained with high-credit quality financial institutions.

The Company’s customers are comprised of several companies in the private domestic sector and certain foreign companies. Management considers that its credit evaluation, approval and monitoring processes combined with negotiated billing arrangements mitigate potential credit risks with regard to its current customer base.

The principal customers of the Company are as follows: for Satellite services - broadcasting: Grupo Televisa and Productora y Comercializadora de Televisión, S.A. de C.V.; for Satellite services - telecommunications: Teléfonos de México, S.A. de C.V. and Telmex Perú, S.A. (“Telmex”); and for Satellite services - data transmission and Internet: Hughes Network Systems, LLC. For Programming distribution services (Alterna’TV International Corp.), the Company’s principal customers are Direct TV and Comcast Cable Communications. For Broadband satellite services (Enlaces), the principal customers are Globalstar de México, S. de R. L. de C. V., Grupo Oxxo and Grupo Wal-Mart de México.

For the years ended December 31, 2011, 2010 and 2009, revenues from Satellite services, Programming distribution services and Broadband satellite services were obtained from:

 

     2011
%
     2010
%
     2009
%
 

Hughes Networks Systems, Inc.

     14         17         20   

Telmex

     15         14         15   

Other foreign customers

     40         37         36   

Other domestic customers

     31         32         29   

 

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  t. Inventories - Inventories consist mainly of antennas and are stated at the lower of cost or market value. Cost is determined using the average cost method.

 

  u. Satellites and equipment - As of May 26, 2011, Satmex adopted push-down accounting, under which its satellites and equipment were recorded at fair values based upon the appraised values of such assets. Satmex determined the fair value of the satellites and equipment using the cost approach. The cost approach, often referred to as current replacement cost, estimates fair value based on the amount that currently would be required to replace the service capacity of an asset. Assets acquired after the adoption of push-down accounting are recorded at acquisition cost. As of December 31, 2010, satellites and equipment were valued at their fair value as of November 30, 2006, when Satmex had applied fresh start reporting resulting from a previous reorganization that was effective on such date, less subsequent depreciation.

Depreciation is calculated using the straight-line method for satellites, related equipment and other owned assets over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements.

The estimated useful lives of the satellites are as follows:

 

    

Useful life

(Years)

 

Satellites in-orbit - original estimated useful life as determined by engineering analysis:

  

Satmex 6

     15   

Satmex 5

     15   

Solidaridad 2

     14.5   

Depreciation of satellites commences on the date on which the satellite is placed in orbit. Satmex 6 was launched on May 27, 2006 and commenced operations in July 2006. Satmex 5 was launched on December 5, 1998 and commenced operations in January 1999. Solidaridad 2 concluded its depreciation period based upon its estimated useful life during 2009.

The estimated useful lives of equipment are as follows:

 

    

Useful life

(Years)

 

Equipment:

  

Satellite equipment

     15   

Furniture and fixtures

     10   

Leasehold improvements

     5   

Teleport, equipment and antennas

     10   

Costs incurred in connection with the construction and successful deployment of the satellites and related equipment are capitalized. Such costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentives expected to be payable to the satellite manufacturers, costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. Satellite construction and launch services are generally procured under long-term contracts that provide for payments over the contract periods. Satellite construction and launch services costs are capitalized to reflect progress toward completion. Capitalizing these costs typically coincides with contract milestone payment schedules.

The insurance paid to renew in-orbit coverage is recorded as a prepaid insurance and amortized over the related policy period (see Note 17).

 

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  v. Concessions - As of May 26, 2011, Satmex adopted push-down accounting, under which its concessions were recorded at fair values based upon the appraised values of such assets. Satmex determined the fair value of the orbital concessions and the public telecommunications network concession using market approach and income approach methods, respectively. Orbital concessions are amortized over 40 years using the straight-line method; their remaining useful life as of the Acquisition Date was 26 years. The public telecommunications network concession is amortized over 30 years using the straight-line method; its remaining useful life as of the Acquisition Date was 19 years.

As of December 31, 2010, concessions were valued at their fair value as of November 30, 2006, when Satmex had applied fresh start reporting resulting from a previous reorganization, less subsequent amortization.

 

  w. Valuation of satellites and long-lived assets - The carrying value of the satellites, amortizable intangible assets and other long-lived assets is reviewed for impairment wherever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the expected undiscounted future cash flows are less than the carrying value of the long-lived assets, an impairment charge is recorded based on such asset’s estimated fair value. Changes in estimates of future cash flows could result in a write-down of the asset in a future period.

Estimated future cash flows from the Company’s satellites could be impacted by changes in estimates of its ability to operate the satellite at expected levels, changes in the manner in which the satellite is to be used and the loss of one or several significant customer contracts on the satellite.

 

  x. Deferred financing costs - Deferred financing costs related to the issuance of Senior Secured Notes were capitalized and reported as an asset. These costs are amortized to interest expense using the effective rate interest method.

 

  y. Goodwill and other intangible assets:

Goodwill - As of December 31, 2010, goodwill represented the amount by which Satmex’s reorganization equity value, stemming from its 2006 reorganization, exceeded the fair value of its net assets (exclusive of debt obligations). Goodwill was fully allocated to the satellite services reporting unit. Goodwill was not amortized but was tested on an annual basis for impairment during the fourth quarter or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Fair value estimates are based on valuation models that typically incorporate probability assessments of expected future cash flows. Goodwill is considered to be impaired when the carrying amount of the reporting unit to which the goodwill belongs exceeds the fair value of that reporting unit. An implied fair value of goodwill is then compared to the carrying value of goodwill, and any impairment loss is recognized within operations. Satmex completed its annual goodwill impairment test in the fourth quarter of 2010 and determined that goodwill was not impaired. As a result of the adoption of push-down accounting stemming from the Recapitalization Transactions in 2011, goodwill was eliminated.

Other intangible assets - Intangible assets arising from push-down accounting are initially recorded at fair value using the income approach method. Intangible assets identified as part of the push-down of acquisition accounting consisted primarily of contract backlog and customer relationships. As of December 31, 2010, intangible assets consisted of contract backlog, customer relationships, landing rights and internally developed software and technology, all of which were recorded in connection with the adoption of fresh-start reporting in 2006. The Company reviews intangible assets for impairment whenever facts and circumstances indicate that the carrying amounts may not be recoverable. An intangible asset with a determinable useful life is considered to have been impaired when its carrying amount exceeds its fair value; however, an impairment loss shall only be recognized when the estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset are less than the carrying value of the asset. The Company measures an impairment loss as the difference between the carrying value of the asset and its fair value.

 

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The costs of intangible assets with finite and determinable useful lives are amortized to reflect the pattern of consumption, over the estimated useful lives of the assets, as follows:

 

    

Useful life

(Years)

 

Contract backlog

     10   

Customer relationships

     4   

Landing rights

     5   

Internally develop software and technology

     5   

 

  z. Labor obligations - In accordance with Mexican Labor Law, Satmex provides seniority premiums benefits to its employees under certain circumstances. These benefits consist of a one-time payment equivalent to 12 days wages for each year of service (at the employee’s most recent salary, but not to exceed twice the legal minimum wage), payable to all employees with 15 or more years of service, as well as to certain employees terminated involuntarily prior to the vesting of their seniority premium benefit. Satmex also provides statutorily mandated severance benefits to its employees terminated under certain circumstances. Such benefits consist of a one-time payment of three months wages plus 20 days wages for each year of service payable upon involuntary termination without just cause. Costs associated with these benefits are provided for based on actuarial computations using the projected unit credit method.

 

  aa. Fair value of financial instruments and fair value measurements - An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Accounting guidance establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Inputs used to measure fair value may fall into one of three levels:

Level 1 - applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 - applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 - applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company’s financial instruments consist principally of cash, accounts receivable, debt, accounts payable and accrued expenses. The Company believes that the recorded values of cash, accounts receivable, accounts payable and accrued expenses approximate their current fair values because of their nature and respective maturity dates or durations. The fair value of debt is disclosed in Note 11.

 

  bb. Provisions - Are recognized for current obligations that result of a past event, are probable to result in the use of economic resources and can be reasonably estimated.

 

  cc. Income taxes - Current income taxes, calculated as the higher of the regular Mexican income tax (“ISR”) or the Business Flat Tax (“IETU”), are recorded in the results of the year in which they are incurred. The Company recognizes deferred income tax assets and liabilities for the future consequences of temporary differences between the financial statement carrying amounts of assets and liabilities and their related tax bases, measured using enacted rates. To determine tax bases of assets and liabilities, the Company evaluates whether it expects to be principally subject to ISR or IETU in the future and uses such tax base accordingly. If the Company is unable to conclude that it will be principally subject to either tax regime, a hybrid calculation may be utilized.

 

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Based on the Company’s projections, it determined that in certain fiscal years it will pay ISR, while in others, it will pay IETU. The Company scheduled the reversal of the temporary differences for both ISR and IETU purposes, determined by year whether the applicable temporary differences should be those under ISR or those under IETU, and applied the applicable rates.

Deferred income tax assets are also recognized for the estimated future effects of tax loss carryforwards and asset tax credit carryforwards. A valuation allowance is applied to reduce deferred income tax assets to the amount of future net benefits that are more likely than not to be realized, which is computed based on projected tax results.

 

  dd. Statutory employee profit sharing - Statutory employee profit sharing (“PTU”) is recorded in the results of the year in which it is incurred and presented within operating expenses in the accompanying consolidated statements of operations. Deferred PTU liabilities are derived from temporary differences that result from comparing the accounting and PTU values of assets and liabilities.

 

  ee. Revenue recognition - Fixed satellite service revenues are recognized as the satellite capacity is provided according to service lease agreements. Satellite transmission capacity is sold through permanent and temporary contracts, which stipulate the agreed capacity. Lease agreements are accounted for either as operating or sales-type leases.

Operating lease revenues are recognized on a straight-line basis over the lease term. Revenues for temporary services are recognized as services are performed.

Revenues from end-of-life leases for transponders are usually collected in advance. The Company does not provide insurance and/or guarantees of any kind for the related transponders to these customers. Total revenues and related costs are accounted as sales-type leases and recognized in income when the risk and rewards of the transponders are transferred to the customer in accordance with the agreements.

The public and private network signal and value-added services (“Broadband satellite services”) are recognized when services are rendered.

To calculate the monthly revenue attributable to purchasers of “Alterna’TV” programming distribution services, the Company estimates, on a monthly basis, the number of “Alterna’TV” subscribers per purchaser according to the contractual value of each subscriber. Approximately 45 to 60 days after the end of each month, the Company receives a definitive report from each purchaser and reconciles the definitive revenue with the estimated amount, issuing an invoice to such purchaser based on the definitive report. Variations between the estimated and actual revenue amounts are not material.

Public and private net signal and value-added services are recognized when rendered. The sale of antennas and installation services are recognized in the period in which risk and rewards are transferred to the customers, which generally coincides with the completion of the installation of the antennas and acceptance by the customer.

 

  ff. Deferred revenue - Satmex is required to provide the Mexican federal government, at no charge, approximately 362.88 MHz of its available transponder capacity for the duration of the orbital concessions (“State Reserve”). As of May 26, 2011, as a result of the adoption of push-down accounting, this obligation was recorded at its fair value, using the income approach method, and recognized as deferred revenue with a corresponding increase in the value of the related assets. As of December 31, 2010, deferred revenue was valued at its fair value as of November 30, 2006, when Satmex had applied fresh-start accounting, and was subsequently amortized. Deferred revenue is amortized to fixed satellite services revenue based on the expected consumption pattern. On May 26, 2011, in conjunction with the adoption of push-down accounting, the Company revised its estimates regarding the expected life of the deferred revenue to better reflect its expected consumption pattern.

 

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  gg. Use of estimates - The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses reported during the periods reported. Such estimates include the allowance for doubtful accounts, the revenue recognition of programming distribution services, the valuation of long-lived assets and goodwill, the valuation allowance on deferred income tax assets, the scheduling of reversal of the temporary differences under different tax regimes, the estimated useful lives of each satellite and estimates of fair values.

Although management believes the estimates and assumptions used in the preparation of these consolidated financial statements were appropriate in the circumstances, actual results could differ from those estimates and assumptions.

 

  hh. Recently adopted accounting pronouncements

On January 1, 2011, the Company adopted FASB Accounting Standard Update (“ASU”) No. 2009-13, Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements - a consensus of the FASB Emerging Issues Task Force, which contains new guidance on accounting for revenue arrangements with multiple deliverables. When vendor specific objective evidence or third party evidence for deliverables in an arrangement cannot be determined, a best estimate of the selling price is required to separate deliverables and allocate arrangement consideration using the relative selling price method. The new guidance includes new disclosure requirements on how the application of the relative selling price method affects the timing and amount of revenue recognition. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements and related disclosures.

On January 1, 2011, the Company adopted FASB ASU No. 2010-29, Business Combinations (Topic 805): Disclosure of Supplementary Pro Forma Information for Business Combinations. The amendments in this update specify that if a public company presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. The amendments also expand the supplemental pro forma disclosures to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The amendments apply to all business combinations that are material on an individual or aggregate basis. Refer to Note 2b. for disclosures required pursuant to this ASU.

 

  ii. Recently issued accounting pronouncements pending adoption

In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which updated the guidance in ASC Topic 820, Fair Value Measurement. ASU 2011-04 clarifies the application of existing fair value measurement requirements including (1) the application of the highest and best use and valuation premise concepts, (2) measuring the fair value of an instrument classified in a reporting entity’s shareholders’ equity, and (3) quantitative information required for fair value measurements categorized within Level 3. ASU 2011-04 also provides guidance on measuring the fair value of financial instruments managed within a portfolio, and application of premiums and discounts in a fair value measurement. In addition, ASU 2011-04 requires additional disclosure for Level 3 measurements regarding the sensitivity of fair value to changes in unobservable inputs and any interrelationships between those inputs. The amendments in this guidance are to be applied prospectively, and are effective for interim and annual periods beginning after December 15, 2011, and early application is not permitted. The Company does not anticipate the adoption of the guidance in this ASU will materially affect its consolidated financial statements.

 

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In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income, which updated the guidance in ASC Topic 220, Comprehensive Income. Under the amendments in this ASU, an entity has the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity only. The amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. This new guidance was originally proposed to be effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 and applied retrospectively. In October 2011, the FASB proposed to indefinitely defer the specific requirement to present items that are reclassified from other comprehensive income to net income alongside their respective components of net income and other comprehensive income on the face of the respective statements; entities still must comply with the existing requirements during the deferral period. The remaining requirements of ASU 2011-05 are effective for the Company as of the beginning of our first quarter of 2012. The Company does not anticipate the adoption of the guidance in this ASU will materially affect its consolidated financial statements.

 

5. Cash and cash equivalents

As of December 31, cash and cash equivalents consist of:

 

    

Successor

Registrant
2011

   

Predecessor

Registrant
2010

 
 

Cash

   $ 4,142      $ 3,648   

Cash equivalents (1)

     75,109        72,064   
  

 

 

   

 

 

 
 
   $ 79,251      $ 75,712   
  

 

 

   

 

 

 

 

(2) The Company’s cash equivalents consist mainly of treasury bills with original maturities less than 20 days.

 

6. Accounts receivable

As of December 31, accounts receivable consist of:

 

    

Successor

Registrant
2011

   

Predecessor

Registrant
2010

 
 

Customers

   $ 11,748      $ 8,315   

Allowance for doubtful accounts

     (1,360     (532
  

 

 

   

 

 

 
     10,388        7,783   

Recoverable income taxes

     1,519        3,665   

Recoverable value-added tax and tax withholdings

     651        1,023   

Other

     100        655   
  

 

 

   

 

 

 
 
   $ 12,658      $ 13,126   
  

 

 

   

 

 

 

 

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7. Satellites and equipment

As of December 31, satellites and equipment consist of:

 

    

Successor

Registrant
2011

   

Predecessor

Registrant
2010

 
 

Satellites in-orbit

   $ 196,425      $ 314,136   

Satellite equipment, teleport and antennas

     6,619        13,518   

Furniture and fixtures

     4,388        6,323   

Leasehold improvements

     115        2,704   
  

 

 

   

 

 

 
     207,547        336,681   

Accumulated depreciation and amortization

     (21,145     (140,348
  

 

 

   

 

 

 
     186,402        196,333   

Construction in-progress for Satmex 8

     253,149        63,113   

ATP advanced payment for Satmex 7 (Note 17)

     2,600        2,600   

Other construction in-progress

     864        3,112   
  

 

 

   

 

 

 
 
   $ 443,015      $ 265,158   
  

 

 

   

 

 

 

For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the years ended December 31, 2010 and 2009 (Predecessor Registrant), the depreciation and amortization expense related to satellites and equipment was $21,145, $15,188, $36,229 and $ 31,847, respectively.

For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the year ended December, 2010 (Predecessor Registrant), interest costs of $11,715, $3,801 and $2,582 respectively, were capitalized.

 

8. Concessions

As of December 31, concessions consist of:

 

    

Successor

Registrant
2011

   

Predecessor

Registrant
2010

 
 

Orbital concessions

   $ 41,740      $ 41,700   

Public telecommunications network

     3,932        2,248   
  

 

 

   

 

 

 
     45,672        43,948   

Accumulated amortization

     (1,044     (5,763
  

 

 

   

 

 

 
 
   $ 44,628      $ 38,185   
  

 

 

   

 

 

 

For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the years ended December, 2010 and 2009 (Predecessor Registrant), amortization of concessions was $1,044, $588, $1,412, and $1,412 respectively.

 

  c. Orbital Concessions and Facilities

In October 1997, the Mexican federal government granted to Satmex the rights to three concessions (the “Concessions”) for an initial 20-year term to operate in the orbital slots 113.0° W.L., 116.8° W.L., and 114.9° W.L. In May 2011, extension of the Orbital Concessions was granted by the Mexican federal government for an additional term until 2037, without payment of any additional consideration. Satmex has the right to an additional 20-year extension, at a certain cost to Satmex, to be determined by the Mexican government, as long as Satmex meets certain conditions, as discussed below.

 

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In order to extend the orbital concession term, Satmex must comply with all obligations established by the concession documents, solicit extension of the concession before the beginning of the fifth term of the concession, must obtain approval from the Mexican Secretary of Communication and Transportation (“SCT”) of the technical and operating characteristics of any new satellites, and must guarantee the occupation and use of the orbital slots during the concession’s original and extended terms.

In accordance with the Ley Federal de Telecomunicaciones (Federal Law of Telecommunications or “LFT”), concessionaries are required to maintain the satellite control centers within Mexican territory.

The satellites are controlled and operated through two control centers, one of them is located in the east side of Mexico City, and the other one is located in Hermosillo, Sonora. The land and related facilities of the first control center and the land of the second control center are the property of the Mexican federal government.

Use of the land and facilities where the control centers are located that are property of the Mexican federal government was granted to the Company through a concession for a 40-year term, for which the Company pays a fee, which is adjusted every five years by the Secretaría de la Función Pública (The Ministry of Public Administration) (see Note 17).

 

  d. Concessions for the Use and Exploitation of a Telecommunications Public Network

On January 20, 2000, the Mexican federal government granted to Enlaces a “Concession to Operate, Install, Exploit and Use a Public Telecommunications Network within Mexican Territory” at no charge, in order to provide services for private and public networks, and to provide value-added services. The concession term is for 30 years, with the possibility for an extension under certain conditions.

On November 9, 2000, Enlaces obtained from the SCT a registration of value-added services certificate, which allows it to offer internet access services, electronic data transfer and multimedia services (content delivery to private television channels).

The terms of both concessions are subject to certain legal provisions regarding assignment or transfer of rights. According to Mexican Law, Satmex is not allowed to transfer the concessions to any foreign country or state. If the Mexican federal government expropriates them, the companies are entitled to liquidation or resignation of their rights. As of December 31, 2011, the Company has complied with the obligations established in the concession titles.

 

9. Intangible assets

Intangible assets recognized in connection with the adoption of push-down accounting are as follows:

 

     Weighted
average
remaining
     Successor Registrant
2011
    Predecessor Registrant
2010
 
     amortization
period
(years)
     Gross amount      Accumulated
amortization
    Gross amount      Accumulated
amortization
 
 

Contract backlog (1)

     9       $ 86,835       $ 24,077      $ 67,990       $ 61,660   

Customer relationships (1)

     3         1,333         281        2,128         1,307   

Internally developed software and technology (2)

     —           —           —          270         270   

Landing rights (2)

     —           —           —          60         55   
     

 

 

    

 

 

   

 

 

    

 

 

 
 
      $ 88,168       $ 24,358      $ 70,448       $ 63,292   
     

 

 

    

 

 

   

 

 

    

 

 

 

 

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(1) 

Using the income approach to determine fair values as of May 26, 2011, as a result of the adoption of push-down accounting.

(2) 

Using the cost approach to determine fair values as of November 30, 2006, as a result of a previous reorganization.

For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the years ended December 2010 and 2009 (Predecessor Registrant), amortization expense for these intangible assets was $24,358, $1,304, $5,761 and $14,398, respectively.

Future annual amortization expense for intangible assets is estimated to be as follows:

 

2012

   $ 30,888   

2013

     22,915   

2014

     5,600   

2015

     2,658   

2016

     898   

Thereafter

     851   
  

 

 

 
   $ 63,810   
  

 

 

 

 

10. Accounts payable and accrued expenses

As of December 31, accounts payable and accrued expenses consist of:

 

    

Successor

Registrant
2011

   

Predecessor

Registrant
2010

 
 

Guarantee deposits and customer advances

   $ 2,308      $ 2,622   

Accrued interest

     3,859        1,781   

Professional fees

     709        3,849   

Performance and sale bonuses

     2,294        1,090   

Taxes payable, other than income taxes

     2,140        3,030   

Programming provisions

     2,082        1,793   

Suppliers

     3,941        889   

Sundry creditors

     1,530        1,357   
  

 

 

   

 

 

 
 
   $ 18,863      $ 16,411   
  

 

 

   

 

 

 

 

11. Debt obligations

The carrying amounts and fair values of the long-term debt and due dates of the Senior Secured Notes, First Priority Old Notes and Second Priority Old Notes are as follows:

 

     Successor Registrant
2011
    Predecessor Registrant
2010
 
     Amount      Fair Value (1)     Amount      Fair Value (1)  

Senior Secured Notes at annual fixed rate of 9.5%, due in 2017

   $ 325,000       $ 314,031      $ —         $ —     
 

First Priority Old Notes at variable rate (10.50% plus the greater of the quarterly Eurodollar rate and 1.50%), due in 2011

     —           —          238,237         230,852   

 

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     Successor Registrant
2011
    Predecessor Registrant
2010
 
     Amount      Fair Value (1)     Amount      Fair Value (1)  

Second Priority Old Notes at annual fixed rate of 10.125%, due in 2013 (aggregate interest added to the principal is $57,873 at December 31, 2010)

     —           —          197,873         76,240   
  

 

 

    

 

 

   

 

 

    

 

 

 
 

Total debt

     325,000       $ 314,031        436,110       $ 307,092   
     

 

 

      

 

 

 
 

Less: Short-term portion of debt obligations

     —             238,237      
  

 

 

      

 

 

    
 
   $ 325,000         $ 197,873      
  

 

 

      

 

 

    

 

(1) 

The fair value for debt obligations is determined using quoted market prices. Fair value is based upon pricing information with respect to the trading of the bonds in a secondary market, obtained from several leading market data providers and leading brokerage firms. Inputs used to determine the fair value are classified as Level 1 within the fair value hierarchy from FASB ASC 820, Fair Value Measurements.

The principal characteristics of the Senior Secured Notes are as follows:

 

   

Maturity is on May 15, 2017.

 

   

Fixed annual interest of 9.5%, payable semi-annually in arrears on May 15 and November 15 of each year.

 

   

Fully and unconditionally guaranteed, jointly and severally, on a first priority senior secured basis by all of the existing U.S. subsidiaries and all future material subsidiaries of Satmex, subject to certain exceptions (see Note 19).

 

   

Optional redemption at any time prior to May 15, 2014, pursuant to which Satmex may redeem up to 35% of the aggregate principal amount of the Notes, plus accrued and unpaid interest.

 

   

In the event of a change of control, the holders have the right to require Satmex to repurchase the Senior Secured Notes at 101% of their issue price, plus accrued and unpaid interest.

The indenture related to the Senior Secured Notes issued by Satmex establishes certain covenants, common for this type of transaction. Principal covenants are as follows:

 

   

The Company should pay the notes on the dates and in the manner provided by the indenture.

 

   

The Company should maintain an office or agency where the notes may be surrendered for registration.

 

   

The Company should furnish to the holders of the notes and the Trustee all annual reports on Form 20-F, within 180 days after the end of the financial year.

 

   

The Company and each guarantor should deliver to each of the Trustee and the Collateral Trustee and officers’ certificate stating that such officers have made a review of the activities of the companies.

 

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The Company should not permit any of its restricted subsidiaries to declare or pay any dividends, purchase or redeem any equity interest of the Company or make any restricted investment as defined in the indenture.

 

   

The Company should not incur any additional indebtedness or issue preferred stock unless permitted by the indenture.

 

   

The Company should not permit any of its restricted subsidiaries to consummate any asset disposition, unless permitted by the indenture.

As of December 31, 2011, Satmex has complied with these obligations.

As a result of the Recapitalization Transactions, the First Priority Old Notes were full repaid on May 26, 2011 and the Second Priority Old Notes were converted into direct or indirect equity interests in Reorganized Satmex (Successor Registrant) on May 26, 2011 (see Note 2).

 

12. Labor obligations

For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the years ended December 2010 and 2009 (Predecessor Registrant), net periodic cost associated with labor obligations was $150, $0, $208 and $274, respectively. Other disclosures required by U.S. GAAP are not considered material.

 

13. Shareholders’ equity

Successor Registrant:

After giving effect to the Recapitalization Transactions and the application of the proceeds therefrom, Satmex is owned principally by Holdsat Mexico and Satmex International BV. Satmex International BV equity interests are owned indirectly by Satmex Investment Holdings L.P., an exempted limited partnership organized under the laws of the Cayman Islands (“Investment Holdings LP”), which owns 99.99% of such equity interests, and Satmex Investment Holdings GP Ltd., an exempted limited company organized under the laws of the Cayman Islands (“Investment Holdings GP” and together with Investment Holdings LP, “Investment Holdings”), which is the general partner of Investment Holdings LP and owns 0.01% of such equity interests. Eligible former holders of the Second Priority Old Notes own 100.00% of the interests in Investment Holdings. Holders that are not eligible to hold their interests through Investment Holdings hold shares of reorganized Satmex directly.

 

  f. As of December 31, 2011, the authorized, issued and outstanding common stock is as follows:

 

       Variable Capital Class II             Rights %  

Fixed

Class I Series A

     Series A      Series B      Series N      Total      Voting      Economic  
  50,000         6,580,000         —           —           6,630,000         51.000        5.10000  
  —           —           6,363,339         116,877,651         123,240,990         48.950         94.80076  
  —           —           1,113         20,448         21,561         0.008         0.01659   
  —           —           4,081         74,963         79,044         0.031         0.06080   
  —           —           1,467         26,938         28,405         0.011         0.02185   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  50,000         6,580,000         6,370,000         117,000,000         130,000,000         100.000         100.00000   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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Satmex is authorized to issue three types of shares: Series A shares, Series B shares, and Series N shares.

All Series A shares of Satmex are owned by Holdsat Mexico. The Series A shares entitle holders to 51.0% of Satmex’s voting rights and 5.1% of its economic rights of all shares. The Series A shares may be owned only by Mexican individuals, Mexican entities that are owned only by Mexican individuals or entities or Mexican entities in which 51.0% of the capital is owned by Mexican individuals or entities.

Series B shares entitle holders to 49.0% of Satmex’s voting rights and 4.9% of the economic rights. The Series B shares may be owned by any person including foreign investors. Over 99% of the Series B shares are owned by Satmex International BV. Less than 1% of the Series B Shares are owned by certain holders of the Second Priority Old Notes who were not eligible to invest in Satmex through Investment Holding BV. Less than 0.03% of Series B shares are deposited in Satmex’s treasury for those non-qualified holders of the Second Priority Old Notes who failed to respond to the solicitation under the Plan.

Series N shares entitle holders to 90.0% of the economic rights and limited voting rights. The holders of Series N shares may vote only on the following matters: (i) extension of Satmex’s corporate existence; (ii) dissolution; (iii) change of corporate purpose; (iv) change of nationality; (v) transformation of Satmex from one type of entity to another; and (vi) merger of Satmex with and into another entity. The Series N shares may be owned by any person, including foreign investors.

Under Mexican law, foreign investment in Satmex’s capital, represented by full voting rights shares, may not exceed 49.0%. The Series N shares, however, are not taken into account in determining the level of foreign investment. Over 99% of the Series N shares are owned by Satmex International BV. Less than 1% of the Series N shares are owned by certain holders of the Second Priority Old Notes who were not eligible to invest in Satmex through Investment Holding BV. Less than 0.03% of Series N shares are deposited in Satmex’s treasury for those non-qualified holders of the Second Priority Old Notes who failed to respond to the solicitation under the Plan.

 

  g. Pursuant to a unanimous resolutions adopted by the shareholders at a meeting held on May 26, 2011, the following resolutions were authorized:

 

   

The outstanding shares formerly held by the NAFIN Trust and the Deutsche Trust, representing the total common stock of the Company as of May 26, 2011, were exchanged through a reverse stock split with a ratio of 10 to 1, resulting in 4,687,500 shares. The stock split has been reflected retrospectively in the accompanying consolidated financial statements.

 

   

Variable common stock was increased by the issuance of 5,713,333 common, nominative, Class II, Series “A” shares, without par value, through cash contributions of $7,680 in exchange of 5.1% of the economic interest in the Company.

 

   

Variable common stock was increased by the issuance of 104,459,367 Class II ordinary shares, without par value, of which (i) 5,620,000 are Series “B” shares and (ii) 98,839,367 are Series “N” shares, through cash contributions of $82,320 in exchange for 83.254% of the economic interests in the Company.

 

   

Pursuant to the Plan, effective on May 26, 2011, 100% of the Second Priority Old Notes were cancelled and converted into the right to receive equity interest (the “Conversion Interest” described in Note 2), directly or indirectly, in the aggregate of 7.146% of the capital stock of the Company. The capitalization of the Conversion Rights and the cancellation of the Second Priority Old Notes were made at the face amount of the Second Priority Old Notes of $206,890, as follows:

 

   

Variable common stock was increased by the issuance of 9,289,800 Series “N” Class II, shares, without par value, for the capitalization of the Conversion Rights and the cancellation of the Second Priority Old Notes, through the capitalization of liabilities for $70,457.

 

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A paid-in capital premium was recognized of $136,433 for the shares subscription in consideration of the Conversion Rights and the cancellation of the Second Priority Old Notes; the amount of such premium was capitalized pro rata between the shareholders of the Company in the proportion of their participation percentage in the capital stock of the Company without issuance of new shares.

 

   

A put premium was capitalized in the amount of $7,855, in exchange of 4.5% of the economic interests in the Company. The amount of shares issued in exchange for the capitalization of the put premium was 5,850,000 Series “N” Class II, shares, without par value.

 

  h. As of December 31, 2011 the common stock of Satmex amounted to $275,662.

 

  i. Shareholders’ equity, except restated tax contributed capital and tax-retained earnings, will be subject to income tax at the rate in effect upon distribution of such equity. Any tax paid on this distribution may be credited against annual and estimated income taxes of the year in which the tax on dividends is paid and the following two fiscal years.

 

  j. As of December 31, 2011 and 2010, the balance of the tax contributed capital account is $1,994,763 and $1,893,365, respectively.

Predecessor Registrant:

 

  k. As of December 31, 2010 and until May 26, 2011, the authorized, issued and outstanding common stock was as follows:

 

       Common Stock - Shares                       
Fixed Capital Class I      Variable Capital Class II             Rights %  
Series A      Series B      Series N      Series B      Series N      Total      Voting      Economic  
  7,500,000         —           —           —           —           7,500,000         45.00         16.00   
  —           221,667         401,770         —           —           623,437         1.33         1.33   
  —           111,667         202,395         —           —           314,062         0.67         0.67   
  —           —           —           7,166,667         29,395,833         36,562,500         43.00         78.00   
  1,666,667         —           208,333         —           —           1,875,000         10.00         4.00   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  9,166,667         333,334         812,498         7,166,667         29,395,833         46,874,999         100.00         100.00   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  l. The shareholding structure of Satmex consisted of ordinary, nominative Class I and Class II shares at no-par value, which are fully subscribed and paid in. The shares were divided into three series: Series A, which could only be subscribed or acquired by Mexican nationals under certain mechanisms established in Satmex’s bylaws; Series B and Series N, which could be freely subscribed, including by foreign investors.

 

  m. Through the unanimous resolutions approved during the shareholders’ meeting held on November 30, 2006, the shareholders agreed to reduce the common stock of Satmex by absorbing accumulated losses of $317.5 million. Following this reduction, the common stock of Satmex was fully assigned to minimum fixed capital as required by Mexican General Corporate Law. Additionally, through the unanimous resolutions approved during the shareholders’ meeting held on November 30, 2006, the shareholders agreed to increase variable capital by capitalizing the portion of the principal and interest balance of the Second Priority Old Notes which exceeded the principal ($140 million).

The capitalization process involved the amount of $273.8 million and resulted in the issuance of 7,166,667 new Class II, Series B ordinary, nominative shares without par value and 29,395,833 Class II, Series N ordinary, nominative shares without par value. As of December 31, 2010 and until May 26, 2011, the common stock of Satmex amounted to $46.8 million.

 

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  n. Prior to May 26, 2011, the Deutsche Trust was the owner and holder of shares representing 96% of common stock with economic rights (including neutral investment shares) and 90% of the ordinary voting stock of Satmex.

 

  o. Prior to May 26, 2011, the NAFIN Trust, was the registered owner and holder of shares representing 4% of the common stock with economic rights (including neutral investment shares) and 10% of the ordinary voting stock of Satmex.

 

14. Related party transactions and balances

 

  a. Related party transactions performed in the normal course of operations were as follows:

 

     Successor
Registrant
    Predecessor
Registrant
 
    

Period from

May 26, 2011

through

December 31, 2011

   

Period from

January 1, 2011
through

May 25, 2011

     2010      2009  

Revenues from:

          

Satellite services -

          

Mexican federal government

   $ —        $ 2,225       $ 4,896       $ 2,633   

Satellite capacity to Mexican federal government

     —          977         2,344         2,344   

Loral

     —          119         287         1,089   
 

Expenses from:

          

Rent of control centers - Mexican federal government

     —          225         479         434   
 

Capital expenditures for:

          

Construction Satmex 8 - Loral

     —          148,932         59,065         —     

 

  b. Related party receivable balances are as follows:

 

    

Successor

Registrant

2011

   

Predecessor

Registrant

2010

 

Amounts receivable:

    

Mexican federal government

   $ —        $ 840   
  

 

 

   

 

 

 

 

15. Income taxes

 

  d. Income tax expense was comprised as follows:

 

     Successor
Registrant
    Predecessor
Registrant
 
    

Period from

May 26, 2011
through

December 31, 2011

   

Period from

January 1, 2011
through

May 25, 2011

    2010     2009  
 

ISR:

        

Current

   $ 1,276      $ 267      $ 58      $ 275   

Deferred

     (585     (571     (73     37   

IETU:

        

Current

     43        357        530        12,441   

Deferred

     11,399        2,146        264        480   
  

 

 

   

 

 

   

 

 

   

 

 

 
 
   $ 12,133      $ 2,199      $ 779      $ 13,233   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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  e. The significant components of the net deferred liability are:

 

     Successor
Registrant
    Predecessor
Registrant
 

Current assets:

    

Deferred revenue and other

   $ 785      $ 628   

Accrued expenses and other

     2,194        2,413   

Valuation allowance for deferred tax assets

     (2,574     (1,972
  

 

 

   

 

 

 

Total current asset

     405        1,069   
 

Current liabilities:

    

Prepaid insurance

     (1,120     (1,394

Deferred financing cost

     (775     —     
  

 

 

   

 

 

 
 

Net current deferred tax liability

   $ (1,490   $ (325
  

 

 

   

 

 

 
 

Noncurrent assets:

    

Tax loss carryforwards

   $ 32,838      $ 143,613   

Concessions, net

     32,464        29,665   

Deferred revenue

     6,858        13,540   

Other, net

     780        165   

Valuation allowance for tax loss carryforwards

     (26,036     (144,590
  

 

 

   

 

 

 

Total noncurrent asset

     46,904        42,393   
 

Noncurrent liabilities:

    

Satellites and equipment, net

     (48,306     (45,871

Intangibles, net

     (17,015     (1,935

Deferred financing cost

     (1,472     —     
  

 

 

   

 

 

 

Total noncurrent liabilities

     (66,793     (47,806
  

 

 

   

 

 

 
 

Net noncurrent deferred tax liability

   $ (19,889   $ (5,413
  

 

 

   

 

 

 

 

  f. A reconciliation of the statutory income tax rate is as follows:

 

     Successor
Registrant
    Predecessor
Registrant
 
    

2011

%

    2010
%
    2009
%
 

Statutory income tax rate

     30        30        28   

Tax inflation effects, including statutory foreign exchanges

     (14     (14     45   

Nondeductible expenses

     (6     (2     (10

Effects of ISR and IETU reversal rates of non-monetary assets and liabilities

     (130     (4     (191

Change in valuation allowance

     77        (16     (75
  

 

 

   

 

 

   

 

 

 
 

Effective income tax rate

     (43     (6     (203
  

 

 

   

 

 

   

 

 

 

 

  g. Enacted tax law changes in 2010 - On December 7, 2009, Mexico enacted new tax laws that became effective January 1, 2010 (the “2010 Tax Reform”). Among other things, the new laws:

 

   

Provide for a temporary increase in the ISR rate.

 

   

Disallow crediting IETU loss credit carryforwards against ISR liabilities.

The effects of these changes did not have a material effect on the Company’s financial information.

 

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  h. Statutory income tax rates - Mexican companies are subject to a dual tax system comprised of ISR and IETU. Mexican entities pay the greater of the corporate flat tax or regular income tax and therefore determine their deferred income taxes based on the tax regime expected to be paid to in the future.

In 2011 and 2010, the ISR rate was 30%. As a result of the 2010 Tax Reform, the ISR rate will be 30% until 2012, 29% for 2013 and 28% for 2014 and thereafter. Taxpayers who file tax reports and meet certain requirements may obtain a tax credit equivalent to 0.5% or 0.25% of taxable income.

The IETU rate was 17.5% in 2011 and 2010.

Based on its projections, Satmex determined that in certain fiscal years it will pay ISR, while in others, it will pay IETU. Accordingly, Satmex scheduled the reversal of the temporary differences for both ISR and IETU purposes, determined by year, and applied the respective rates to temporary differences.

The Company has not taken any uncertain tax positions for which it believes it is more likely than not, based on technical merits, that it will not receive benefits taken for its tax positions. The tax years that remain subject to examination by the tax authorities include 2007 - 2011.

 

  i. As of December 31, 2011, Satmex has tax loss carryforwards, which are available to offset future taxable income, as follows:

 

Expiration Date    Amount  

2012

   $ 63,680   

2013

     74,742   

2014

     27,538   

2016

     205,549   

2017

     22,248   

2018

     71,697   

2021

     7,385   
  

 

 

 
   $ 472,839   
  

 

 

 

The amounts presented above have been adjusted for Mexican inflation as permitted by Mexican tax law. Satmex utilized tax loss carryforwards of $53,758 as of December 31, 2010.

During 2011, $69,095 of tax loss carryforwards expired.

Due to uncertainties regarding Satmex’s ability to realize the full benefit from these tax loss carryforwards, Satmex has established a valuation allowance of $28,610 and $146,562 as of December 31, 2011 and 2010 respectively, against the deferred tax assets.

 

16. Recapitalization transactions expenses

This caption includes legal, financial and regulatory expenses and fees in connection with various attempts made by Satmex in each year to carry out a restructuring, reorganization or sale transaction and/or recapitalization of its outstanding indebtedness.

 

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17. Contingencies and commitments

Satellite and insurance matters

 

  n. In December 2011, Satmex renewed the in-orbit insurance policy for Satmex 6, which expires on December 5, 2012, and provides coverage for $288 million. The insurance companies have the right to review the terms and conditions of the insurance policy, including the right to terminate the insurance coverage.

The insurance policy terms and conditions are in accordance with current industry standards. Any uninsured loss of Satmex 6 would have a material adverse effect on Satmex’s results of operations and financial position.

 

  o. In December 2011, Satmex renewed the in-orbit insurance policy for Satmex 5, which expires on December 5, 2012, and provides coverage for $21.5 million as of December 31, 2011.

The Satmex 5 insurance policy excludes coverage for the Xenon Ion Propulsion System (“XIPS”) and any other anomaly related to this system. It also has another exclusion related to the anomaly from the channel 1C.

Satmex 5 operates using the chemical propellant subsystem. Due to a XIPS failure that occurred during 2010, the estimated remaining life of the satellite is 0.94 years as of December 31, 2011. Such failure does not have an impact on the service capacity of Satmex 5.

The insurance policy terms and conditions are in accordance with current industry standards. Any uninsured loss of Satmex 5 could have a material adverse effect on Satmex’s results of operations and financial position.

 

  p. The in-orbit insurance for Solidaridad 2 was not renewed primarily because the satellite’s geostationary life was ended in 2009. Any uninsured loss of Solidaridad 2 would not have a material adverse effect on Satmex’s results of operations and financial condition.

Legal matters

 

  q. The management of the Company is not aware of any material pending litigation against Satmex, nor are its assets subject to any legal action.

 

  r. On January 1, 2008, the IETU Law went into effect. Satmex, on one hand, and Enlaces, the Service Companies and HPS, on the other hand, have submitted appeals against the IETU Law to minimize Satmex’s tax burden.

On March 22, 2010, the appeals submitted by Enlaces, the Service Companies and HPS against the IETU Law were denied due to the fact that the latter was considered constitutional.

On June 14, 2010, through a court resolution, the appeal submitted by Satmex against the IETU Law was denied; as a result Satmex submitted a second appeal for review of such court decision. On October 27, 2011, the second appeal was also denied, confirming the court resolution. Therefore, no further actions can be taken against the IETU law and the lawsuit is considered closed.

 

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Commitments

 

  s. Satmex entered into a contract with Space Systems/Loral, Inc. (“SS/L”) and granted to SS/L a usufruct right (a Mexican law concept that grants another person the right to use and benefit from another person’s property) over certain transponders on the Satmex 5 and Satmex 6 satellites, until the end of the life of such satellites. SS/L was not required to post a bond related to the usufruct arrangement. In the event that Satmex or a new shareholder decides not to continue with the usufruct arrangement, SS/L has the right to receive the higher of a percentage of the net sale value of Satmex 6 and Satmex 5 or an amount equal to the market value related to the transponders granted under the usufruct arrangement.

 

  t. State Reserve - Under the orbital concessions granted by the Mexican federal government, Satmex must provide, at no charge, satellite capacity of approximately 362.88 MHz to the Mexican federal government in C- and Ku- bands.

 

  u. On October 15, 1997, the Mexican government granted a property concession that relates to Satmex’s use of the land and buildings on which its satellite control centers are located and allows Satmex to base its ground station equipment within telecommunication facilities that belong to the Mexican government. Under such concession, Satmex is obliged to pay an annual fee, equivalent to 7.5% of the total value of the land, which is determined by appraisal experts assigned by the Mexican federal government. For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the years ended December 2010 and 2009 (Predecessor Registrant), the fees paid were $283, $224, $479 and $359, respectively.

 

  v. On May 7, 2010, but effective as of April 1, 2010, Satmex entered into a construction contract (the “Construction Agreement”) with SS/L for the design and construction of a new, 64 transponder, C- and Ku- band satellite, named Satmex 8 and which will replace Satmex 5.

The Construction Agreement provides that SS/L will have the satellite ready for shipment to the launch site prior to July 1, 2012. The Construction Agreement contemplates a fixed price for the construction of Satmex 8 and specified support services, plus additional costs depending on the launch vehicle selected and Satmex 8’s achievement of orbital performance. Payments are due from Satmex upon SS/L achieving specified milestones.

On December 23, 2010, Satmex entered into a Launch Services Agreement (the “Launch Services Agreement”) with ILS International Launch Services, Inc. (“ILS”) for the launch of Satmex 8. The Launch Services Agreement provides for the launch of Satmex 8 in the third quarter of 2012. Amounts due to ILS for launch services under the agreement are payable prior to the launch date.

 

  w. On June 20, 2008, SS/L and Satmex entered into an Authorization to Proceed (“ATP-S7”) for Satmex 7. On October 2, 2009, Satmex, with the approval of SS/L, assigned ATP-S7 to Alterna’TV Corp. Satmex agreed to be jointly and severally liable for Alterna’TV Corp.’s obligations under ATP-S7 and unconditionally guaranteed to SS/L the due and timely performance by Alterna’TV Corp. of all the present and future undertakings and obligations to SS/L under ATP-S7. On December 3, 2010, Alterna’TV Corp. and SS/L entered into a Second Amendment to ATP-S7, to extend the term of the ATP-S7 to December 31, 2011. On December 22, 2011, the Company entered into a Third Amendment, to extend the term of the ATP-S7 to December 31, 2012.

Satmex has no obligations beyond the $2.6 million already paid to SS/L.

 

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  x. Satmex leases two floors in the building where its headquarters are located. The corresponding lease agreement establishes a mandatory period of five years and three months as of October 2008 and ending in December 2013. For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the years ended December 2010 and 2009 (Predecessor Registrant), rent expense was $207, $503, $494 and $374, respectively. The minimum future payments are as follows:

 

Years       

2012

   $ 517   

2013

     517   
  

 

 

 
   $ 1,034   
  

 

 

 

 

  y. Future minimum revenues due from customers under non-cancelable operating lease contracts, which include a penalty clause against customers in case of early termination, for transponder capacity on satellites in-orbit as of December 31, 2011, are as follows:

 

Years       

2012

   $ 95,056   

2013

     63,198   

2014

     21,613   

2015

     11,424   

Thereafter

     25,503   
  

 

 

 
   $ 216,794   
  

 

 

 

Other Matters

 

  z. The primary and alternate control centers used by Satmex to operate its satellites form part of a building complex that also houses equipment owned and used by the Mexican federal government’s teleport and mobile satellite services systems. Under its property concession, Satmex can only use these control centers for the operation of satellites. However, the teleport of Enlaces is also housed at the primary control center. A request for approval to use the control center for the operation of Enlaces’ teleport was filed with SCT in July 2000. In March 2009, Enlaces provided the SCT with a list of the equipment and antennas being used at the control center that are independent of Satmex’s satellite operations.

On May 14, 2010, the SCT issued an amendment to the property concession granted on October 15, 1997, under which the Company may, with prior authorization from the SCT, lease or give under a commodatum (i.e., a rent-free lease) agreement, segments of the primary and alternate control centers to third parties as long as such segments are used for activities related to the subject matter of the property concession. This amendment allows the Company, among other things, to provide control and satellite operation services to other operators, with the prior authorization of the SCT.

Pursuant to this amendment to the property concession, the Company filed a new authorization request for Enlaces’ teleport to be housed at Satmex’s primary control center on May 17, 2010. Authorization is pending as of the date of the accompanying consolidated financial statements.

 

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18. Business segment information

The Company identifies its reportable segments as the following three operating segments, based on the information used by its chief operating decision maker with respect to resource allocation and performance of the Company: Satellite services, Broadband satellite services and Programming distribution services. Satmex’s satellites are in geosynchronous orbit, and consequently are not attributable to any geographic location. Of the Company’s remaining assets, substantially all are located in Mexico.

 

  a. The following table presents the operating income (loss) items and assets information by reportable segment:

 

     Successor Registrant
For the Period From May 26, 2011 through December 31, 2011
 
     Satellite
services
   

Broadband
satellite

services

    Programming
distribution
services
    Eliminations
upon
consolidation
    Total  

Revenues

   $ 63,505      $ 7,448      $ 7,576      $ —        $ 78,529   

Eliminations

     (3,791     (15     (13     —          (3,819
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating revenues

     59,714        7,433        7,563        —          74,710   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost and expenses

     25,627        5,599        6,240        —          37,466   

Eliminations

     (8,585     (3,106     (1,011     —          (12,702
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     17,042        2,493        5,229        —          24,764   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation and amortization

     45,110        722        715        —          46,547   

Operating income (loss)

     (2,438     4,218        1,619        —          3,399   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest expense

     —          —          —          —          (8,990

Interest income

     —          —          —          —          328   

Foreign exchange loss - Net

     —          —          —          —          (1,461
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income tax

     —          —          —          —          (6,724

Income tax expense

     —          —          —          —          12,133   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     —          —          —          —        $ (18,857
          

 

 

 

Capital expenditures

   $ 155,604      $ 47      $ 187      $ —        $ 155,838   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

   $ 657,872      $ 20,861      $ 6,982      $ (20,772   $ 664,943   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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Table of Contents
     Predecessor Registrant
For the Period From January 1, 2011 through May 25, 2011
 
     Satellite
services
   

Broadband
satellite

services

    Programming
distribution
services
    Eliminations
upon
consolidation
    Total  

Revenues

   $ 46,577      $ 5,198      $ 4,801      $ —        $ 56,576   

Eliminations

     (2,843     (8     (15     —          (2,866
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating revenues

     43,734        5,190        4,786        —          53,710   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost and expenses

     22,202        5,080        3,748        —          31,030   

Eliminations

     (12,460     (2,200     (945     —          (15,605
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     9,742        2,880        2,803        —          15,425   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation and amortization

     16,682        398        167        (167     17,080   

Restructuring expenses

     28,766        —          —          —          28,766   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     (11,456     1,912        1,816        167        (7,561
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest expense

     —          —          —          —          (19,499

Interest income

     —          —          —          —          150   

Foreign exchange gain - Net

     —          —          —          —          349   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income tax

     —          —          —          —          (26,561

Income tax expense

     —          —          —          —          2,199   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     —          —          —          —        $ (28,760
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Capital expenditures

   $ 78,522      $ 55      $ 69      $ —        $ 78,646   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

   $ 795,778      $ 19,365      $ 8,573      $ (29,806   $ 793,910   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

     Predecessor Registrant
For the year ended December 31, 2010
 
     Satellite
services
   

Broadband
satellite

services

    Programming
distribution
services
    Eliminations
upon
consolidation
    Total  

Revenues

   $ 112,666      $ 12,924      $ 10,158      $ —        $ 135,748   

Eliminations

     (6,885     (14     (87     —          (6,986
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating revenues

     105,781        12,910        10,071        —          128,762   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost and expenses

     37,326        10,556        9,714        —          57,596   

Eliminations

     (12,712     (5,167     (3,064     —          (20,943
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     24,614        5,389        6,650        —          36,653   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation and amortization

     42,501        901        392        (392     43,402   

Restructuring expenses

     16,443        —          —          —          16,443   

Gain on sale of programming agreements

     (5,885     —          —          5,885        —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     28,108        6,620        3,029        (5,493     32,264   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest expense

     —          —          —          —          (45,789

Interest income

     —          —          —          —          345   

Foreign exchange gain - Net

     —          —          —          —          71   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income tax

     —          —          —          —          (13,109

Income tax expense

     —          —          —          —          779   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     —          —          —          —        $ (13,888
          

 

 

 

Capital expenditures

   $ 67,959      $ 576      $ —        $ —        $ 68,535   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

   $ 416,760      $ 17,537      $ 2,896      $ 1,764      $ 438,957   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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Table of Contents
     Predecessor Registrant
For the year ended December 31, 2009
 
     Satellite
services
   

Broadband
satellite

services

    Programming
distribution
services
    Eliminations
upon
consolidation
     Total  

Revenues

   $ 107,183      $ 12,396      $ 10,594      $ —         $ 130,173   

Eliminations

     (5,122     (12     —          —           (5,134
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Operating revenues

     102,061        12,384        10,594        —           125,039   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Cost and expenses

     38,323        9,898        7,442        —           55,663   

Eliminations

     (12,534     (5,220     (552     —           (18,306
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
     25,789        4,678        6,890        —           37,357   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Depreciation and amortization

     46,800        853        4        —           47,657   

Restructuring expenses

     3,324        —          —          —           3,324   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Operating income

     26,148        6,853        3,700        —           36,701   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Interest expense

     —          —          —          —           (43,708

Interest income

     —          —          —          —           480   

Foreign exchange gain - Net

     —          —          —          —           12   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Loss before income tax

     —          —          —          —           (6,515

Income tax expense

     —          —          —          —           13,233   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Net loss

            $ (19,748
           

 

 

 

Capital expenditures

   $ 3,522      $ 677      $ —        $ —         $ 4,199   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total assets

   $ 418,644      $ 16,493      $ 3,340      $ 930       $ 439,407   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

 

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Table of Contents
19. Supplemental Guarantor Condensed Consolidating Financial Statements

Satmex offered $325,000 in aggregate principal amount of Senior Secured Notes as part of its Plan discussed in Note 2. Satmex exchanged the Senior Secured Notes for $325.0 million of registered 9.5% Senior Secured Notes due 2017 (the “Exchange Notes”). The Exchange Notes are guaranteed by all of Satmex’s U.S. domiciled subsidiaries existing on the issue date (which as of the date of these financial statements includes Alterna’TV Corp. and Alterna’TV Int. (the “Guarantors”)). Future guarantor subsidiaries are contemplated in the offering. The guarantees are full and unconditional and are joint and several obligations of the guarantors and are secured by first priority liens on the collateral securing the notes, subject to certain permitted liens.

Satmex’s investments in subsidiaries in the accompanying guarantor information are accounted for under the equity method, representing acquisition cost adjusted for Satmex’s share of the subsidiary’s cumulative results of operations capital contributions and distributions and other equity changes. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions.

The following tables have been prepared in accordance with Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered, in order to present the (i) condensed consolidating balance sheets as of December 31, 2011 (Successor registrant) and December 31, 2010 (Predecessor Registrant), (ii) condensed consolidating statements of operations and condensed statements of cash flows for the periods from (a) May 26, 2011 through December 31, 2011 (Successor registrant) and (b) from January 1, 2011 through May 25, 2011 and for the years ended December 31, 2010 and 2009 (Predecessor Registrant) of Satmex, which is the issuer of the Senior Secured Notes, the Guarantors (which are combined for this purpose), the Non-Guarantors, and the elimination entries necessary to consolidate the issuer with the Guarantor and Non-Guarantor subsidiaries.

 

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Table of Contents

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Balance Sheets

As of December 31, 2011

(In thousands of U. S. dollars)

 

     Successor Registrant  
     Satmex
Issuer
    Guarantor
Subsidiaries
    Non
Guarantor
Subsidiaries
    Eliminations and
reclassifications
    Consolidated  

Assets

          

Current assets:

          

Cash and cash equivalents

   $ 65,393      $ 989      $ 12,869      $ —        $ 79,251   

Accounts receivable and others, net

     8,503        2,253        6,366        (4,464     12,658   

Inventories, net

     —          —          489        —          489   

Prepaid insurance and deferred financing cost

     6,592        21        74        —          6,687   

Deferred income taxes

     —          —          386        (386     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

     80,488        3,263        20,184        (4,850     99,085   

Satellites and equipment, net

     440,697        95        2,223        —          443,015   

Concessions, net

     40,819        —          3,809        —          44,628   

Due from related parties

     5,023        —          778        (5,801     —     

Intangible assets and other assets

     60,480        2,985        1,073        —          64,538   

Investment in subsidiaries

     16,688        —          —          (16,688     —     

Deferred financing cost

     13,677        —          —          —          13,677   

Deferred income taxes

     —          685        —          (685     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 657,872      $ 7,028      $ 28,067      $ (28,024   $ 664,943   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities and Shareholders’ Equity

          

Current liabilities:

          

Accounts payable, accrued expenses and other

   $ 17,557      $ 2,974      $ 4,611      $ (4,464   $ 20,678   

Deferred income taxes

     1,757        —          119        (386     1,490   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

     19,314        2,974        4,730        (4,850     22,168   

Debt obligations

     325,000        —          —          —          325,000   

Other long-term liabilities

     37,482        5,023        891        (5,801     37,595   

Deferred income taxes

     19,296        —          1,278        (685     19,889   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     401,092        7,997        6,899        (11,336     404,652   

Shareholders’ equity:

          

Paid-in capital

     275,662        (1,173     21,481        (20,308     275,662   

(Accumulated deficit) retained earnings

     (18,882     204        (313     109        (18,882

Noncontrolling interest

     —          —          —          3,511        3,511   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     256,780        (969     21,168        (16,688     260,291   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 657,872      $ 7,028      $ 28,067      $ (28,024   $ 664,943   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

F-65


Table of Contents

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Balance Sheets

As of December 31, 2010

(In thousands of U. S. dollars)

 

     Predecessor Registrant  
     Satmex
Issuer
    Guarantor
Subsidiaries
     Non -
Guarantor
Subsidiaries
     Eliminations  and
reclassifications
    Consolidated  

Assets

            

Current assets:

            

Cash and cash equivalents

   $ 25,000      $ 40,469       $ 10,243       $ —        $ 75,712   

Accounts receivable and other

     9,066        2,368         7,102         (4,570     13,966   

Inventories, net

     —          —           494         —          494   

Prepaid insurance

     4,792        42         77         —          4,911   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total current assets

     38,858        42,879         17,916         (4,570     95,083   

Satellites and equipment, net

     302,640        —           2,518         (40,000     265,158   

Concessions, net

     36,336        —           1,849         —          38,185   

Due from related parties

     5,885        —           820         (6,705     —     

Intangible assets and other assets

     7,110        5,510         902         (5,493     8,029   

Investment in subsidiaries

     15,530        —           —           (15,530     —     

Goodwill

     32,502        —           1,327         (1,327     32,502   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 438,861      $ 48,389       $ 25,332       $ (73,625   $ 438,957   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Liabilities and Shareholders’ Deficit

            

Current liabilities:

            

Short-term portion of debt obligations

   $ 238,237      $ —         $ —         $ —        $ 238,237   

Accounts payable, accrued expenses and other

     17,446        42,335         3,645         (44,570     18,856   

Deferred income taxes

     —          —           325         —          325   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total current liabilities

     255,683        42,335         3,970         (44,570     257,418   

Debt obligations

     197,873        —           —           —          197,873   

Other long-term liabilities

     64,163        5,885         943         (6,705     64,286   

Deferred income taxes

     4,813        —           600         —          5,413   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total liabilities

     522,532        48,220         5,513         (51,275     524,990   

Shareholders’ deficit:

            

Paid-in capital

     46,764        100         16,447         (16,547     46,764   

(Accumulated deficit) retained earnings

     (130,435     69         3,372         (9,326     (136,320

Noncontrolling interest

     —          —           —           3,523        3,523   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total shareholders’ equity (deficit)

     (83,671     169         19,819         (22,350     (86,033
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 438,861      $ 48,389       $ 25,332       $ (73,625   $ 438,957   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

 

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Table of Contents

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Operations

For the period from May 26, 2011 through December 31, 2011

(In thousands of U. S. dollars)

 

     Successor Registrant  
     Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations  and
consolidating
adjustments
    Consolidated  

Revenues:

          

Satellite services

   $ 63,505      $ —        $ —        $ (3,791   $ 59,714   

Broadband satellite services

     —          —          7,448        (15     7,433   

Programming distribution services

     1,063        6,513        —          (13     7,563   

Services companies

     —          —          9,050        (9,050     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     64,568        6,513        16,498        (12,869     74,710   

Cost of satellite services

     6,533        —          2,549        (2,891     6,191   

Cost of broadband satellite services

     —          —          4,432        (3,044     1,388   

Cost of programming distribution services

     636        4,489        —          (732     4,393   

Selling and administrative expenses

     10,465        1,332        7,030        (6,035     12,792   

Depreciation and amortization

     45,110        714        723        —          46,547   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     62,744        6,535        14,734        (12,702     71,311   

Operating income

     1,824        (22     1,764        (167     3,399   

Interest expense - net and other

     (9,059     (121     (1,244     301        (10,123

(Loss) income before income tax

     (7,235     (143     520        134        (6,724

Income tax expense (benefit)

     11,647        (347     833        —          12,133   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income

     (18,882     204        (313     134        (18,857

Less: Net income attributable to noncontrolling interest

     —          —          —          25        25   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income attributable to Satélites Mexicanos, S. A. de C. V.

   $ (18,882   $ 204      $ (313   $ 109      $ (18,882
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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Table of Contents

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Operations

For the period from January 1, 2011 through May 25, 2011

(In thousands of U. S. dollars)

 

     Predecessor Registrant  
     Satmex
Issuer
    Guarantor
Subsidiaries
     Non -
Guarantor
Subsidiaries
    Eliminations and
consolidating
adjustments
    Consolidated  

Revenues:

           

Satellite services

   $ 46,577      $ —         $ —        $ (2,843   $ 43,734   

Broadband satellite services

     —          —           5,198        (8     5,190   

Programming distribution services

     761        4,040         —          (15     4,786   

Services companies

     —          —           12,739        (12,739     —     
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 
     47,338        4,040         17,937        (15,605     53,710   

Cost of satellite services

     4,586        —           1,960        (2,145     4,401   

Cost of broadband satellite services

     —          —           2,839        (2,154     685   

Cost of programming distribution services

     454        2,875         —          (704     2,625   

Selling and administrative expenses

     5,535        595         12,186        (10,602     7,714   

Depreciation and amortization

     16,682        167         398        (167     17,080   

Restructuring expenses

     28,766        —           —          —          28,766   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 
     56,023        3,637         17,383        (15,772     61,271   

Operating income

     (8,685     403         554        167        (7,561

Interest expense, net and other

     17,761        93         (473     1,619        19,000   

(Loss) income before income tax

     (26,446     310         1,027        (1,452     (26,561

Income tax expense

     2,317        1         (119     —          2,199   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Net (loss) income

     (28,763     309         1,146        (1,452     (28,760

Less: Net income attributable to noncontrolling interest

     —          —           —          3        3   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Net (loss) income attributable to Satélites Mexicanos, S. A. de C. V.

   $ (28,763   $ 309       $ 1,146      $ (1,455   $ (28,763
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

 

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Table of Contents

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Operations

For the year ended December 31, 2010

(In thousands of U. S. dollars)

 

     Predecessor Registrant  
     Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
     Eliminations and
consolidating
adjustments
    Consolidated  

Revenues:

           

Satellite services

   $ 112,666      $ —        $ —         $ (6,885   $ 105,781   

Broadband satellite services

     —          —          12,924         (14     12,910   

Programming distribution services

     1,935        8,223        —           (87     10,071   

Services companies

     —          —          13,957         (13,957     —     
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 
     114,601        8,223        26,881         (20,943     128,762   

Cost of satellite services

     11,697        —          4,454         (4,746     11,405   

Cost of broadband satellite services

     —          —          7,988         (5,167     2,821   

Cost of programming distribution services

     1,117        6,075        —           (1,805     5,387   

Selling and administrative expenses

     13,679        1,483        11,103         (9,225     17,040   

Depreciation and amortization

     42,501        392        901         (392     43,402   

Restructuring expenses

     16,443        —          —           —          16,443   

Gain on sale of programming agreements

     (5,885     —          —           5,885        —     
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 
     79,552        7,950        24,446         (15,450     96,498   

Operating income

     35,049        273        2,435         (5,493     32,264   

Interest expense, net and other

     (43,222     (176     333         (2,308     (45,373

(Loss) income before income tax

     (8,173     97        2,768         (7,801     (13,109

Income tax expense

     274        —          505         —          779   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net (loss) income

     (8,447     97        2,263         (7,801     (13,888

Less: Net income attributable to noncontrolling interest

     —          —          —           444        444   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net (loss) income attributable to Satélites Mexicanos, S. A. de C. V.

   $ (8,447   $ 97      $ 2,263       $ (8,245   $ (14,332
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

 

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Table of Contents

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Operations

For the year ended December 31, 2009

(In thousands of U. S. dollars)

 

     Predecessor Registrant  
     Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
     Eliminations and
consolidating
adjustments
    Consolidated  

Revenues:

           

Satellite services

   $ 107,183      $ —        $ —         $ (5,122   $ 102,061   

Broadband satellite services

     —          —          12,396         (12     12,384   

Programming distribution services

     10,594        —          —           —          10,594   

Services companies

     —          —          13,172         (13,172     —     
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 
     117,777        —          25,568         (18,306     125,039   

Cost of satellite services

     13,069        —          4,293         (4,478     12,884   

Cost of broadband satellite services

     —          —          7,371         (5,122     2,249   

Cost of programming distribution services

     5,331        —          —           —          5,331   

Selling and administrative expenses

     15,125        41        10,433         (8,706     16,893   

Depreciation and amortization

     46,804        —          853         —          47,657   

Restructuring expenses

     3,324        —          —           —          3,324   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 
     83,653        41        22,950         (18,306     88,338   

Operating (loss) income

     34,124        (41     2,618         —          36,701   

Interest expense, net and other

     (42,031     13        38         (1,236     (43,216

(Loss) income before income tax

     (7,907     (28     2,656         (1,236     (6,515

Income tax expense

     12,247        —          986         —          13,233   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net (loss) income

     (20,154     (28     1,670         (1,236     (19,748

Less: Net income attributable to noncontrolling interest

     —          —          —           406        406   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net (loss) income attributable to Satélites Mexicanos, S. A. de C. V.

   $ (20,154   $ (28   $ 1,670       $ (1,642   $ (20,154
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

 

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Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Cash Flows

For the period from May 26, 2011 through December 31, 2011

 

     Successor Registrant  
     Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations      Consolidated  

Cash flows from operating activities

   $ 33,386      $ (3,806   $ 2,774      $ —         $ 32,354   

Cash flows from investing activities:

           

Construction in progress Satmex 8 (including capitalized interest)

     (150,537     —          —          —           (150,537

Acquisition of equipment

     (1,393     (47     (187     —           (1,627
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Net cash used in investing activities

     (151,930     (47     (187     —           (152,164
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Cash flows from financing activities:

           

Proceeds from equity issuance

     90,000        —          —          —           90,000   

Repayment of First Priority Old Notes

     (238,237     —          —          —           (238,237

Deferred financing costs

     (333     —          —          —           (333
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Net cash used in financing activities

     (148,570     —          —          —           (148,570
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Cash and cash equivalents:

           

Net (decrease) increase for the period

     (267,114     (3,853     2,587        —           (268,380

Beginning of period

     332,507        4,842        10,282        —           347,631   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

End of period

   $ 65,393      $ 989      $ 12,869      $ —         $ 79,251   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

 

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Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Cash Flows

For the period from January 1, 2011 through May 25, 2011

 

     Predecessor Registrant  
     Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations      Consolidated  

Cash flows from operating activities:

   $ 43,598      $ (35,570   $ 106      $ —         $ 8,134   

Cash flows from investing activities:

           

Construction in progress Satmex 8 (including capitalized interest)

     (42,333     —          —          —           (42,333

Acquisition of equipment

     (511     (57     (67     —           (635
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Net cash used in investing activities

     (42,844     (57     (67     —           (42,968
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Cash flows from financing activities:

           

Issuance of Senior Secured Notes

     325,000        —          —          —           325,000   

Deferred financing costs

     (18,247     —          —          —           (18,247
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Net cash provided by financing activities

     306,753        —          —          —           306,753   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Cash and cash equivalents:

           

Net (decrease) increase for the period

     307,507        (35,627     39        —           271,919   

Beginning of period

     25,000        40,469        10,243        —           75,712   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

End of period

   $ 332,507      $ 4,842      $ 10,282      $ —         $ 347,631   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

 

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Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Cash Flows

For the year ended December 31, 2010

 

     Predecessor Registrant  
     Satmex
Issuer
    Guarantor
Subsidiaries
     Non -
Guarantor
Subsidiaries
    Eliminations      Consolidated  

Cash flows from operating activities:

   $ 38,341      $ 381       $ 2,288      $ —         $ 41,010   

Cash flows from investing activities:

            

Construction in progress Satmex 8 (including capitalized interest)

     (63,113     —           —          —           (63,113

Acquisition of equipment

     (3,999     —           (579     —           (4,578
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Net cash used in investing activities

     (67,112     —           (579     —           (67,691
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Cash and cash equivalents:

            

Net (decrease) increase for the year

     (28,771     381         1,709        —           (26,681

Beginning of year

     53,771        40,088         8,534        —           102,393   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

End of year

   $ 25,000      $ 40,469       $ 10,243      $ —         $ 75,712   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

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Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Cash Flows

For the year ended December 31, 2009

 

     Predecessor Registrant  
     Satmex
Issuer
    Guarantor
Subsidiaries
    Non-
Guarantor
Subsidiaries
    Eliminations     Consolidated  

Cash flows from operating activities:

   $ 43,257      $ (12   $ 2,749      $ —        $ 45,994   

Cash flows from investing activities:

          

Investment in shares of subsidiaries

     (100     —          —          100        —     

Acquisition of equipment

     (1,131     —          (677     —          (1,808
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (1,231     —          (677     100        (1,808
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

          

Issuance of common stock

     —          100        —          (100     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in financing activities

     —          100        —          (100     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents:

          

Net increase for the year

     42,026        88        2,072        —          44,186   

Beginning of year

     11,745        40,000        6,462        —          58,207   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of year

   $ 53,771      $ 40,088      $ 8,534      $ —        $ 102,393   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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Table of Contents
20. Subsequent events

Satellite Program Agreements

 

  a. On February 3, 2012, the Company entered into a contract for launch services (the “Satmex Launch Services Agreement”) for the launch of a dual-satellite payload which includes its next generation satellite, designed Satmex 7 (“Satmex 7”).

 

  b. On March 13, 2012, Satmex entered into a construction agreement, (the “Satmex Procurement Agreement”), with Boeing Satellite Systems International, Inc. (“Boeing”), for the design, construction and delivery of Satmex 7.

 

  c. On March 13, 2012, Satmex and Asia Broadcast Satellite Holdings Ltd. (“ABS”) also entered into a master procurement agreement with Boeing (the “Master Procurement Agreement”), which establishes the framework for the joint administration by Satmex and ABS of the procurement program. In addition to entering into the Satmex Procurement Agreement with Boeing, Satmex also entered into a bilateral agreement with ABS on March 13, 2012 (the “Bilateral Agreement”), in which the parties agreed to share launch services costs, allocate common procurement program costs and cross-indemnify each other for any actions or changes to the procurement program made by Satmex or ABS that adversely affect the costs, timing, delivery or launch of the other party’s satellite or satellites.

Debt obligations

 

  d. On April 9, 2012, Satmex issued $35,000 aggregate principal amount of additional Senior Secured Notes (“SSN”) due in 2017, to be issued in a private placement under rule 144A and Regulation S of the U.S. Securities Act of 1933, as amended, with rights to either offer to exchange the additional SSN for substantially similar notes that are registered under the U.S. Securities Act of 1933, as amended, or register the resale of the additional SSN. The additional SSN were priced at 102.00% and will bear interest at an annual fixed rate of 9.50%. The additional SSN offering closed on April 9, 2012.

* * * * * *

 

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Schedule Schedules of Valuation and Qualifying Accounts

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Schedules of Valuation and Qualifying Accounts

 

     Successor Registrant  
     Balance at
beginning of
period
    Additional
charged
(credited) to
expenses
    

Deductions

and other

    Balance at
ending of
period
 

Allowance for doubtful accounts:

  

For the period from May 26, 2011 through December 31, 2011

   $ —        $ 1,360       $ —        $ 1,360   

Valuation allowance on deferred income taxes:

         

For the period from May 26, 2011 through December 31, 2011

   $ 135,291 (1)    $ —         $ (106,681 )(2)    $ 28,610   

 

     Predecessor Registrant  
     Balance at
beginning of
period
     Additional
charged
(credited) to
expenses
   

Deductions

and other

    Balance at
ending of
period
 

Allowance for doubtful accounts:

  

For the period from January 1, 2011 through May 25, 2011

   $ 532       $ —        $ (532 )(3)    $ —     

Year ended December 31, 2010

     360         172        —          532   

Year ended December 31, 2009

     510         (150     —          360   

Valuation allowance on deferred income taxes:

         

For the period from January 1, 2011 through May 25, 2011

   $ 146,562       $ 10,394      $ —        $ 156,956   

Year ended December 31, 2010

     164,472         76        (17,986     146,562   

Year ended December 31, 2009

     162,009         2,463        —          164,472   

 

(1)

Ending balance for the Predecessor Registrant does not match the beginning balance for the Successor Registrant due to the application of push-down accounting.

(2) 

Due to the use of the hybrid method, certain tax loss carryforwards are excluded from the deferred tax computation during those years in which the Company expects to pay IETU; accordingly, the related reserve is also excluded from the deferred tax computation.

(3) 

Write-offs of uncollectible accounts due to the application of push-down accounting.

* * * * * *

 

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PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

Item 20. Indemnification of Directors and Officers.

Satmex

In connection with the exchange offer, the Board of Directors of the registrant has resolved that the registrant will indemnify and hold harmless each director and officer of the registrant against liabilities incurred in connection with the distribution of the securities under this Registration Statement in accordance with applicable law. The registrant maintains liability insurance on behalf of each director and officer. Additionally, under Mexican law, when an officer or director of a corporation acts within the scope of his or her authority, the corporation will answer for any resulting liabilities or expenses.

Guarantors

Incorporated in the State of Delaware, each of Alterna’TV and Alterna’TV International, the Guarantors, are subject to the Delaware General Corporation Law (the “DGCL”). Section 145 of the DGCL empowers a Delaware corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation) by reason of the fact that such person is or was a director, officer, employee or agent of such corporation, or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. A corporation may, in advance of the final action of any civil, criminal, administrative or investigative action, suit or proceeding, pay the expenses (including attorneys’ fees) incurred by any officer, director, employee or agent in defending such action, provided that the director or officer undertakes to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the corporation. A corporation may indemnify such person against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.

A Delaware corporation may indemnify officers and directors in an action by or in the right of the corporation to procure a judgment in its favor under the same conditions, except that no indemnification is permitted without judicial approval if the officer or director is adjudged to be liable to the corporation. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him or her against the expenses (including attorneys’ fees) which he or she actually and reasonably incurred in connection therewith. The indemnification provided is not deemed to be exclusive of any other rights to which an officer or director may be entitled under any corporation’s by-law, agreement, vote or otherwise.

The Certificate of Incorporation of each of the Guarantors provides that no director of such Guarantor shall be liable to such Guarantor or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to such Guarantor or its stockholders, (ii) for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of DGCL, or (iv) for any transaction from which the director derives an improper personal benefit. It was the Guarantors intent to provide the directors with the maximum protection against liability under the DGCL. The Certificate of Incorporation of each Guarantor also provides that such Guarantor shall indemnify and shall advance expenses on behalf of its officers and directors to the fullest extent permitted by law in existence now or hereafter.

 

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Table of Contents

Item 21. Exhibits and Financial Statement Schedules.

(a) Exhibits

 

Exhibit
No.

  

Description

  1.1    Estatutos Sociales (Bylaws) of Satélites Mexicanos, S.A. de C.V. (1)
  1.2    Estatutos Sociales (Bylaws) of Satélites Mexicanos, S.A. de C.V. (English translation) (9)
  1.3    Compulsa de Estatutos Sociales (Amended and Restated Bylaws) of Satélites Mexicanos, S.A. de C.V. (11)
  1.4    Compulsa de Estatutos Sociales (Amended and Restated Bylaws) of Satélites Mexicanos, S.A. de C.V. (English translation) (11)
  2.1    Indenture, dated as of November 30, 2006, between Satélites Mexicanos, S.A. de C.V., each of the First Priority Guarantors named there in, as first priority guarantors, and HSBC Bank USA, National Association, as first priority indenture trustee (4)
  2.2    First Priority Collateral Trust Agreement among Satélites Mexicanos, S.A. de C.V., each of the First Priority Guarantors named therein, HSBC Bank USA, National Association, as indenture trustee, and HSBC Bank USA, National Association, as collateral trustee, dated as of November 30, 2006 (4)
  2.3    Intercreditor Agreement, dated as of November 30, 2006, by and among Satélites Mexicanos, S.A. de C.V., as the Company, HSBC Bank USA, National Association, as the first priority collateral trustee and as the first priority indenture trustee, and Wells Fargo Bank, National Association, as the second priority collateral trustee and as the second priority indenture trustee (4)
  2.4    Registration Rights Agreement, dated as of November 30, 2006, by Satélites Mexicanos, S.A. de C.V., for the benefit of certain holders of its First Priority Senior Secured Notes due 2011 (4)
  2.5    First Priority Mortgage in and over the Mortgaged Assets to secure the First Priority Obligations granted by the Company in favor of, and/or for the benefit of, HSBC Bank USA, National Association, in its capacity as first priority collateral trustee under the First Priority Collateral Trust Agreement for the benefit of the beneficiaries of the First Priority Collateral Trust Agreement (4)
  2.6    Equity Interest Pledge Agreement, as of November 30, 2006, by and between Satélites Mexicanos, S.A. de C.V. as Pledgor, HSBC Bank USA, National Association, as First Priority Collateral Trustee, for itself and for the benefit of the First Priority Holders pursuant to the Collateral Trust Agreement, as Pledgee, and Enlaces Integra S. de R.L. de C.V., as the Company (4)
  2.7    Equity Interest Pledge Agreement, as of November 30, 2006, by and between Satélites Mexicanos, S.A. de C.V. as pledgor, HSBC Bank USA, National Association, as first priority collateral trustee, for itself and for the benefit of the First Priority Holders pursuant to the Collateral Trust Agreement, as pledgee, and SMVS-Servicios Tecnicos, S. de R.L. de C.V., as the Company (4)
  2.8    Equity Interest Pledge Agreement, as of November 30, 2006, by and between Satélites Mexicanos, S.A. de C.V., as pledgor, HSBC Bank USA, National Association, as first priority collateral trustee, for itself and for the benefit of the First Priority Holders pursuant to the Collateral Trust Agreement, as pledgee, and SMVS-Administración, S. de R.L. de C.V., as the Company (4)
  2.9    Floating Lien Pledge Agreement, as of November 30,2006, by and between SMVS-Servicios Tecnicos, S. de R.L. de C.V., as pledgor, and HSBC Bank USA, National Association, as first priority collateral trustee for itself and for the benefit of the First Priority Holders, as the pledgee (4)
  2.10    Floating Lien Pledge Agreement, as of November 30,2006, by and between SMVS-Administración, S. de R.L. de C.V., as pledgor, and HSBC Bank USA, National Association, as first priority collateral trustee for itself and for the benefit of the First Priority Holders, as the pledgee (4)

 

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Exhibit
No.

  

Description

  2.11    Indenture, dated as of November 30, 2006, between Satélites Mexicanos, S.A. de C.V., as issuer, each of the Second Priority Guarantors named therein as second priority guarantors, and Wells Fargo Bank, National Association, as trustee (4)
  2.12    Second Priority Collateral Trust Agreement, among Satélites Mexicanos, S.A. de C.V., each of the Second Priority Guarantors named therein, Wells Fargo Bank, National Association, as indenture trustee, and Wells Fargo Bank, National Association, as collateral trustee, dated as of November 30, 2006 (4)
  2.13    Registration Rights Agreement, dated as of November 30, 2006, by Satélites Mexicanos, S.A. de C.V., for the benefit of certain holders of its Second Priority Senior Secured Notes due 2013 (4)
  2.14    Second Priority Mortgage in and over the Mortgaged Assets of Satélites Mexicanos, S.A. de C.V. to secure the Second Priority Obligations granted by the Company in favor of, and/or for the benefit of, Wells Fargo Bank, National Association, in its capacity as second priority collateral trustee under the second priority collateral trust agreement for the benefit of the beneficiaries of the Second Priority Collateral Trust Agreement (4)
  2.15    Equity Interest Pledge Agreement, as of November 30, 2006, by and between Satélites Mexicanos, S.A. de C.V., as the pledgor, and Wells Fargo Bank, N.A., as second priority collateral trustee and for the benefit of the second priority holders pursuant to the Second Collateral Trust Agreement, as the pledgee, and Enlaces Integra, S. de R.L. de C.V., as the Company (4)
  2.16    Equity Interest Pledge Agreement, as of November 30, 2006, by and between Satélites Mexicanos, S.A. de C.V., as the pledgor, and Wells Fargo Bank, N.A., as second priority collateral trustee and for the benefit of the second priority holders pursuant to the Second Collateral Trust Agreement, as the pledgee, and SMVS Administración, S. de R.L. de C.V., as the Company (4)
  2.17    Equity Interest Pledge Agreement, as of November 30, 2006, by and between Satélites Mexicanos, S.A. de C.V., as the pledgor, and Wells Fargo Bank, N.A., as second priority collateral trustee and for the benefit of the second priority holders pursuant to the Second Collateral Trust Agreement, as the pledgee, and SMVS-Servicios Técnicos, S. de R.L. de C.V., as the Company (4)
  2.18    Floating Lien Pledge Agreement, as of November 30, 2006, by and between SMVS-Administración, S. de R.L. de C.V., as pledgor, and Wells Fargo Bank, N.A., as second priority collateral trustee for itself and for the benefit of the second priority holders, as the pledgee (4)
  2.19    Floating Lien Pledge Agreement, as of November 30, 2006, by and between SMVS-Servicios Técnicos, S. de R.L. de C.V., as pledgor, and Wells Fargo Bank, N.A., as second priority collateral trustee for itself and for the benefit of the second priority holders, as the pledgee (4)
  2.20    Irrevocable Administration Trust Agreement No. F/589, dated as of November 28, 2006, by and between Satélites Mexicanos, S.A. de C.V. as the Company, in its capacity as settlor and beneficiary, and Deutsche Bank Mexico, S.A., Institution de Banca Multiple, Division Fiduciaria, in its capacity as trustee (4)
  2.21    Agency Agreement, dated as of November 30, 2006, between Satélites Mexicanos, S.A. de C.V. and The Bank of New York, as Agent, for the benefit of holders of Trust Interests (4)
  2.22    Registration Rights Agreement, dated as of November 30, 2006, by Satélites Mexicanos, S.A. de C.V. for the benefit of certain holders of Beneficial Interests in the Irrevocable Administrative Trust Agreement No. F/0 598, dated November 28, 2006 (4)
  2.23    Supplemental Indenture, dated as of December 30, 2008, among Satélites Mexicanos, S.A. de C.V., as issuer, Alterna’TV Corporation, as new first priority guarantor, and HSBC Bank USA, National Association, as trustee (6)

 

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Exhibit
No.

  

Description

  2.24    Supplemental Indenture, dated as of January 20, 2009, among Satélites Mexicanos, S.A. de C.V., as issuer, Alterna’TV Corporation, as new second priority guarantor, and Wells Fargo Bank, National Association, as trustee (6)
  2.25    Additional Guarantee Designation, dated December 30, 2008, delivered to HSBC Bank USA, National Association, as trustee, by Alterna’TV Corporation, as new first priority guarantor (6)
  2.26    Additional Guarantee Designation, dated January 20, 2009, delivered to Wells Fargo Bank, National Association, as trustee, by Alterna’TV Corporation, as new second priority guarantor (6)
  2.27    Joinder, dated January 20, 2009, by Alterna’TV Corporation (6)
  2.28    Pledge Agreement, dated as of December 30, 2008, by and between Satélites Mexicanos, S.A. de C.V., as pledgor, and HSBC Bank USA, National Association, as trustee (6)
  2.29    Pledge Agreement, dated as of January 20, 2009, by and between Satélites Mexicanos, S.A. de C.V., as pledgor, and Wells Fargo Bank, National Association, as trustee (6)
  2.30    Supplemental Indenture, dated as of May 21,2009, among Satélites Mexicanos, S.A. de C.V. as Issuer, Alterna’TV International Corporation, as New First Priority Guarantor, and HSBC Bank USA, National Association, as Trustee (6)
  2.31    Supplemental Indenture, dated as of May 21,2009, among Satélites Mexicanos, S.A. de C.V., as issuer, Alterna’TV International Corporation, as new second priority guarantor, and Wells Fargo Bank, National Association, as trustee(6)
  2.32    Additional Guarantee Designation, dated May 21, 2009, delivered to HSBC Bank USA, National Association, as trustee, by Alterna’TV International Corporation, as new first priority guarantor (6)
  2.33    Additional Guarantee Designation, dated May 21, 2009, delivered to Wells Fargo Bank, National Association, as trustee, by Alterna’TV International Corporation, as new second priority guarantor (6)
  2.34    Joinder, dated May 21, 2009, by Alterna’TV International Corporation (6)
  2.35    Pledge Agreement, dated as of May 21, 2009, by and between Satélites Mexicanos, S.A. de C.V., as Pledgor, and HSBC Bank USA, National Association, as trustee (6)
  2.36    Pledge Agreement, dated as of May 21, 2009, by and between Satélites Mexicanos, S.A. de C.V., as Pledgor, and Wells Fargo Bank, National Association, as trustee (6)
  2.37    Agreement and Plan of Merger, dated as of May 26, 2011, by and between Satélites Mexicanos, S.A. de C.V. and Satmex Escrow, S.A. de C.V (9)
  2.38    Indenture, dated as of May 5, 2011, by and between Satmex Escrow, S.A. de C.V. and Wilmington Trust FSB, as trustee (9)
  2.39    Collateral Trust Agreement, dated as of May 26, 2011, by and among Satélites Mexicanos, S.A. de C.V., the Guarantors from time to time party thereto, Wilmington Trust, FSB, as trustee, and Wells Fargo National Association, as collateral trustee (9)
  2.40    Registration Rights Agreement, dated as of May 5, 2011, by and among Satélites Mexicanos, S.A. de C.V., Satmex Escrow, S.A. de C.V., Alterna’TV Corporation, Alterna’TV International Corporation and Jefferies & Company, Inc. (9)
  2.41    Security Agreement, dated as of May 26, 2011, by and among Alterna’TV Corporation, Alterna’TV International Corporation, the other grantors from time to time party thereto and Wells Fargo Bank, National Association, as collateral trustee (9)
  2.42    Pledge Agreement, dated as of May 26, 2011, among Satélites Mexicanos, S.A. de C.V., the other pledgors from time to time party thereto, and Wells Fargo Bank, National Association, as collateral trustee (9)

 

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Exhibit
No.

  

Description

  2.43    Mortgage, dated as of May 26, 2011, granted by Satélites Mexicanos, S.A. de C.V. in favor of Wells Fargo Bank, National Association, as collateral trustee (English Translation) (9)
  2.44    Floating Lien Pledge Agreement, dated as of May 26, 2011, by and between Satélites Mexicanos, S.A. de C.V. and Wells Fargo Bank, National Association, as collateral trustee (English Translation) (9)
  2.45    Equity Interest Pledge Agreement, dated as of May 26, 2011, by and between Satélites Mexicanos, S.A. de C.V. and Wells Fargo Bank, National Association, as collateral trustee (English Translation) (9)
  2.46    Guarantee of Alterna’TV Corporation (9)
  2.47    Guarantee of Alterna’TV International Corporation (9)
  4.1    Satellite Concession 116.8 degrees W.L. (1)
  4.2    Satellite Concession 116.8 degrees W.L. (English Translation) (1)
  4.3    Satellite Concession 113.0 degrees W.L. (1)
  4.4    Satellite Concession 113.0 degrees W.L. (English Translation) (1)
  4.5    Satellite Concession 109.2 degrees W.L. (1)
  4.6    Satellite Concession 109.2 degrees W.L. (English Translation) (1)
  4.7    Extension of Satellite Concession 116.8 degrees W.L. effective at the expiration of the current Satellite Concession 116.8 degrees W.L. (11)
  4.8    Extension of Satellite Concession 116.8 degrees W.L. effective at the expiration of the current Satellite Concession 116.8 degrees W.L. (English Translation) (11)
  4.9    Extension of Satellite Concession 113.0 degrees W.L. effective at the expiration of the current Satellite Concession 113.0 degrees W.L. (11)
  4.10    Extension of Satellite Concession 113.0 degrees W.L. effective at the expiration of the current Satellite Concession 113.0 degrees W.L. (English Translation) (11)
  4.11    Extension of Satellite Concession 114.9 degrees W.L. (exchanged for 109.2 degrees W.L.) effective at the expiration of the current Satellite Concession 114.9 degrees W.L. (11)
  4.12    Extension of Satellite Concession 114.9 degrees W.L. (exchanged for 109.2 degrees W.L.) effective at the expiration of the current Satellite Concession 114.9 degrees W.L. (English Translation) (11)
  4.13    Property Concession (1)
  4.14    Property Concession (English Translation) (1)
  4.15    Amended and Restated Membership Agreement, dated as of August 21, 1998 among Loral SatMex Ltd., Ediciones Enigma, S.A. de C.V. and Firmamento Mexicano, S. de R. L. de C.V. (1)
  4.16    Agreement between Hughes Electronics Corporation, through its division, Hughes Network Systems and Satélites Mexicanos, S.A. de C.V., dated as of January 20, 2000, the Tenth Amendment thereto, dated December 1, 2005 and the Twelfth Amendment thereto, dated February 1, 2006 (2)
  4.17    Thirteenth Amendment, dated September 15, 2006, to Agreement between Hughes Electronics Corporation, through its division, Hughes Network Systems and Satélites Mexicanos, S.A. de C.V., dated as of January 20, 2000 (5)
  4.18    Fourteenth Amendment, dated August 1, 2008, to Agreement between Hughes Electronics Corporation, through its division, Hughes Network Systems and Satélites Mexicanos, S.A. de C.V., dated as of January 20, 2000 (6)

 

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Exhibit
No.

  

Description

  4.19    Fifteenth Amendment, dated February 1, 2009, to Agreement between Hughes Electronics Corporation, through its division, Hughes Network Systems and Satélites Mexicanos, S.A. de C.V., dated as of January 20, 2000 (6)
  4.20    Sixteenth Amendment, dated September 1, 2009, to Agreement between Hughes Electronics Corporation, through its division, Hughes Network Systems and Satélites Mexicanos, S.A. de C.V., dated as of January 20, 2000 (7), (12)
  4.21    Seventeenth Amendment, dated October 1, 2009, to Agreement between Hughes Electronics Corporation, through its division, Hughes Network Systems and Satélites Mexicanos, S.A. de C.V., dated as of January 20, 2000 (8), (12)
  4.22    Stock Purchase Agreement, dated February 26, 2010, between EchoStar Satellite Acquisition L.L.C. and Satélites Mexicanos, S.A. de C.V. (2), (8)
  4.23    Contract between Space Systems/Loral, Inc. and Satélites Mexicanos, S.A. de C.V. (executed on May 7, 2010 and effective as of April 1, 2010) for the design and construction of a new, 64 transponder, C- and Ku-band satellite, Satmex 8 (8), (12)
  4.24    Eighteenth Amendment, dated July 1, 2010, to Agreement between Hughes Electronics Corporation, through its division, Hughes Network Systems and Satélites Mexicanos, S.A. de C.V., dated as of January 20,2000 (10), (12)
  4.25    Nineteenth Amendment, dated June 30, 2011 (effective as of August 1, 2010), to Agreement between Hughes Network Systems, a division of Hughes Electronics Corporation, and Satélites Mexicanos, S.A. de C.V., dated as of January 20, 2000 (11), (12)
  4.26    Launch Services Agreement, dated December 23, 2010, between Satélites Mexicanos, S.A. de C.V. and ILS International Launch Services, Inc. for the launch of its C- and Ku-band satellite, Satmex 8 together with Amendment No. 1 dated January 19, 2011 (10), (12)
  4.27    Amendment No. 1, dated January 19, 2011, to Contract No. ILSB-1006-4488 for Launch Services between ILS International Launch Services, Inc. and Satélites Mexicanos, S.A. de C.V. (10)
  4.28    Amendment No. 1, dated February 24, 2011, to the Contract between Space Systems/Loral, Inc. and Satélites Mexicanos, S.A. de C.V. for the Satmex 8 Satellite Program (10), (12)
  4.29    Twentieth Amendment, dated March 1, 2011, to Agreement between Hughes Network Systems, a division of Hughes Electronics Corporation, and Satélites Mexicanos, S.A. de C.V., dated as of January 20, 2000 (11), (12)
  4.30    Amendment No. 2, dated November 15, 2011, to Contract No. ILSB-1006-4488 for Launch Services between ILS International Launch Services, Inc. and Satélites Mexicanos, S.A. de C.V. (11)
  4.31    Amendment No. 2, dated January 16, 2012, to the Contract between Space Systems/Loral, Inc. and Satélites Mexicanos, S.A. de C.V. for the Satmex 8 Satellite Program (11), (12)
  4.32    Launch Services Agreement, dated February 3, 2012, between Space Exploration Technologies Corp. and Satélites Mexicanos, S.A. de C.V. for launch services for Satmex 7 on a Falcon 9 launch vehicle (11), (12)
  4.33    Amendment No. 1, dated March 2, 2012, to Launch Services Agreement for launch services for Satmex 7 on a Falcon 9 launch vehicle (11), (12)
  4.34    Amendment No. 2, dated March 9, 2012, to Launch Services Agreement for launch services for Satmex 7 on a Falcon 9 launch vehicle (11), (12)

 

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Exhibit
No.

  

Description

  4.35    Master Procurement Agreement, dated March 13, 2012, among Satélites Mexicanos, S.A. de C.V., Boeing Satellite Systems International, Inc. and Asia Broadcast Satellite Holdings Ltd. under which Satmex committed to purchase one of the initial four satellites, designated Satmex 7, and agreed to enter into the Satmex Procurement Agreement pursuant to which Boeing will develop and manufacture Satmex 7 (11), (12)
  4.36    Commercial Satellite Delivery Contract (Contract No. BSS-SATMEX-12-001B), dated March 13, 2012, for the manufacture and delivery of Satmex 7 and satellite simulator software, satellite control software and training (11), (12)
  4.37    Bilateral Agreement, dated March 13, 2012, between Satélites Mexicanos, S.A. de C.V. and Asia Broadcast Satellite Holdings Ltd. to share launch services, allocate common costs and cross-indemnify each other for any actions or changes to under a joint procurement program for four C- and Ku-band satellites (11), (12)
  5.1    Opinion of Greenberg Traurig, LLP on the validity of the New Exchange Notes (13)
  5.2    Opinion of Cervantes Sainz, S.C. on the validity of the New Exchange Notes (13)
12.1    Computation of Ratio of Earnings to Fixed Charges (13)
21.1    Satélites Mexicanos, S.A. de C.V. List of Subsidiaries (13)
23.1    Consent of Greenberg Traurig, LLP (included in Exhibit 5.1) (13)
23.2    Consent of Cervantes Sainz, S.C. (included in Exhibit 5.2) (13)
23.3    Consent of Galaz, Yamazaki, Ruiz Urguiza, S.C. (13)
24.1    Powers of Attorney (included on signature page of original filing of the registration statement)
25.1    Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of Wilmington Trust, National Association with respect to the Indenture (13)
99.1    Form of Letter of Transmittal (13)
99.2    Form of Notice of Guaranteed Delivery (13)
99.3    Form of Letter to the Depository Trust Company Participants (13)
99.4    Form of Letter to Clients (13)
99.5    Form of Exchange Agent and Depositary Agreement between Satélites Mexicanos, S.A. de C.V. and Wilmington Trust, National Association (13).
101   

The following financial information from Satélites Mexicanos, S.A. de C.V.’s Registration Statement on Form F-4, filed with the SEC on June 29, 2012, formatted in Extensible Business Reporting Language:

 

Unaudited Condensed Consolidated Financial Statements

 

(i) Unaudited Condensed Consolidated Balance Sheet as of March 31, 2012;

 

(ii) Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2012 (Successor Registrant) and 2011 (Predecessor Registrant);

 

(iii) Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2012 (Successor Registrant) and 2011 (Predecessor Registrant);

 

Audited Financial Statements

 

(i) Consolidated Balance Sheets as of December 31, 2011 (Successor Registrant) and 2010 (Predecessor Registrant);

 

(ii) Consolidated Statements of Operations for the Periods From May 26, 2011 Through December 31, 2011 (Successor Registrant), and From January 1, 2011 Through May 25, 2011, and for the Years Ended December, 2010 and 2009 (Predecessor Registrant);

 

(iii) Consolidated Statements of Changes in Shareholders’ Equity (Deficit) for the Periods From May 26, 2011 Through December 31, 2011 (Successor Registrant), and From January 1, 2011 Through May 25, 2011, and for the Years Ended December, 2010 and 2009 (Predecessor Registrant); and

 

(iv) Consolidated Statements of Cash Flows for the Periods From May 26, 2011 Through December 31, 2011 (Successor Registrant), and From January 1, 2011 Through May 25, 2011, and For the Years Ended December, 2010 and 2009 (Predecessor Registrant).(13)(14)

 

(1) Incorporated by reference from the registrant’s Registration Statement on Form F-4 filed on November 9, 1998 (File No. 333-8880).
(2) Incorporated by reference to the registrant’s Form 20-F for the fiscal year ended December 31, 2005.
(3) Incorporated by reference from the registration’s Amendment to Form T-3 filed on November 22, 2006 (File No. 022-28822).
(4) Incorporated by reference from the registrant’s Form 6-K for the month of December, 2006.
(5) Incorporated by reference to the registrant’s Form 20-F for the fiscal year ended December 31, 2006.
(6) Incorporated by reference to the registrant’s Form 20-F for the fiscal year ended December 31, 2008.
(7) Incorporated by reference to the registrant’s Form 20-F for the fiscal year ended December 31, 2009.
(8) Incorporated by reference from the registrant’s Form 6-K filed November 22, 2010.
(9) Incorporated by reference from the registrant’s Form 6-K filed June 10, 2011.
(10) Incorporated by reference from the registrant’s Form 20-F for the fiscal year ended December 31, 2010.
(11) Incorporated by reference from the registrant’s Form 20-F for the fiscal year ended December 31, 2011.
(12) Portions of exhibit have been omitted pursuant to Satmex’s Confidential Treatment Request, submitted to the Commission on April 27, 2012.
(13) Filed herewith.
(14) XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

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Item 22. Undertakings.

 

(a) Each undersigned registrant hereby undertakes:

 

  1. To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

 

  (i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

 

  (ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and

 

  (iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information set forth in the registration statement.

 

  2. That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 

  3. To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

 

  4. To file a post-effective amendment to the Registration Statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act of 1933 need not be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act of 1933 or Item 8.A. of Form 20-F if such financial statements and information are contained in periodic reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement.

 

  5. That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

 

  6. That, for the purpose of determining liability of the registrants under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrants undertake that in a primary offering of securities of the undersigned registrants pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

 

  (i) Any preliminary prospectus or prospectus of the undersigned registrants relating to the offering required to be filed pursuant to Rule 424;

 

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  (ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrants or used or referred to by the undersigned registrant;

 

  (iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrants or their securities provided by or on behalf of the undersigned registrant; and

 

  (iv) Any other communication that is an offer in the offering made by the undersigned registrants to the purchaser.

 

  7. That, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 

  8. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrants have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by any registrant of expenses incurred or paid by a director, officer or controlling person of any registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrants will, unless in the opinion of their counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

 

  9. The undersigned registrants hereby undertake: (i) to respond to requests for information that is incorporated by reference into the prospectus pursuant to Items 4, 10(b), 11 or 13 of this Form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means, and (ii) to arrange or provide for a facility in the United States for the purpose of responding to such requests. The undertaking in subparagraph (i) above includes information contained in documents filed subsequent to the effective date of this registration statement through the date of responding to the request.

 

  10. The undersigned registrants hereby undertake to supply by means of a post-effective amendment all information concerning a transaction and the company being acquired involved therein, that was not the subject of and included in the registration statement when it became effective.

 

II-9


Table of Contents

SIGNATURE PAGE

Pursuant to the requirements of the Securities Act of 1933, Satélites Mexicanos, S.A. de C.V. has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Mexico City, Mexico on July 2, 2012.

 

REGISTRANT:
SATÉLITES MEXICANOS, S.A. DE C.V.
By:  

/s/ Patricio Northland

  Patricio Northland
  Chief Executive Officer
By:  

/s/ René Morán Salazar

  René Morán Salazar
  Interim Chief Financial Officer
By:  

/s/ Guillermo Reyes

  Guillermo Reyes
  Chief Accounting Officer
CO-REGISTRANTS:
ALTERNA’TV CORPORATION
By:  

/s/ Patricio Northland

  Patricio Northland
  Chief Executive Officer
By:  

/s/ René Morán Salazar

  René Morán Salazar
  Interim Chief Financial Officer
By:  

/s/ Guillermo Reyes

  Guillermo Reyes
  Chief Accounting Officer
ALTERNA’TV INTERNATIONAL CORPORATION
By:  

/s/ Patricio Northland

  Patricio Northland
  Chief Executive Officer
By:  

/s/ René Morán Salazar

  René Morán Salazar
  Interim Chief Financial Officer
By:  

/s/ Guillermo Reyes

  Guillermo Reyes
  Chief Accounting Officer

 

II-10


Table of Contents

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Patricio Northland, Veronica Gutierrez Zamora and René Morán Salazar severally and individually, and each of them (with full power to each of them to act alone) his/her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him/her and in his/her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to the registration statement on Form F-4, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the SEC, granting unto each said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he/she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of their or his substitute or substitutes, may lawfully do or cause to be done by virtue thereof.

This power of attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

 

Signature

  

Title

 

Date

/s/ Josiah Rotenberg

   Director and Chairman of the Board  

July 2, 2012

Josiah Rotenberg     

/s/ Maite de Alba de Gandiaga

   Director   July 2, 2012
Maite de Alba de Gandiaga     

/s/ Gabriel Ander de Alba de Gandiaga

   Director  

July 2, 2012

Gabriel Ander de Alba de Gandiaga     

/s/ Jim Frownfelter

   Director  

July 2, 2012

Jim Frownfelter     

/s/ Fernando Tisne

   Director  

July 2, 2012

Fernando Tisne     

/s/ Alejandro Sainz Orantes

   Director and Secretary of the Board  

July 2, 2012

Alejandro Sainz Orantes    Independent Director  

/s/ Jose Manuel Canal Hernando

    
Jose Manuel Canal Hernando    Director  

July 2, 2012

/s/ Patricio Northland

   Director of Co-Registrants   July 2, 2012
Patricio Northland     

/s/ Gabriel Ander de Alba de Gandiaga

   Director of Alterna’TV International Corp.  

July 2, 2012

Gabriel Ander de Alba     

/s/ Clemente Humberto Cabello Alcerreca

   Director of Alterna’TV International Corp.   July 2, 2012
Clemente Humberto Cabello Alcerreca     

/s/ René Morán Salazar

   Director of Alterna’TV International Corp.   July 2, 2012
René Morán Salazar     

 

II-11


Table of Contents

SIGNATURE OF AUTHORIZED REPRESENTATIVE OF SATÉLITES MEXICANOS, S.A. DE C.V.

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Satélites Mexicanos, S.A. de C.V., has signed this registration statement or amendment thereto, as the case may be, in the City of Miami, State of Florida, on July 2, 2012.

 

Signature

  

Title

   

/s/ Patricio Northland

    
Patricio Northland    Authorized Representative in the United States  

 

II-12

EX-5.1 2 d373151dex51.htm EX-5.1 EX-5.1

Exhibit 5.1

July 2, 2012

Satélites Mexicanos, S.A. de C.V.

Avenida Paseo de la Reforma 222

Pisos 20 y 21

Colonia Juárez

06600 Mexico, D.F.

 

  Re: Satélites Mexicanos, S.A. de C.V. Registration Statement on Form F-4

Ladies and Gentlemen:

We have acted as special Delaware and New York counsel for Satélites Mexicanos, S.A. de C.V., a Mexican sociedad anónima de capital variable (the “Company”), Alterna’TV International Corporation, a Delaware corporation, and Alterna’TV Corporation, a Delaware corporation (together, the “Guarantors” and, together with the Company, the “Registrants”), in connection with the filing by the Registrants with the U.S. Securities and Exchange Commission (the “Commission”) of a registration statement on Form F-4 (the “Registration Statement”) under the Securities Act of 1933, as amended (the “Securities Act”), relating to the issuance by the Company of up to $35,000,000 aggregate principal amount of 9.50% Senior Secured Notes due 2017 (the “Exchange Notes”), which are unconditionally guaranteed by the Guarantors as to the payment of principal and interest by, and performance of the obligations of, the Company, in each case, under the Indenture (as defined below) pursuant to the Guarantees, made as of May 5, 2011 and reaffirmed as of April 9, 2012, by each of the Guarantors in connection with the Indenture (the “Guarantees”), in exchange for up to $35,000,000 aggregate principal amount of the Company’s outstanding 9.50% Senior Secured Notes due 2017 (the “Original Notes”, and together with the unconditional Guarantees thereof by the Guarantors, the “Original Securities”), which were originally issued by the Company on April 9, 2012 in reliance upon an exemption from registration under the Securities Act and are subject to certain transfer restrictions.

The Original Securities were issued on April 9, 2012 under an Indenture (the “Original Notes Indenture”), dated as of May 5, 2011, between Satmex Escrow, S.A. de C.V. (the “Escrow Issuer”), and Wilmington Trust FSB (the “Trustee”) and reaffirmed by the Company on April 9, 2012. The Company assumed the obligations of the Escrow Issuer pursuant to an Assumption Indenture (the “Assumption Indenture”), dated as of May 26, 2011. In addition, on May 26, 2011, the Escrow Issuer was merged with and into the Company, with the Company as the surviving entity. The Original Notes Indenture and the Assumption Indenture are together referred to herein as the “Indenture”. The Exchange Notes will be issued under the Indenture. The terms of the Exchange Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”).

In connection with our representation of the Registrants and the preparation of this opinion letter, we have examined solely the following documents (collectively, the “Documents”):

1. the Registration Statement;

2. an executed copy of the Indenture;

3. executed copies of the Guarantees;


Satélites Mexicanos, S.A. de C.V.

July 2, 2012

Page 2

4. the form of Exchange Notes;

5. the Certificate of Incorporation and Bylaws, as amended through the date hereof, of each of the Guarantors;

6. a copy of the resolutions adopted by the respective boards of directors of each of the Guarantors approving the Guarantees; and

7. a certificate of good standing with respect to each of the Guarantors, as issued by the office of the Secretary of State of the State of Delaware on July 2, 2012.

In rendering the opinions set forth herein, we have assumed, without investigation, the following: (i) that, other than expressly opined below, (A) each of the parties to each of the Documents is duly incorporated or formed, organized, validly existing and in good standing under the laws of the jurisdiction governing its organization, and has full power, authority and legal right to execute and deliver each of the Documents and to perform its respective obligations thereunder, (B) each of the Documents has been duly authorized, executed and delivered by each of the parties thereto, (C) the due execution and delivery of each of the Documents by each of the parties thereto did not, and the performance of such parties’ obligations thereunder did not and will not, violate or conflict with applicable law, and (D) each of the Indenture, the Exchange Notes and the Guarantees constitutes a legal, valid and binding agreement of each of the parties thereto and is enforceable against each of the parties thereto in accordance with its terms; (ii) the genuineness of all signatures, the authenticity of all Documents submitted to us as originals, the conformity to authentic original documents of all Documents submitted to us as copies and the veracity of the Documents; and (iii) that each individual executing any of the Documents, whether on behalf of such individual or another person or entity, is legally competent to do so.

Based upon the foregoing, and subject to the assumptions, qualifications and limitations stated herein, we are of the opinion that:

1. each Guarantor has been duly incorporated and is validly existing and in good standing as a corporation under the laws of the State of Delaware and had the requisite corporate power and authority to execute the Guarantees under the laws of the State of Delaware;

2. the Exchange Notes, when duly executed, authenticated and delivered in accordance with the provisions of the Indenture upon the exchange described in the Registration Statement, will, under the laws of the State of New York, be the valid, binding and enforceable obligations of the Company, entitled to the benefits of the Indenture; and

3. the Guarantees are, under the laws of the State of New York, the valid, binding and enforceable obligations of each Guarantor.

The opinions set forth above are subject to (i) to the effects of bankruptcy, insolvency, fraudulent transfer and conveyance, reorganization, moratorium, receivership and other laws relating to or affecting creditors’ rights generally, (ii) the effects of general equitable principles, whether enforcement is considered in a proceeding in equity or at law, (iii) the discretion of the court before which any proceeding therefor may be brought, and (iv) to the extent required by any jurisdiction in which the Exchange Notes and the Guarantees are being or were executed, the payment of any documentary stamp taxes that may be due in connection therewith.


Satélites Mexicanos, S.A. de C.V.

July 2, 2012

Page 3

In addition, we note that the designation in Section 13.08 of the Original Note Indenture of any state or the U.S. federal courts in the State, County and City of New York as the venue for actions or proceedings related to the Indenture is subject to the power of such courts to transfer actions pursuant to 28 U.S.C § 1404(a) or to dismiss such actions or proceedings on the grounds that such federal court is an inconvenient forum for such actions or proceedings.

In rendering the foregoing opinion, we have relied (i) as to factual matters on the Documents, and (ii) as to matters of the laws of the Mexico, on the opinion of Cervantes Sainz, S.C., special Mexican counsel for the Company and the Guarantors.

We express no opinion with respect to:

a) the effect of any provision of the Indenture, the Exchange Notes or the Guarantees that is intended to permit modification or waiver thereof only by means of an agreement signed in writing by the parties thereto;

b) the effect of any provision of the Indenture, the Exchange Notes or the Guarantees imposing penalties or forfeitures or any late charges, prepayment penalties, default interest or other similar provisions which may be deemed to constitute penalties;

c) the enforceability of any provision of either the Indenture, the Exchange Notes or the Guarantees to the extent that such provision constitutes a waiver of illegality as a defense to performance of contract obligations;

d) the effect of waivers of applicable statutes of limitations;

e) the enforceability of any provision of the Indenture, the Exchange Notes or the Guarantees regarding the severability of clauses or provisions of that document;

f) the effect of any provision of the Indenture, the Exchange Notes or the Guarantees relating to indemnification, contribution or exculpation in connection with violations of any securities laws or relating to indemnification, contribution or exculpation in connection with willful, reckless or criminal acts or negligence of the indemnified or exculpated person or the person receiving contribution;

g) the enforceability of the provisions of the Indenture, the Exchange Notes or the Guarantees (i) restricting access to legal or equitable remedies, (ii) purporting to waive or affect any rights to notices, (iii) allowing any party to declare indebtedness due and payable without notice (as some courts have held that acceleration may not be made except by an unequivocal act of the holder evidencing acceleration, which may include notice to the debtor), (iv) covenanting to take action the taking of which is discretionary with or subject to the approval of a third party or which is otherwise subject to contingencies the fulfillment of which are not within the control of the parties so covenanting, (v) providing for nonjudicial foreclosure, (vi) providing for specific performance and appointment of a receiver, (vii) providing that the failure by the Trustee or any holder of the Exchange Notes or the Guarantees to exercise any right, remedy or option under the Indenture, the Exchange Notes or the Guarantees shall not operate as a waiver or (viii) purporting to establish evidentiary standards for suit or proceedings to enforce the Indenture, the Exchange Notes or the Guarantees; and


Satélites Mexicanos, S.A. de C.V.

July 2, 2012

Page 4

h) the validity, binding effect or enforceability of any provision of the Indenture, the Exchange Notes or the Guarantees related to choice of law, forum selection or submission to jurisdiction (including, without limitation, any express or implied waiver of any objection to venue in any court or of any objection that a court is an inconvenient forum) to the extent that the validity, binding effect or enforceability of any such provision is to be determined by any court other than a court of the State of New York.

This opinion letter is limited to the matters stated herein, and no opinions may be implied or inferred beyond the matters expressly stated herein. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware after the date hereof of any fact that might change the opinions expressed herein.

This opinion letter is being furnished to the Company solely for submission to the Commission as an exhibit to the Registration Statement and, accordingly, may not be relied upon by, quoted in any manner to or delivered to any other person or entity without, in each instance, our prior written consent; provided, however, Cervantes Sainz, S.C. may rely upon this opinion in rendering their opinion to you.

We do not express any opinion herein concerning any law other than the laws of the State of Delaware and the laws of the State of New York. Our opinions are rendered only with respect to Delaware and New York, as applicable, laws and rules, regulations, and orders thereunder that are in effect on the date hereof.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to us under the heading “Validity of the Exchange Notes” in the prospectus included in the Registration Statement. In giving such consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement, including this exhibit, within the meaning of the term “expert” as used in the Securities Act, or the rules and regulations of the Commission issued thereunder.

 

Sincerely,
/s/ Greenberg Traurig, LLP

GREENBERG TRAURIG, LLP

EX-5.2 3 d373151dex52.htm EX-5.2 EX-5.2

Exhibit 5.2

July 2, 2012

Satélites Mexicanos, S.A. de C.V.

Avenida Paseo de la Reforma 222

Pisos 20 y 21

Colonia Juárez

06600 Mexico, D.F.

 

  Re: Satélites Mexicanos, S.A. de C.V. Registration Statement on Form F-4

Ladies and Gentlemen:

We have acted as special Mexican counsel for Satélites Mexicanos, S.A. de C.V., a Mexican sociedad anónima de capital variable (the “Company”), Alterna’TV International Corporation, a Delaware corporation, and Alterna’TV Corporation, a Delaware corporation (together, the “Guarantors” and, together with the Company, the “Registrants”), in connection with the filing by the Company with the U.S. Securities and Exchange Commission (the “Commission”) of a registration statement on Form F-4 (the “Registration Statement”) under the Securities Act of 1933, as amended (the “Securities Act”), relating to the issuance by the Company of up to US$35,000,000 aggregate principal amount of 9.50% Senior Secured Notes due 2017 (the “Exchange Notes”), which are unconditionally guaranteed by the Guarantors as to the payment of principal and interest by, and performance of the obligations of, the Company, in each case, under the Indenture (as defined below) pursuant to the Guarantees, made as of May 5, 2011, and reaffirmed effective as of April 9, 2012, by each of the Guarantors in connection with the Indenture (the “Guarantees”), in exchange for all of the Company’s outstanding 9.50% Senior Secured Notes due 2017 (the “Original Notes”, and together with the unconditional Guarantees thereof by the Guarantors, the “Original Securities”), which were originally issued by the Company, in a private placement, on April 9, 2012 in reliance upon an exemption from registration under the Securities Act and are subject to certain transfer restrictions.

The Original Securities were issued on April 9, 2012 under an Indenture (the “Original Notes Indenture”), dated as of May 5, 2011, between the then Satmex Escrow, S.A. de C.V. (the “Escrow Issuer”), and Wilmington Trust FSB (the “Trustee”), and reaffirmed by the Company effective as of April 9, 2012. The Company assumed the obligations of the Escrow Issuer pursuant to an Assumption Indenture (the “Assumption Indenture”), dated as of May 26, 2011. In addition, on May 26, 2011, the Escrow Issuer was merged with and into the Company, with the Company as the surviving entity. The Original Notes Indenture and the Assumption Indenture are together referred to herein as the “Indenture”. The Exchange Notes will be issued under the Indenture. The terms of the Exchange Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”).

In connection with our representation of the Registrants and the preparation of this opinion letter, we have examined solely the following documents (collectively, the “Documents”):


Satélites Mexicanos, S.A. de C.V.

July 2, 2012

Page 2

1. the Registration Statement;

2. an executed copy of the Indenture;

3. executed copies of the Guarantees;

4. the form of Exchange Notes;

5. the Articles or Certificate of Incorporation and Bylaws or other equivalent organizational documents, as amended through the date hereof, of the Company;

6. a copy of the resolutions adopted by the board of directors of the Company approving the filing of the Registration Statement, certified as of the date hereof by an officer of the Company; and

7. such other documents and matters of law as we have considered necessary or appropriate for the expression of the opinions contained herein.

In addition, we have reviewed the originals or copies certified or otherwise identified to our satisfaction of all such corporate records of the Company and such other instruments and other certificates of public officials, officers and representatives of the Company and such other persons, and we have made such investigations of law, as we have deemed appropriate as a basis for the opinions expressed below.

In rendering the opinions set forth herein, we have assumed, without investigation, the following: (i) validity, binding effect and enforceability of the Indenture, the Exchange Notes and the Guarantees under the laws of the State of New York in the United States of America, (ii) the genuineness of all signatures and the authenticity of all Documents submitted to us as originals, the conformity to authentic original documents of all Documents submitted to us as copies and the veracity of the Documents; (ii) that each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so; and (iii) each of the parties (other than the Company and the Guarantors) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and the obligations of each party set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms. Additionally, as to questions of fact in respect of the opinions hereinafter expressed, we have relied solely upon the Documents.

We express no opinion as to any laws other than the laws of Mexico and we have assumed that there is nothing in the law of any other jurisdiction that affects this opinion, which is delivered based upon applicable laws of Mexico as of the date hereof. In particular, we have made no independent investigation of the laws of the United States of America or any jurisdiction thereof as a basis for the opinions stated herein and do not express or imply any opinion on or based on the criteria or standards provided for in such laws. As to questions related to the laws of the United States of America we have relied, without making any independent investigation with respect thereto, and with your consent, for purposes of delivery of this opinion, on the other opinions and certificates delivered in connection with the issuance of the Exchange Notes by all the relevant parties and this opinion, to the extent such opinions and certificates contain assumptions and qualifications, shall be, except with respect to matters of Mexican law, subject to such assumptions and qualifications.


Satélites Mexicanos, S.A. de C.V.

July 2, 2012

Page 3

Based upon the foregoing, and subject to the qualifications and limitations stated herein, we are of the opinion that:

1. the Company has been duly incorporated and is validly existing as a sociedad anónima de capital variable under the laws of Mexico and has the power and authority to issue and deliver the Exchange Notes under the exchange offer; and

2. the Exchange Notes have been duly authorized by the Company.

In rendering the foregoing opinion, we have relied (i) as to factual matters (a) on certificates of directors and executive officers of the Company and (b) on the Documents and (ii) as to matters of the laws of the State of Delaware, the laws of the State of New York and the federal laws of the United States of America, on the opinion of Greenberg Traurig, P.A., special United States counsel for the Company and the Guarantors.

We note that Alejandro Sainz Orantes, a partner of this firm is currently a Director and Secretary of the board of directors of the Company.

This opinion letter is limited to the matters stated herein, and no opinions may be implied or inferred beyond the matters expressly stated herein. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware after the date hereof of any fact that might change the opinions expressed herein.

This opinion letter is being furnished to the Company solely for submission to the Commission as an exhibit to the Registration Statement and, accordingly, may not be relied upon by, quoted in any manner to or delivered to any other person or entity without, in each instance, our prior written consent; provided, however, that Greenberg Traurig, LLP may rely upon this opinion in rendering their opinion to you.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to us under the headings “Service of Process and Enforcement of Civil Liabilities” and “Validity of the Exchange Notes” in the prospectus included in the Registration Statement. In giving such consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement, including this exhibit, within the meaning of the term “expert” as used in the Securities Act, or the rules and regulations of the Commission issued thereunder.

 

Sincerely,
  /s/ Cervantes Sainz, S.C.
  CERVANTES SAINZ, S.C.
EX-12.1 4 d373151dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

 

     Successor          Predecessor        
           Year Ended December 31,     Pro Forma  
     Three
Months
Ended
March 31,
2012
    Period
from
May 26,
2011
to
December 31,
2011
          Period
from
January 1,
2011
to
May 25,
2011
    2010     2009     2008     2007     Year
Ended
December  31,
2011
 

Consolidated net loss

   $ (164   $ (28,760        $ (18,857   $ (13,888   $ (19,748   $ (35,341   $ (56,652   $ (11,999

Plus:

                     

Income taxes

     3,882        2,199             12,133        779        13,233        6,829        893        14,647   

Fixed charges

     8,915        23,300             20,705        48,371        43,708        48,498        51,672        37,889 (3) 

Less:

                     

Interest capitalized

     6,417        3,801             11,715        2,582        —          —          —          15,516   

Noncontrolling interest in pre-tax earnings of subsidiaries that have not incurred fixed charges

     107        3             25        444        393        486        909        28   
  

 

 

   

 

 

        

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings (loss)(1)

   $ 6,109      $ (7,065        $ 2,241      $ 32,264      $ 36,800      $ 19,500      $ (4,996   $ 24,993   
  

 

 

   

 

 

        

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
 

Fixed charges:(2)

                     

Interest expense

   $ 2,498      $ 19,499           $ 8,990      $ 45,789      $ 43,708      $ 48,498      $ 51,672      $ 22,373   

Capitalized interest

     6,417        3,801             11,715        2,582        —          —          —          15,516   

Amortization of capitalized expenses related to indebtedness

     —          —               —          —          —          —          —          —     
  

 

 

   

 

 

        

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 8,915      $ 23,300           $ 20,705      $ 48,371      $ 43,708      $ 48,498      $ 51,672      $ 37,889   
  

 

 

   

 

 

        

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
 

Ratio of earnings to fixed charges

     0.69        (0.30          0.11        0.67        0.84        0.40        (0.10     0.66   
 

Earnings (loss)

   $ 6,109      $ (7,065        $ 2,241      $ 32,236      $ 36,800      $ 19,500      $ (4,996   $ 24,993   

Fixed charges

     8,915        23,300             20,705        48,371        43,708        48,498        51,672        37,889   
  

 

 

   

 

 

        

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings necessary to achieve a 1:1 ratio

   $ 2,806      $ 30,365           $ 18,464      $ 16,135      $ 6,908      $ 28,998      $ 56,668      $ 12,896   
  

 

 

   

 

 

        

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(In thousands of U.S. dollars except ratio data)

 

(1) We did not incur any amortization of capitalized interest nor did we own any equity method investees for which we received distributions or recognized pre-tax losses in any of the periods presented. Additionally, we did not have any preferred security dividend requirements during any of the periods presented.
(2) We did not incur or accrue any amounts with respect to the guarantee of other parties’ obligations. With respect to the estimated interest component of rental expense, we have not entered into any financing leases. With respect to our operating leases, we lease a portion of the building where our corporate offices are located, as well as the specialized earth stations, or satellite control centers, where certain of our operations are located. Our annual rental expense for these two operating leases is approximately $1.0 million per year. We do not consider that the implied interest component of these two leases would materially affect the computation of ratio of earnings to fixed earnings.
EX-21.1 5 d373151dex211.htm EX-21.1 EX-21.1

Exhibit 21.1

List of Subsidiaries of Satélites Mexicanos, S.A. de C.V.

 

Company(1)

   Jurisdiction    Ownership
Interest(2)
   

Main Activity

       

Enlaces Integra, S. de R. L. de C. V. (“Enlaces”)

   Mexico      75.00   Offers private networks for voice, video and data as well as other value-added satellite services to retailers financial institutions and other commercial, government, educational and non-profit organizations, primarily in Mexico.
       

HPS Corporativo, S. de R. L. de C. V.

   Mexico      75.00 %(3)    Provides administrative services exclusively to Enlaces.
       

Alterna’TV Corporation

   Delaware      100.00   Vehicle to contract the procurement of the Satmex 7 satellite with a third party.
       

Alterna’TV International Corporation

   Delaware      100.00   Programming distribution services.
       

Satmex USA LLC

   Delaware      100.00   Holding company.
       

SMVS Administración, S. de R. L. de C. V.

   Mexico      100.00  

Provides administrative services exclusively to Satmex.

       

SMVS Servicios Técnicos, S. de R. L. de C. V.

   Mexico      100.00  

Provides operating services exclusively to Satmex.

       

Satmex do Brasil, Ltda.

   Brazil      100.00   Provides services exclusively to Satmex for the commercialization of Satmex 5 and Satmex 6 in Brazil.

 

  

 

(1)

Satmex Escrow, S.A. de C.V., was incorporated on March 8, 2011 solely to act as the issuer of the New Notes and was merged into Satmex on May 26, 2011.

(2) 

Percentage of equity ownership owned by Satélites Mexicanos, S.A. de C.V. directly or indirectly through subsidiaries or affiliates.

(3) 

HPS Corporativo, S. de R.L. de C.V. is owned 99.97% by Enlaces and 0.03% by SMVS Administración, S. de R. L. de C. V.

EX-23.3 6 d373151dex233.htm EX-23.3 EX-23.3

Exhibit 23.3

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Registration Statement on Form F-4 of our report dated February 22, 2012 (April 9, 2012 with respect to Note 20) relating to the consolidated financial statements of Satélites Mexicanos, S.A. de C.V. and subsidiaries (the “Company”) (which report expresses an unqualified opinion and includes an explanatory paragraph relating to the lack of comparability of the consolidated financial statements of the successor registrant and predecessor registrant, which such successor and predecessor registrants were a result of a change in control, effective May 26, 2011, following the recapitalization transactions of the Company) and the related financial statement schedule, appearing in the Prospectus, which is part of this Registration Statement.

We also consent to the reference to us as experts under the heading “Independent Registered Public Accounting Firm”.

Galaz, Yamazaki, Ruiz Urquiza, S.C.

Member of Deloitte Touche Tohmatsu Limited

 

/s/ Alejandro González Anaya

C.P.C. Alejandro González Anaya

Mexico City, Mexico

July 2, 2012

EX-25.1 7 d373151dex251.htm EX-25.1 EX-25.1

Exhibit 25.1

File No.            

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939

OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

¨ CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A

TRUSTEE PURSUANT TO SECTION 305(b)(2)

WILMINGTON TRUST, NATIONAL ASSOCIATION

(Exact name of trustee as specified in its charter)

16-1486454

(I.R.S. employer identification no.)

1100 North Market Street

Wilmington, DE 19890

(Address of principal executive offices)

Robert C. Fiedler

Vice President and Counsel

1100 North Market Street

Wilmington, Delaware 19890

(302) 651-8541

(Name, address and telephone number of agent for service)

SATÉLITES MEXICANOS, S.A. DE C.V.1

(Exact name of obligor as specified in its charter)

 

Mexico   Not Applicable
(State of incorporation)   (I.R.S. employer identification no.)

Avenida Paseo de la Reforma 222 Pisos 20 y 21

Colonia Juarez

06600 México, D.F.

 
(Address of principal executive offices)   (Zip Code)

9.50% Senior Secured Notes due 2017

(Title of the indenture securities)

 

 

1 

SEE TABLE OF ADDITIONAL OBLIGORS


TABLE OF SUBSIDIARY OBLIGORS

 

Name*

   State or Other
Jurisdiction of
Incorporation or
Organization
   I.R.S. Employer
Identification Number
   Primary Standard
Industrial Classification
Code

Alterna’TV Corporation

   Delaware    35-2353840    4812

Alterna’TV International Corporation

   Delaware    35-2364784    4811

 

 

* All subsidiary obligors have the following principal executive office: 1500 San Remo Avenue, Suite 248, Coral Gables, Florida 33146.


Item 1. GENERAL INFORMATION. Furnish the following information as to the trustee:

 

  (a) Name and address of each examining or supervising authority to which it is subject.

 

 
       Comptroller of Currency, Washington, D.C.
       Federal Deposit Insurance Corporation, Washington, D.C.

 

  (b) Whether it is authorized to exercise corporate trust powers.

 

       Yes.

 

Item 2. AFFILIATIONS WITH THE OBLIGOR. If the obligor is an affiliate of the trustee, describe each affiliation:

 

     Based upon an examination of the books and records of the trustee and upon information furnished by the obligor, the obligor is not an affiliate of the trustee.

 

Item 16. LIST OF EXHIBITS. Listed below are all exhibits filed as part of this Statement of Eligibility and Qualification.

 

  1. A copy of the Charter for Wilmington Trust, National Association, incorporated by reference to Exhibit 1 of Form T-1.

 

  2. The authority of Wilmington Trust, National Association to commence business was granted under the Charter for Wilmington Trust, National Association, incorporated herein by reference to Exhibit 1 of Form T-1.

 

  3. The authorization to exercise corporate trust powers was granted under the Charter for Wilmington Trust, National Association, incorporated herein by reference to Exhibit 1 of Form T-1.

 

  4. A copy of the existing By-Laws of Trustee, as now in effect, incorporated herein by reference to Exhibit 4 of form T-1.

 

  5. Not applicable.

 

  6. The consent of Trustee as required by Section 321(b) of the Trust Indenture Act of 1939, incorporated herein by reference to Exhibit 6 of Form T-1.

 

  7. Current Report of the Condition of Trustee, published pursuant to law or the requirements of its supervising or examining authority, attached as Exhibit 7.

 

  8. Not applicable.

 

  9. Not applicable.


SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wilmington Trust, National Association, a national banking association organized and existing under the laws of the United States of America, has duly caused this Statement of Eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Minneapolis and State of Minnesota on the 2nd day of July, 2012.

 

WILMINGTON TRUST,

NATIONAL ASSOCIATION

By:   /s/ Jane Schweiger
 

Name: Jane Schweiger

Title: Vice President

 


EXHIBIT 1

CHARTER OF WILMINGTON TRUST, NATIONAL ASSOCIATION

 


ARTICLES OF ASSOCIATION

OF

WILMINGTON TRUST, NATIONAL ASSOCIATION

For the purpose of organizing an association to perform any lawful activities of national banks, the undersigned do enter into the following articles of association:

FIRST. The title of this association shall be Wilmington Trust, National Association.

SECOND. The main office of the association shall be in the City of Wilmington, County of New Castle, State of Delaware. The general business of the association shall be conducted at its main office and its branches.

THIRD. The board of directors of this association shall consist of not less than five nor more than twenty-five persons, unless the OCC has exempted the bank from the 25-member limit. The exact number is to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution of a majority of the shareholders at any annual or special meeting thereof. Each director shall own common or preferred stock of the association or of a holding company owning the association, with an aggregate par, fair market or equity value $1,000. Determination of these values may be based as of either (i) the date of purchase or (ii) the date the person became a director, whichever value is greater. Any combination of common or preferred stock of the association or holding company may be used.

Any vacancy in the board of directors may be filled by action of a majority of the remaining directors between meetings of shareholders. The board of directors may not increase the number of directors between meetings of shareholders to a number which:

 

  (1) exceeds by more than two the number of directors last elected by shareholders where the number was 15 or less; or

 

  (2) exceeds by more than four the number of directors last elected by shareholders where the number was 16 or more, but in no event shall the number of directors exceed 25, unless the OCC has exempted the bank from the 25-member limit.

Directors shall be elected for terms of one year and until their successors are elected and qualified. Terms of directors, including directors selected to fill vacancies, shall expire at the next regular meeting of shareholders at which directors are elected, unless the directors resign or are removed from office. Despite the expiration of a director’s term, the director shall continue to serve until his or her successor is elected and qualifies or until there is a decrease in the number of directors and his or her position is eliminated.


Honorary or advisory members of the board of directors, without voting power or power of final decision in matters concerning the business of the association, may be appointed by resolution of a majority of the full board of directors, or by resolution of shareholders at any annual or special meeting. Honorary or advisory directors shall not be counted to determine the number of directors of the association or the presence of a quorum in connection with any board action, and shall not be required to own qualifying shares.

FOURTH. There shall be an annual meeting of the shareholders to elect directors and transact whatever other business may be brought before the meeting. It shall be held at the main office or any other convenient place the board of directors may designate, on the day of each year specified therefor in the bylaws, or, if that day falls on a legal holiday in the state in which the association is located, on the next following banking day. If no election is held on the day fixed, or in the event of a legal holiday on the following banking day, an election may be held on any subsequent day within 60 days of the day fixed, to be designated by the board of directors, or, if the directors fail to fix the day, by shareholders representing two-thirds of the shares issued and outstanding. In all cases at least 10 days advance notice of the time, place and purpose of a shareholders’ meeting shall be given to the shareholders by first class mail, unless the OCC determines that an emergency circumstance exists. The sole shareholder of the bank is permitted to waive notice of the shareholders’ meeting.

In all elections of directors, the number of votes each common shareholder may cast will be determined by multiplying the number of shares such shareholder owns by the number of directors to be elected. Those votes may be cumulated and cast for a single candidate or may be distributed among two or more candidates in the manner selected by the shareholder. If, after the first ballot, subsequent ballots are necessary to elect directors, a shareholder may not vote shares that he or she has already fully cumulated and voted in favor of a successful candidate. On all other questions, each common shareholder shall be entitled to one vote for each share of stock held by him or her.

Nominations for election to the board of directors may be made by the board of directors or by any stockholder of any outstanding class of capital stock of the association entitled to vote for election of directors. Nominations other than those made by or on behalf of the existing management shall be made in writing and be delivered or mailed to the president of the association not less than 14 days nor more than 50 days prior to any meeting of shareholders called for the election of directors; provided, however, that if less than 21 days notice of the meeting is given to shareholders, such nominations shall be mailed or delivered to the president of the association not later than the close of business on the seventh day following the day on which the notice of meeting was mailed. Such notification shall contain the following information to the extent known to the notifying shareholder:

 

  (1) The name and address of each proposed nominee.

 

  (2) The principal occupation of each proposed nominee.

 

  (3) The total number of shares of capital stock of the association that will be voted for each proposed nominee.


  (4) The name and residence address of the notifying shareholder.

 

  (5) The number of shares of capital stock of the association owned by the notifying shareholder.

Nominations not made in accordance herewith may, in his/her discretion, be disregarded by the chairperson of the meeting, and the vote tellers may disregard all votes cast for each such nominee. No bylaw may unreasonably restrict the nomination of directors by shareholders.

A director may resign at any time by delivering written notice to the board of directors, its chairperson, or to the association, which resignation shall be effective when the notice is delivered unless the notice specifies a later effective date.

A director may be removed by shareholders at a meeting called to remove the director, when notice of the meeting stating that the purpose or one of the purposes is to remove the director is provided, if there is a failure to fulfill one of the affirmative requirements for qualification, or for cause; provided, however, that a director may not be removed if the number of votes sufficient to elect the director under cumulative voting is voted against the director’s removal.

FIFTH. The authorized amount of capital stock of this association shall be three million (3,000,000) shares of common stock of the par value of one dollar ($1.00) each; but said capital stock may be increased or decreased from time to time, according to the provisions of the laws of the United States.

No holder of shares of the capital stock of any class of the association shall have any preemptive or preferential right of subscription to any shares of any class of stock of the association, whether now or hereafter authorized, or to any obligations convertible into stock of the association, issued, or sold, nor any right of subscription to any thereof other than such, if any, as the board of directors, in its discretion, may from time to time determine and at such price as the board of directors may from time to time fix. Preemptive rights also must be approved by a vote of holders of two-thirds of the bank’s outstanding voting shares.

Unless otherwise specified in these articles of association or required by law, (1) all matters requiring shareholder action, including amendments to the articles of association, must be approved by shareholders owning a majority voting interest in the outstanding voting stock, and (2) each shareholder shall be entitled to one vote per share.

Unless otherwise specified in these articles of association or required by law, all shares of voting stock shall be voted together as a class, on any matters requiring shareholder approval. If a proposed amendment would affect two or more classes or series in the same or a substantially similar way, all the classes or series so affected must vote together as a single voting group on the proposed amendment.


Shares of one class or series may be issued as a dividend for shares of the same class or series on a pro rata basis and without consideration. Shares of one class or series may be issued as share dividends for a different class or series of stock if approved by a majority of the votes entitled to be cast by the class or series to be issued, unless there are no outstanding shares of the class or series to be issued. Unless otherwise provided by the board of directors, the record date for determining shareholders entitled to a share dividend shall be the date authorized by the board of directors for the share dividend.

Unless otherwise provided in the bylaws, the record date for determining shareholders entitled to notice of and to vote at any meeting is the close of business on the day before the first notice is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 70 days before the meeting.

If a shareholder is entitled to fractional shares pursuant to a stock dividend, consolidation or merger, reverse stock split or otherwise, the association may: (a) issue fractional shares; (b) in lieu of the issuance of fractional shares, issue script or warrants entitling the holder to receive a full share upon surrendering enough script or warrants to equal a full share; (c) if there is an established and active market in the association’s stock, make reasonable arrangements to provide the shareholder with an opportunity to realize a fair price through sale of the fraction, or purchase of the additional fraction required for a full share; (d) remit the cash equivalent of the fraction to the shareholder; or (e) sell full shares representing all the fractions at public auction or to the highest bidder after having solicited and received sealed bids from at least three licensed stock brokers; and distribute the proceeds pro rata to shareholders who otherwise would be entitled to the fractional shares. The holder of a fractional share is entitled to exercise the rights for shareholder, including the right to vote, to receive dividends, and to participate in the assets of the association upon liquidation, in proportion to the fractional interest. The holder of script or warrants is not entitled to any of these rights unless the script or warrants explicitly provide for such rights. The script or warrants may be subject to such additional conditions as: (1) that the script or warrants will become void if not exchanged for full shares before a specified date; and (2) that the shares for which the script or warrants are exchangeable may be sold at the option of the association and the proceeds paid to scriptholders.

The association, at any time and from time to time, may authorize and issue debt obligations, whether or not subordinated, without the approval of the shareholders. Obligations classified as debt, whether or not subordinated, which may be issued by the association without the approval of shareholders, do not carry voting rights on any issue, including an increase or decrease in the aggregate number of the securities, or the exchange or reclassification of all or part of securities into securities of another class or series.

SIXTH. The board of directors shall appoint one of its members president of this association, and one of its members chairperson of the board and shall have the power to appoint one or more vice presidents, a secretary who shall keep minutes of the directors’ and shareholders’ meetings and be responsible for authenticating the records of the association, and such other officers and employees as may be required to transact the business of this association. A duly appointed officer may appoint one or more officers or assistant officers if authorized by the board of directors in accordance with the bylaws.

The board of directors shall have the power to:


  (1) Define the duties of the officers, employees, and agents of the association.

 

  (2) Delegate the performance of its duties, but not the responsibility for its duties, to the officers, employees, and agents of the association.

 

  (3) Fix the compensation and enter into employment contracts with its officers and employees upon reasonable terms and conditions consistent with applicable law.

 

  (4) Dismiss officers and employees.

 

  (5) Require bonds from officers and employees and to fix the penalty thereof.

 

  (6) Ratify written policies authorized by the association’s management or committees of the board.

 

  (7) Regulate the manner in which any increase or decrease of the capital of the association shall be made, provided that nothing herein shall restrict the power of shareholders to increase or decrease the capital of the association in accordance with law, and nothing shall raise or lower from two-thirds the percentage required for shareholder approval to increase or reduce the capital.

 

  (8) Manage and administer the business and affairs of the association.

 

  (9) Adopt initial bylaws, not inconsistent with law or the articles of association, for managing the business and regulating the affairs of the association.

 

  (10) Amend or repeal bylaws, except to the extent that the articles of association reserve this power in whole or in part to shareholders.

 

  (11) Make contracts.

 

  (12) Generally perform all acts that are legal for a board of directors to perform.

SEVENTH. The board of directors shall have the power to change the location of the main office to any other place within the limits of Wilmington, Delaware, without the approval of the shareholders, or with a vote of shareholders owning two-thirds of the stock of such association for a relocation outside such limits and upon receipt of a certificate of approval from the Comptroller of the Currency, to any other location within or outside the limits of Wilmington Delaware, but not more than 30 miles beyond such limits. The board of directors shall have the power to establish or change the location of any branch or branches of the association to any other location permitted under applicable law, without approval of shareholders, subject to approval by the Comptroller of the Currency.

EIGHTH. The corporate existence of this association shall continue until termination according to the laws of the United States.


NINTH. The board of directors of this association, or any one or more shareholders owning, in the aggregate, not less than 50 percent of the stock of this association, may call a special meeting of shareholders at any time. Unless otherwise provided by the bylaws or the laws of the United States, a notice of the time, place, and purpose of every annual and special meeting of the shareholders shall be given at least 10 days prior to the meeting by first-class mail, unless the OCC determines that an emergency circumstance exists. If the association is a wholly-owned subsidiary, the sole shareholder may waive notice of the shareholders’ meeting. Unless otherwise provided by the bylaws or these articles, any action requiring approval of shareholders must be effected at a duly called annual or special meeting.

TENTH. For purposes of this Article Tenth, the term “institution-affiliated party” shall mean any institution-affiliated party of the association as such term is defined in 12 U.S.C. 1813(u).

Any institution-affiliated party (or his or her heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection with any threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative or investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however, that when an administrative proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association, then the association shall require the repayment of all legal fees and expenses advanced pursuant to the next succeeding paragraph and may not indemnify such institution-affiliated parties (or their heirs, executors or administrators) for expenses, including expenses for legal fees, penalties or other payments incurred. The association shall provide indemnification in connection with an action or proceeding (or part thereof) initiated by an institution-affiliated party (or by his or her heirs, executors or administrators) only if such action or proceeding (or part thereof) was authorized by the board of directors.

Expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may be paid by the association in advance of the final disposition of such action or proceeding upon (a) a determination by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party (or his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b) a determination that the indemnified individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the bank in the event he or she does not prevail, (c) a determination that the payment of expenses and fees by the association will not adversely affect the safety and soundness of the association, and (d) receipt of an undertaking by or on behalf of such institution-affiliated party (or by his or her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from


participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association. In all other instances, expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding as to which indemnification may be given under these articles of association may be paid by the association in advance of the final disposition of such action or proceeding upon (a) receipt of an undertaking by or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs, executors or administrators) to repay such advancement in the event that such institution affiliated party (or his or her heirs, executors or administrators) is ultimately found not to be entitled to indemnification as authorized by these articles of association and (b) approval by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding or, if such a quorum is not obtainable, then approval by stockholders. To the extent permitted by law, the board of directors or, if applicable, the stockholders, shall not be required to find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification in connection with such action or proceeding.

In the event that a majority of the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining members of the board may authorize independent legal counsel to review the indemnification request and provide the remaining members of the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Article Tenth have been met. If independent legal counsel opines that said conditions have been met, the remaining members of the board of directors may rely on such opinion in authorizing the requested indemnification.

In the event that all of the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the board shall authorize independent legal counsel to review the indemnification request and provide the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Article Tenth have been met. If legal counsel opines that said conditions have been met, the board of directors may rely on such opinion in authorizing the requested indemnification.

To the extent permitted under applicable law, the rights of indemnification and to the advancement of expenses provided in these articles of association (a) shall be available with respect to events occurring prior to the adoption of these articles of association, (b) shall continue to exist after any restrictive amendment of these articles of association with respect to events occurring prior to such amendment, (c) may be interpreted on the basis of applicable law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding, or on the basis of applicable law in effect at the time such rights are claimed, and (d) are in the nature of contract rights which may be enforced in any court of competent jurisdiction as if the association and the institution-affiliated party (or his or her heirs, executors or administrators) for whom such rights are sought were parties to a separate written agreement.


The rights of indemnification and to the advancement of expenses provided in these articles of association shall not, to the extent permitted under applicable law, be deemed exclusive of any other rights to which any such institution affiliated party (or his or her heirs, executors or administrators) may now or hereafter be otherwise entitled whether contained in these articles of association, the bylaws, a resolution of stockholders, a resolution of the board of directors, or an agreement providing such indemnification, the creation of such other rights being hereby expressly authorized. Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of expenses provided in these articles of association shall not be deemed exclusive of any rights, pursuant to statute or otherwise, of any such institution-affiliated party (or of his or her heirs, executors or administrators) in any such action or proceeding to have assessed or allowed in his or her favor, against the association or otherwise, his or her costs and expenses incurred therein or in connection therewith or any part thereof.

If this Article Tenth or any part hereof shall be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary to make it enforceable, and the remainder of this Article Tenth shall remain fully enforceable.

The association may, upon affirmative vote of a majority of its board of directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification is allowed in these articles of association; provided, however, that no such insurance shall include coverage to pay or reimburse any institution-affiliated party for the cost of any judgment or civil money penalty assessed against such person in an administrative proceeding or civil action commenced by any federal banking agency. Such insurance may, but need not, be for the benefit of all institution-affiliated parties.

ELEVENTH. These articles of association may be amended at any regular or special meeting of the shareholders by the affirmative vote of the holders of a majority of the stock of this association, unless the vote of the holders of a greater amount of stock is required by law, and in that case by the vote of the holders of such greater amount. The association’s board of directors may propose one or more amendments to the articles of association for submission to the shareholders


EXHIBIT 4

BY-LAWS OF WILMINGTON TRUST, NATIONAL ASSOCIATION


AMENDED AND RESTATED BYLAWS

OF

WILMINGTON TRUST, NATIONAL ASSOCIATION

ARTICLE I

Meetings of Shareholders

Section 1. Annual Meeting. The annual meeting of the shareholders to elect directors and transact whatever other business may properly come before the meeting shall be held at the main office of the association, Rodney Square North, 1100 Market Street, City of Wilmington, State of Delaware, at 1:00 o’clock p.m. on the first Tuesday in March of each year, or at such other place and time as the board of directors may designate, or if that date falls on a legal holiday in Delaware, on the next following banking day. Notice of the meeting shall be mailed by first class mail, postage prepaid, at least 10 days and no more than 60 days prior to the date thereof, addressed to each shareholder at his/her address appearing on the books of the association. If, for any cause, an election of directors is not made on that date, or in the event of a legal holiday, on the next following banking day, an election may be held on any subsequent day within 60 days of the date fixed, to be designated by the board of directors, or, if the directors fail to fix the date, by shareholders representing two-thirds of the shares. In these circumstances, at least 10 days’ notice must be given by first class mail to shareholders.

Section 2. Special Meetings. Except as otherwise specifically provided by statute, special meetings of the shareholders may be called for any purpose at any time by the board of directors or by any one or more shareholders owning, in the aggregate, not less than fifty percent of the stock of the association. Every such special meeting, unless otherwise provided by law, shall be called by mailing, postage prepaid, not less than 10 days nor more than 60 days prior to the date fixed for the meeting, to each shareholder at the address appearing on the books of the association a notice stating the purpose of the meeting.

The board of directors may fix a record date for determining shareholders entitled to notice and to vote at any meeting, in reasonable proximity to the date of giving notice to the shareholders of such meeting. The record date for determining shareholders entitled to demand a special meeting is the date the first shareholder signs a demand for the meeting describing the purpose or purposes for which it is to be held.

A special meeting may be called by shareholders or the board of directors to amend the articles of association or bylaws, whether or not such bylaws may be amended by the board of directors in the absence of shareholder approval.

If an annual or special shareholders’ meeting is adjourned to a different date, time, or place, notice need not be given of the new date, time or place, if the new date, time or place is announced at the meeting before adjournment, unless any additional items of business are to be considered, or the association becomes aware of an intervening event materially affecting any matter to be voted on more than 10 days prior to the date to which the meeting is adjourned. If a new record date for the adjourned meeting is fixed, however, notice of the adjourned meeting must be given to persons who are shareholders as of the new record date. If, however, the meeting to elect the directors is adjourned before the election takes place, at least ten days’ notice of the new election must be given to the shareholders by first-class mail.


Section 3. Nominations of Directors. Nominations for election to the board of directors may be made by the board of directors or by any stockholder of any outstanding class of capital stock of the association entitled to vote for the election of directors. Nominations, other than those made by or on behalf of the existing management of the association, shall be made in writing and shall be delivered or mailed to the president of the association and the Comptroller of the Currency, Washington, D.C., not less than 14 days nor more than 50 days prior to any meeting of shareholders called for the election of directors; provided, however, that if less than 21 days’ notice of the meeting is given to shareholders, such nomination shall be mailed or delivered to the president of the association not later than the close of business on the seventh day following the day on which the notice of meeting was mailed. Such notification shall contain the following information to the extent known to the notifying shareholder:

 

  (1) The name and address of each proposed nominee;

 

  (2) The principal occupation of each proposed nominee;

 

  (3) The total number of shares of capital stock of the association that will be voted for each proposed nominee;

 

  (4) The name and residence of the notifying shareholder; and

 

  (5) The number of shares of capital stock of the association owned by the notifying shareholder.

Nominations not made in accordance herewith may, in his/her discretion, be disregarded by the chairperson of the meeting, and upon his/her instructions, the vote tellers may disregard all votes cast for each such nominee.

Section 4. Proxies. Shareholders may vote at any meeting of the shareholders by proxies duly authorized in writing, but no officer or employee of this association shall act as proxy. Proxies shall be valid only for one meeting, to be specified therein, and any adjournments of such meeting. Proxies shall be dated and filed with the records of the meeting. Proxies with facsimile signatures may be used and unexecuted proxies may be counted upon receipt of a written confirmation from the shareholder. Proxies meeting the above requirements submitted at any time during a meeting shall be accepted.

Section 5. Quorum. A majority of the outstanding capital stock, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, unless otherwise provided by law, or by the shareholders or directors pursuant to Article IX, Section 2, but less than a quorum may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice. A majority of the votes cast shall decide every question or matter submitted to the shareholders at any meeting, unless otherwise provided by law or by the articles of association, or by the shareholders or directors pursuant to Article IX, Section 2. If a meeting for the election of directors is not held on the fixed date, at least 10 days’ notice must be given by first-class mail to the shareholders.

ARTICLE II

Directors

Section 1. Board of Directors. The board of directors shall have the power to manage and administer the business and affairs of the association. Except as expressly limited by law, all corporate powers of the association shall be vested in and may be exercised by the board of directors.


Section 2. Number. The board of directors shall consist of not less than five nor more than twenty-five members, unless the OCC has exempted the bank from the 25-member limit. The exact number within such minimum and maximum limits is to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution of a majority of the shareholders at any meeting thereof.

Section 3. Organization Meeting. The secretary or treasurer, upon receiving the certificate of the judges of the result of any election, shall notify the directors-elect of their election and of the time at which they are required to meet at the main office of the association, or at such other place in the cities of Wilmington, Delaware or Buffalo, New York, to organize the new board of directors and elect and appoint officers of the association for the succeeding year. Such meeting shall be held on the day of the election or as soon thereafter as practicable, and, in any event, within 30 days thereof. If, at the time fixed for such meeting, there shall not be a quorum, the directors present may adjourn the meeting, from time to time, until a quorum is obtained.

Section 4. Regular Meetings. The Board of Directors may, at any time and from time to time, by resolution designate the place, date and hour for the holding of a regular meeting, but in the absence of any such designation, regular meetings of the board of directors shall be held, without notice, on the first Tuesday of each March, June and September, and on the second Tuesday of each December at the main office or other such place as the board of directors may designate. When any regular meeting of the board of directors falls upon a holiday, the meeting shall be held on the next banking business day unless the board of directors shall designate another day.

Section 5. Special Meetings. Special meetings of the board of directors may be called by the Chairman of the Board of the association, or at the request of two or more directors. Each member of the board of directors shall be given notice by telegram, first class mail, or in person stating the time and place of each special meeting.

Section 6. Quorum. A majority of the entire board then in office shall constitute a quorum at any meeting, except when otherwise provided by law or these bylaws, but a lesser number may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice. If the number of directors present at the meeting is reduced below the number that would constitute a quorum, no business may be transacted, except selecting directors to fill vacancies in conformance with Article II, Section 7. If a quorum is present, the board of directors may take action through the vote of a majority of the directors who are in attendance.

Section 7. Meetings by Conference Telephone. Any one or more members of the board of directors or any committee thereof may participate in a meeting of such board or committees by means of a conference telephone or similar communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation in a meeting by such means shall constitute presence in person at such meeting.

Section 8. Procedures. The order of business and all other matters of procedure at every meeting of the board of directors may be determined by the person presiding at the meeting.

Section 9. Removal of Directors. Any director may be removed for cause, at any meeting of stockholders notice of which shall have referred to the proposed action, by vote of the stockholders. Any director may be removed without cause, at any meeting of stockholders notice of which shall have referred to the proposed action, by the vote of the holders of a majority of the shares of the Corporation entitled to vote. Any director may be removed for cause, at any meeting of the directors notice of which shall have referred to the proposed action, by vote of a majority of the entire Board of Directors.


Section 10. Vacancies. When any vacancy occurs among the directors, a majority of the remaining members of the board of directors, according to the laws of the United States, may appoint a director to fill such vacancy at any regular meeting of the board of directors, or at a special meeting called for that purpose at which a quorum is present, or if the directors remaining in office constitute fewer than a quorum of the board of directors, by the affirmative vote of a majority of all the directors remaining in office, or by shareholders at a special meeting called for that purpose in conformance with Section 2 of Article I. At any such shareholder meeting, each shareholder entitled to vote shall have the right to multiply the number of votes he or she is entitled to cast by the number of vacancies being filled and cast the product for a single candidate or distribute the product among two or more candidates. A vacancy that will occur at a specific later date (by reason of a resignation effective at a later date) may be filled before the vacancy occurs but the new director may not take office until the vacancy occurs.

ARTICLE III

Committees of the Board

The board of directors has power over and is solely responsible for the management, supervision, and administration of the association. The board of directors may delegate its power, but none of its responsibilities, to such persons or committees as the board may determine.

The board of directors must formally ratify written policies authorized by committees of the board of directors before such policies become effective. Each committee must have one or more member(s), and who may be an officer of the association or an officer or director of any affiliate of the association, who serve at the pleasure of the board of directors. Provisions of the articles of association and these bylaws governing place of meetings, notice of meeting, quorum and voting requirements of the board of directors, apply to committees and their members as well. The creation of a committee and appointment of members to it must be approved by the board of directors.

Section 1. Loan Committee. There shall be a loan committee composed of not less than 2 directors, appointed by the board of directors annually or more often. The loan committee, on behalf of the bank, shall have power to discount and purchase bills, notes and other evidences of debt, to buy and sell bills of exchange, to examine and approve loans and discounts, to exercise authority regarding loans and discounts, and to exercise, when the board of directors is not in session, all other powers of the board of directors that may lawfully be delegated. The loan committee shall keep minutes of its meetings, and such minutes shall be submitted at the next regular meeting of the board of directors at which a quorum is present, and any action taken by the board of directors with respect thereto shall be entered in the minutes of the board of directors.

Section 2. Investment Committee. There shall be an investment committee composed of not less than 2 directors, appointed by the board of directors annually or more often. The investment committee, on behalf of the bank, shall have the power to ensure adherence to the investment policy, to recommend amendments thereto, to purchase and sell securities, to exercise authority regarding investments and to exercise, when the board of directors is not in session, all other powers of the board of directors regarding investment securities that may be lawfully delegated. The investment committee shall keep minutes of its meetings, and such minutes shall be submitted at the next regular meeting of the board of directors at which a quorum is present, and any action taken by the board of directors with respect thereto shall be entered in the minutes of the board of directors.


Section 3. Examining Committee. There shall be an examining committee composed of not less than 2 directors, exclusive of any active officers, appointed by the board of directors annually or more often. The duty of that committee shall be to examine at least once during each calendar year and within 15 months of the last examination the affairs of the association or cause suitable examinations to be made by auditors responsible only to the board of directors and to report the result of such examination in writing to the board of directors at the next regular meeting thereafter. Such report shall state whether the association is in a sound condition, and whether adequate internal controls and procedures are being maintained and shall recommend to the board of directors such changes in the manner of conducting the affairs of the association as shall be deemed advisable.

Notwithstanding the provisions of the first paragraph of this section 3, the responsibility and authority of the Examining Committee may, if authorized by law, be given over to a duly constituted audit committee of the association’s parent corporation by a resolution duly adopted by the board of directors.

Section 4. Trust Audit Committee. There shall be a trust audit committee in conformance with Section 1 of Article V.

Section 5. Other Committees. The board of directors may appoint, from time to time, from its own members, compensation, special litigation and other committees of one or more persons, for such purposes and with such powers as the board of directors may determine.

However, a committee may not:

 

  (1) Authorize distributions of assets or dividends;

 

  (2) Approve action required to be approved by shareholders;

 

  (3) Fill vacancies on the board of directors or any of its committees;

 

  (4) Amend articles of association;

 

  (5) Adopt, amend or repeal bylaws; or

 

  (6) Authorize or approve issuance or sale or contract for sale of shares, or determine the designation and relative rights, preferences and limitations of a class or series of shares.

Section 6. Committee Members’ Fees. Committee members may receive a fee for their services as committee members and traveling and other out-of-pocket expenses incurred in attending any meeting of a committee of which they are a member. The fee may be a fixed sum to be paid for attending each meeting or a fixed sum to be paid quarterly, or semiannually, irrespective of the number of meetings attended or not attended. The amount of the fee and the basis on which it shall be paid shall be determined by the Board of Directors.


ARTICLE IV

Officers and Employees

Section 1. Chairperson of the Board. The board of directors shall appoint one of its members to be the chairperson of the board to serve at its pleasure. Such person shall preside at all meetings of the board of directors. The chairperson of the board shall supervise the carrying out of the policies adopted or approved by the board of directors; shall have general executive powers, as well as the specific powers conferred by these bylaws; and shall also have and may exercise such further powers and duties as from time to time may be conferred upon or assigned by the board of directors.

Section 2. President. The board of directors shall appoint one of its members to be the president of the association. In the absence of the chairperson, the president shall preside at any meeting of the board of directors. The president shall have general executive powers and shall have and may exercise any and all other powers and duties pertaining by law, regulation, or practice to the office of president, or imposed by these bylaws. The president shall also have and may exercise such further powers and duties as from time to time may be conferred or assigned by the board of directors.

Section 3. Vice President. The board of directors may appoint one or more vice presidents. Each vice president shall have such powers and duties as may be assigned by the board of directors. One vice president shall be designated by the board of directors, in the absence of the president, to perform all the duties of the president.

Section 4. Secretary. The board of directors shall appoint a secretary, treasurer, or other designated officer who shall be secretary of the board of directors and of the association and who shall keep accurate minutes of all meetings. The secretary shall attend to the giving of all notices required by these bylaws; shall be custodian of the corporate seal, records, documents and papers of the association; shall provide for the keeping of proper records of all transactions of the association; shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice to the office of treasurer, or imposed by these bylaws; and shall also perform such other duties as may be assigned from time to time, by the board of directors.

Section 5. Other Officers. The board of directors may appoint one or more assistant vice presidents, one or more trust officers, one or more assistant secretaries, one or more assistant treasurers, one or more managers and assistant managers of branches and such other officers and attorneys in fact as from time to time may appear to the board of directors to be required or desirable to transact the business of the association. Such officers shall respectively exercise such powers and perform such duties as pertain to their several offices, or as may be conferred upon or assigned to them by the board of directors, the chairperson of the board, or the president. The board of directors may authorize an officer to appoint one or more officers or assistant officers.

Section 6. Tenure of Office. The president and all other officers shall hold office for the current year for which the board of directors was elected, unless they shall resign, become disqualified, or be removed; and any vacancy occurring in the office of president shall be filled promptly by the board of directors.

Section 7. Resignation. An officer may resign at any time by delivering notice to the association. A resignation is effective when the notice is given unless the notice specifies a later effective date.

ARTICLE V

Fiduciary Activities

Section 1. Trust Audit Committee. There shall be a Trust Audit Committee composed of not less than 2 directors, appointed by the board of directors, which shall, at least once during each calendar year make suitable audits of the association’s fiduciary activities or cause suitable audits to be made by


auditors responsible only to the board, and at such time shall ascertain whether fiduciary powers have been administered according to law, Part 9 of the Regulations of the Comptroller of the Currency, and sound fiduciary principles. Such committee: (1) must not include any officers of the bank or an affiliate who participate significantly in the administration of the bank’s fiduciary activities; and (2) must consist of a majority of members who are not also members of any committee to which the board of directors has delegated power to manage and control the fiduciary activities of the bank.

Notwithstanding the provisions of the first paragraph of this section 1, the responsibility and authority of the Trust Audit Committee may, if authorized by law, be given over to a duly constituted audit committee of the association’s parent corporation by a resolution duly adopted by the board of directors.

Section 2. Fiduciary Files. There shall be maintained by the association all fiduciary records necessary to assure that its fiduciary responsibilities have been properly undertaken and discharged.

Section 3. Trust Investments. Funds held in a fiduciary capacity shall be invested according to the instrument establishing the fiduciary relationship and applicable law. Where such instrument does not specify the character and class of investments to be made, but does vest in the association investment discretion, funds held pursuant to such instrument shall be invested in investments in which corporate fiduciaries may invest under applicable law.

ARTICLE VI

Stock and Stock Certificates

Section 1. Transfers. Shares of stock shall be transferable on the books of the association, and a transfer book shall be kept in which all transfers of stock shall be recorded. Every person becoming a shareholder by such transfer shall in proportion to such shareholder’s shares, succeed to all rights of the prior holder of such shares. The board of directors may impose conditions upon the transfer of the stock reasonably calculated to simplify the work of the association with respect to stock transfers, voting at shareholder meetings and related matters and to protect it against fraudulent transfers.

Section 2. Stock Certificates. Certificates of stock shall bear the signature of the president (which may be engraved, printed or impressed) and shall be signed manually or by facsimile process by the secretary, assistant secretary, treasurer, assistant treasurer, or any other officer appointed by the board of directors for that purpose, to be known as an authorized officer, and the seal of the association shall be engraved thereon. Each certificate shall recite on its face that the stock represented thereby is transferable only upon the books of the association properly endorsed.

The board of directors may adopt or use procedures for replacing lost, stolen, or destroyed stock certificates as permitted by law.

The association may establish a procedure through which the beneficial owner of shares that are registered in the name of a nominee may be recognized by the association as the shareholder. The procedure may set forth:

 

  (1) The types of nominees to which it applies;

 

  (2) The rights or privileges that the association recognizes in a beneficial owner;


  (3) How the nominee may request the association to recognize the beneficial owner as the shareholder;

 

  (4) The information that must be provided when the procedure is selected;

 

  (5) The period over which the association will continue to recognize the beneficial owner as the shareholder;

 

  (6) Other aspects of the rights and duties created.

ARTICLE VII

Corporate Seal

Section 1. Seal. The seal of the association shall be in such form as may be determined from time to time by the board of directors. The president, the treasurer, the secretary or any assistant treasurer or assistant secretary, or other officer thereunto designated by the board of directors shall have authority to affix the corporate seal to any document requiring such seal and to attest the same. The seal on any corporate obligation for the payment of money may be facsimile.

ARTICLE VIII

Miscellaneous Provisions

Section 1. Fiscal Year. The fiscal year of the association shall be the calendar year.

Section 2. Execution of Instruments. All agreements, indentures, mortgages, deeds, conveyances, transfers, certificates, declarations, receipts, discharges, releases, satisfactions, settlements, petitions, schedules, accounts, affidavits, bonds, undertakings, proxies and other instruments or documents may be signed, executed, acknowledged, verified, delivered or accepted on behalf of the association by the chairperson of the board, or the president, or any vice president, or the secretary, or the treasurer, or, if in connection with the exercise of fiduciary powers of the association, by any of those offices or by any trust officer. Any such instruments may also be executed, acknowledged, verified, delivered or accepted on behalf of the association in such other manner and by such other officers as the board of directors may from time to time direct. The provisions of this section 2 are supplementary to any other provision of these bylaws.

Section 3. Records. The articles of association, the bylaws and the proceedings of all meetings of the shareholders, the board of directors, and standing committees of the board of directors shall be recorded in appropriate minute books provided for that purpose. The minutes of each meeting shall be signed by the secretary, treasurer or other officer appointed to act as secretary of the meeting.

Section 4. Corporate Governance Procedures. To the extent not inconsistent with federal banking statutes and regulations, or safe and sound banking practices, the association may follow the Delaware General Corporation Law, Del. Code Ann. tit. 8 (1991, as amended 1994, and as amended thereafter) with respect to matters of corporate governance procedures.

Section 5. Indemnification. For purposes of this Section 5 of Article VIII, the term “institution-affiliated party” shall mean any institution-affiliated party of the association as such term is defined in 12 U.S.C. 1813(u).


Any institution-affiliated party (or his or her heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection with any threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative or investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however, that when an administrative proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association, then the association shall require the repayment of all legal fees and expenses advanced pursuant to the next succeeding paragraph and may not indemnify such institution-affiliated parties (or their heirs, executors or administrators) for expenses, including expenses for legal fees, penalties or other payments incurred. The association shall provide indemnification in connection with an action or proceeding (or part thereof) initiated by an institution-affiliated party (or by his or her heirs, executors or administrators) only if such action or proceeding (or part thereof) was authorized by the board of directors.

Expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may be paid by the association in advance of the final disposition of such action or proceeding upon (a) a determination by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party (or his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b) a determination that the indemnified individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the bank in the event he or she does not prevail, (c) a determination that the payment of expenses and fees by the association will not adversely affect the safety and soundness of the association, and (d) receipt of an undertaking by or on behalf of such institution-affiliated party (or by his or her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association. In all other instances, expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding as to which indemnification may be given under these articles of association may be paid by the association in advance of the final disposition of such action or proceeding upon (a) receipt of an undertaking by or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs, executors or administrators) to repay such advancement in the event that such institution-affiliated party (or his or her heirs, executors or administrators) is ultimately found not to be entitled to indemnification as authorized by these bylaws and (b) approval by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding or, if such a quorum is not obtainable, then approval by stockholders. To the extent permitted by law, the board of directors or, if applicable, the stockholders, shall not be required to find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification in connection with such action or proceeding.

In the event that a majority of the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining members of the board may authorize independent legal counsel to review the indemnification request and provide the remaining members of the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Section 5 of Article VIII have been met. If independent legal counsel opines that said conditions have been met, the remaining members of the board of directors may rely on such opinion in authorizing the requested indemnification.


In the event that all of the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the board shall authorize independent legal counsel to review the indemnification request and provide the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Section 5 of Article VIII have been met. If legal counsel opines that said conditions have been met, the board of directors may rely on such opinion in authorizing the requested indemnification.

To the extent permitted under applicable law, the rights of indemnification and to the advancement of expenses provided in these articles of association (a) shall be available with respect to events occurring prior to the adoption of these bylaws, (b) shall continue to exist after any restrictive amendment of these bylaws with respect to events occurring prior to such amendment, (c) may be interpreted on the basis of applicable law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding, or on the basis of applicable law in effect at the time such rights are claimed, and (d) are in the nature of contract rights which may be enforced in any court of competent jurisdiction as if the association and the institution-affiliated party (or his or her heirs, executors or administrators) for whom such rights are sought were parties to a separate written agreement.

The rights of indemnification and to the advancement of expenses provided in these bylaws shall not, to the extent permitted under applicable law, be deemed exclusive of any other rights to which any such institution-affiliated party (or his or her heirs, executors or administrators) may now or hereafter be otherwise entitled whether contained in the association’s articles of association, these bylaws, a resolution of stockholders, a resolution of the board of directors, or an agreement providing such indemnification, the creation of such other rights being hereby expressly authorized. Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of expenses provided in these bylaws shall not be deemed exclusive of any rights, pursuant to statute or otherwise, of any such institution-affiliated party (or of his or her heirs, executors or administrators) in any such action or proceeding to have assessed or allowed in his or her favor, against the association or otherwise, his or her costs and expenses incurred therein or in connection therewith or any part thereof.

If this Section 5 of Article VIII or any part hereof shall be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary to make it enforceable, and the remainder of this Section 5 of Article VIII shall remain fully enforceable.

The association may, upon affirmative vote of a majority of its board of directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification is allowed in these bylaws; provided, however, that no such insurance shall include coverage for a final order assessing civil money penalties against such persons by a bank regulatory agency. Such insurance may, but need not, be for the benefit of all institution-affiliated parties.

ARTICLE IX

Inspection and Amendments

Section 1. Inspection. A copy of the bylaws of the association, with all amendments, shall at all times be kept in a convenient place at the main office of the association, and shall be open for inspection to all shareholders during banking hours.

Section 2. Amendments. The bylaws of the association may be amended, altered or repealed, at any regular meeting of the board of directors, by a vote of a majority of the total number of the directors except as provided below, and provided that the following language accompany any such change.


I,                                     , certify that: (1) I am the duly constituted (secretary or treasurer) of and secretary of its board of directors, and as such officer am the official custodian of its records; (2) the foregoing bylaws are the bylaws of the association, and all of them are now lawfully in force and effect.

I have hereunto affixed my official signature on this                         day of                         .

 

  
(Secretary or Treasurer)

The association’s shareholders may amend or repeal the bylaws even though the bylaws also may be amended or repealed by the board of directors.


EXHIBIT 6

Section 321(b) Consent

Pursuant to Section 321(b) of the Trust Indenture Act of 1939, as amended, Wilmington Trust, National Association hereby consents that reports of examinations by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon requests therefor.

 

   

WILMINGTON TRUST,

NATIONAL ASSOCIATION

Dated: July 2, 2012     By:   /s/ Jane Schweiger
    Name:   Jane Schweiger
    Title:   Vice President


EXHIBIT 7

R E P O R T   O F   C O N D I T I O N

WILMINGTON TRUST, NATIONAL ASSOCIATION

As of the close of business on March 31, 2012:

 

 

ASSETS    Thousands of Dollars  

Cash and balances due from depository institutions:

     596,917   

Securities:

     22,187   

Federal funds sold and securities purchased under agreement to resell:

     0   

Loans and leases held for sale:

     0   

Loans and leases net of unearned income, allowance:

     617,823   

Premises and fixed assets:

     14,422   

Other real estate owned:

     0   

Investments in unconsolidated subsidiaries and associated companies:

     0   

Direct and indirect investments in real estate ventures:

     0   

Intangible assets:

     10,708   

Other assets:

     69,318   

Total Assets:

     1,331,375   
  

LIABILITIES

     Thousands of Dollars   

Deposits

     571,973   

Federal funds purchased and securities sold under agreements to repurchase

     167,200   

Other borrowed money:

     0   

Other Liabilities:

     200,773   

Total Liabilities

     939,946   
  

EQUITY CAPITAL

     Thousands of Dollars   

Common Stock

     1,000   

Surplus

     381,049   

Retained Earnings

     20,143   

Accumulated other comprehensive income

     (10,763 ) 

Total Equity Capital

     391,429   

Total Liabilities and Equity Capital

     1,331,375   
EX-99.1 8 d373151dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

SATÉLITES MEXICANOS, S.A. DE C.V.

LETTER OF TRANSMITTAL

FOR THE

OFFER TO EXCHANGE

All outstanding 9.5% Senior Secured Notes due 2017

For a Like Principal Amount of

New 9.5% Senior Secured Notes due 2017

That Have Been Registered Under the Securities Act of 1933, as Amended

 

 

 

 

The exchange offer will expire at 5:00 p.m., New York City time, on _______ __, 2012 unless the exchange offer is extended by, and in the sole discretion of, Satélites Mexicanos, S.A. de C.V., a sociedad anónima de capital variable (the “Company”).

 

Tenders of Original Notes (as defined below) may be withdrawn at any time prior to 5:00 p.m., New York City time, on the Expiration Date (as defined below).

 

By Facsimile:   By Registered or Certified Mail:   By Hand/Overnight Delivery:

(302) 636-4139

Attn: Mr. Sam Hamed

 

Wilmington Trust, National

Association c/o Wilmington

Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-1626

Attn: Sam Hamed

Ph: (302) 636-6181

 

Wilmington Trust,

National Association c/o

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-1626

Attn: Sam Hamed

Ph: (302) 636-6181

Delivery of this letter of transmittal to an address, or transmission via telegram, telex or facsimile, other than to the exchange agent as set forth above, will not constitute a valid delivery. The method of delivery of all documents, including certificates, is at the risk of the holder. Instead of delivery by mail, we recommend that holders use an overnight or hand delivery service. If delivery is by mail, we recommend the use of registered mail with return receipt requested, properly insured. You should read the instructions accompanying this letter of transmittal carefully before you complete this letter of transmittal.

The undersigned acknowledges that he, she or it has received the prospectus dated _________ __, 2012 of Satélites Mexicanos, S.A. de C.V. and this letter of transmittal and the instructions hereto, which together constitute the Company’s offer to exchange up to $35,000,000 aggregate principal amount of the outstanding, unregistered 9.5% Senior Secured Notes due 2017, or the “Original Notes” for a like principal amount of 9.5% Senior Secured Notes due 2017, or the “Exchange Notes” that are registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to a registration statement of which the prospectus is a part. The Original Notes have CUSIP numbers P8251RAD8, 803895AK7, or 803895AL5.

The term “Expiration Date” shall mean 5:00 p.m., New York City time, on _______ __, 2012, unless the Company, in its sole discretion, extends the exchange offer, in which case the term shall mean the latest date and time to which the exchange offer is extended. Capitalized terms used but not defined herein have the respective meanings given to them in the prospectus.

This letter of transmittal is to be used if (1) certificates representing Original Notes are to be physically delivered to the exchange agent by Holders (as defined below) or (2) tender of the Original Notes is to be made by Holders according to the guaranteed delivery procedures set forth in the prospectus under “The Exchange Offer — Guaranteed Delivery Procedures.” Delivery of this letter of transmittal and all other required documents must be made to the exchange agent.

Delivery of documents to The Depository Trust Company (“DTC”) does not constitute delivery to the exchange agent.


The term “Holder” as used herein means any person in whose name Original Notes are registered on the books of the Company or any other person who has obtained a properly completed bond power from the registered holder.

Any Holder of Original Notes who wishes to tender his, her or its Original Notes must, prior to the Expiration Date, either: (a) complete, sign and deliver this letter of transmittal, or a facsimile thereof, to the exchange agent in person or to the address or facsimile number set forth above and tender (and not withdraw) his, her or its Original Notes, or (b) if a tender of Original Notes is to be made by book-entry transfer to the account maintained by the exchange agent at DTC, confirm such book-entry transfer, including the delivery of an agent’s message (a “Book-Entry Confirmation”), in each case in accordance with the procedures for tendering described in the instructions to this letter of transmittal.

Holders of Original Notes whose certificates are not immediately available or who are unable to deliver their certificates or Book-Entry Confirmation and all other documents required by this letter of transmittal to be delivered to the exchange agent on or prior to the Expiration Date must tender their Original Notes according to the guaranteed delivery procedures set forth under the caption “The Exchange Offer — Guaranteed Delivery Procedures” in the prospectus. (See Instruction 2.)

Upon the terms and subject to the conditions of the exchange offer, the acceptance for exchange of the Original Notes validly tendered and not withdrawn and the issuance of the Exchange Notes will be made as soon as practicable following the Expiration Date. For the purposes of the exchange offer, the Company shall be deemed to have accepted for exchange validly tendered Original Notes when, as and if the Company has given written notice thereof to the exchange agent.

The undersigned has completed, executed and delivered this letter of transmittal to indicate the action the undersigned desires to take with respect to the exchange offer.

Please read this entire letter of transmittal and the prospectus carefully before checking any box below. The instructions included in this letter of transmittal must be followed. Questions and requests for assistance or for additional copies of the prospectus, this letter of transmittal and the notice of guaranteed delivery may be directed to the exchange agent. (See Instruction 11.)

Holders who wish to accept the exchange offer and tender their Original Notes must complete this letter of transmittal in its entirety and comply with all of its terms.


Please list below the Original Notes to which this letter of transmittal relates. If the space provided below is inadequate, the certificate numbers and principal amounts should be listed on a separate signed schedule, attached hereto. The minimum permitted tender is $2,000 in principal amount. All other tenders must be in integral multiples of $1,000.

DESCRIPTION OF ORIGINAL NOTES

 

Name(s) and Address(es)

of Holder(s)

(Please Fill in, if Blank)

 

Type of Security

Tendered

 

Certificate

Number(s)

(Attach Signed

List, if Necessary)

 

Aggregate Principal

Amount tendered

Total principal amount of unregistered securities tendered:

 

 

  ¨ Check here if tendered Original Notes are being delivered by DTC to the exchange agent’s account at DTC and complete the following:

Name of tendering institution: _____________________________________________________________________________

DTC book-entry account: _________________________________________________________________________________

Transaction code no.: ____________________________________________________________________________________

 

Holders who wish to tender their Original Notes and (i) whose Original Notes are not immediately available, or (ii) who cannot deliver their Original Notes, the letter of transmittal or any other required documents to the exchange agent prior to the Expiration Date, or (iii) cannot complete the procedure for book-entry transfer on a timely basis before the expiration date, may effect a tender according to the guaranteed delivery procedures set forth in the prospectus under the caption “The Exchange Offer — Guaranteed Delivery Procedures.”

 

 

  ¨ Check here if tendered Original Notes are being delivered pursuant to a notice of guaranteed delivery previously delivered to the exchange agent, and complete the following:

Name(s) of holder(s) of Original Notes: ______________________________________________________________________

Window ticket no. (if any): ________________________________________________________________________________

Date of execution of notice of guaranteed delivery: _____________________________________________________________

DTC book-entry account: _________________________________________________________________________________

If delivered by book-entry transfer:

    Name of tendering institution: ___________________________________________________________________________

    Transaction code no.: __________________________________________________________________________________

 

 

 

  ¨ Check here if you are a broker-dealer and wish to receive 10 additional copies of the prospectus and 10 copies of any amendments or supplements thereto.

Name: ________________________________________________________________________________________________

Address: ______________________________________________________________________________________________

 

 

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Ladies and Gentlemen:

Subject to the terms and conditions of the exchange offer, the undersigned hereby tenders to the Company the principal amount of Original Notes indicated above. Subject to and effective upon the acceptance for exchange of the principal amount of Original Notes tendered hereby in accordance with this letter of transmittal and the accompanying instructions, the undersigned sells, assigns and transfers to, or upon the order of, the Company all right, title and interest in and to the Original Notes tendered hereby. The undersigned hereby irrevocably constitutes and appoints the exchange agent its agent and attorney-in-fact (with full knowledge that the exchange agent also acts as agent of the Company and as trustee under the indenture for the Original Notes and the Exchange Notes) with respect to the tendered Original Notes with full power of substitution to (i) deliver certificates for such Original Notes to the Company, or transfer ownership of such Original Notes on the account books maintained by DTC, together with all accompanying evidences of transfer and authenticity to, or upon the order of, the Company and (ii) present such Original Notes for transfer on the books of the Company and receive all benefits and otherwise exercise all rights of beneficial ownership of such Original Notes, all in accordance with the terms of the exchange offer. The power of attorney granted in this paragraph shall be deemed irrevocable and coupled with an interest.

The undersigned hereby represents and warrants that he, she or it has full power and authority to tender, exchange, sell, assign and transfer the Original Notes tendered hereby and to acquire the Exchange Notes issuable upon the exchange of the Original Notes, and that the Company will acquire good and unencumbered title thereto, free and clear of all liens, restrictions, charges and encumbrances and not subject to any adverse claim, when the same are acquired by the Company. The undersigned also acknowledges that the Company has not obtained a no-action letter from the staff of the Securities and Exchange Commission in connection with this offer to exchange the Exchange Notes for the Original Notes, and this exchange offer is being made in reliance upon existing interpretations of the Securities Act by the staff of the Securities and Exchange Commission contained in several no-action letters to third parties that the Exchange Notes issued in exchange for the Original Notes pursuant to the exchange offer may be offered for sale, resold and otherwise transferred by holders thereof (other than a broker-dealer who purchased such Original Notes directly from the Company for resale pursuant to Rule 144A or any other available exemption under the Securities Act or a holder that is an “affiliate” of the Company as defined in Rule 405 under the Securities Act) without compliance with the registration and prospectus delivery provisions of the Securities Act, provided that such Exchange Notes are acquired by a non-affiliate in the ordinary course of such holder’s business, and such holder has no arrangement or understanding with any person to participate in the distribution of such Exchange Notes.

The undersigned Holder represents and warrants that:

(a) the Exchange Notes acquired pursuant to the exchange offer are being acquired in the ordinary course of business of the person receiving the Exchange Notes, whether or not the person is the Holder;

(b) neither the undersigned Holder nor any other recipient of the Exchange Notes (if different than the Holder) is engaged in, intends to engage in, or has any arrangement or understanding with any person to participate in, the distribution of the Original Notes or Exchange Notes;

(c) neither the undersigned Holder nor any other recipient is an “affiliate” of the Company as defined in Rule 405 promulgated under the Securities Act or, if the Holder or such recipient is an affiliate, that the Holder or such recipient will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable;

(d) if the undersigned is a broker-dealer, it has not entered into any arrangement or understanding with the Company or any “affiliate” of the Company as defined in Rule 405 promulgated under the Securities Act to distribute the Exchange Notes;

(e) if the undersigned is a broker-dealer, the undersigned further represents and warrants that, if it will receive Exchange Notes for its own account in exchange for Original Notes that were acquired as a result of market-making activities or other trading activities, the undersigned will deliver a prospectus meeting the requirements of the Securities Act (for which purposes, the delivery of the prospectus, as the same may be hereafter supplemented or amended, shall be sufficient) in connection with any resale of Exchange Notes received in the exchange offer; and

 

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(f) the undersigned Holder is not acting on behalf of any person or entity that could not truthfully make these representations.

By acknowledging that you, as such a broker-dealer, will deliver and by delivering a prospectus meeting the requirements of the Securities Act in connection with any resale of Exchange Notes, you will not be deemed to admit that you are an “underwriter” within the meaning of the Securities Act.

The undersigned will, upon request, execute and deliver any additional documents deemed by the exchange agent or the Company to be necessary or desirable to complete the exchange, assignment and transfer of the Original Notes tendered hereby or transfer of ownership of such Original Notes on the account books maintained by a book-entry transfer facility.

The undersigned understands and agrees that the Company reserves the right not to accept tendered Original Notes from any tendering Holder if the Company determines, in its sole and absolute discretion, that its ability to proceed with the exchange offer would be impaired by a pending or threatened action or proceeding with respect to the exchange offer or that such acceptance could result in a violation of applicable securities laws.

For purposes of the exchange offer, the Company shall be deemed to have accepted validly tendered Original Notes when, as and if the Company has given oral or written notice thereof to the exchange agent. If any tendered Original Notes are not accepted for exchange pursuant to the exchange offer for any reason, such unaccepted or non-exchanged Original Notes will be returned to the address shown below or to a different address as may be indicated herein under “Special Delivery Instructions,” without expense to the tendering Holder thereof, (or, in the case of tender by book-entry transfer into the exchange agent’s account at the book-entry transfer facility pursuant to the book-entry transfer procedures described in the prospectus under the caption “The Exchange Offer — Procedures For Tendering,” such non-exchanged Original Notes will be credited to an account maintained with such book-entry transfer facility) as promptly as practicable after the expiration or termination of the exchange offer.

The undersigned understands and acknowledges that the Company reserves the right, as set forth in the prospectus under the caption “The Exchange Offer — Expiration Date; Extensions; Amendments,” to terminate the exchange offer.

The undersigned understands that tenders of Original Notes pursuant to the procedures described under the caption “The Exchange Offer — Procedures for Tendering” in the prospectus and in the instructions hereto will constitute a binding agreement between the undersigned and the Company upon the terms and subject to the conditions of the exchange offer. The undersigned also agrees that acceptance of any tendered Original Notes by the Company and the issuance of Exchange Notes in exchange therefor shall constitute performance in full by the Company of its respective obligations under the exchange offer and Registration Rights Agreement dated as of May 5, 2011 and that, upon the issuance of the Exchange Notes, the Company will have no further obligations or liabilities thereunder (except in certain limited circumstances).

All authority conferred or agreed to be conferred by this letter of transmittal shall survive the death, incapacity or dissolution of the undersigned, and every obligation under this letter of transmittal shall be binding upon the undersigned’s heirs, personal representatives, successors and assigns. This tender may be withdrawn only in accordance with the procedures set forth in the prospectus and in this letter of transmittal.

By acceptance of the exchange offer, each broker-dealer that receives Exchange Notes pursuant to the exchange offer hereby acknowledges and agrees that, upon the receipt of notice by the Company of the happening of any event that makes any statement in the prospectus untrue in any material respect or that requires the making of any changes in the prospectus in order to make the statements therein not misleading (which notice the Company agrees to deliver promptly to such broker-dealer), such broker-dealer will suspend use of the prospectus until the Company has amended or supplemented the prospectus to correct such misstatement or omission and has furnished copies of the amended or supplemented prospectus to such broker-dealer.

Unless otherwise indicated under “Special Registration Instructions,” please issue the certificates representing the Exchange Notes issued in exchange for the Original Notes accepted for exchange and return any Original Notes not tendered or not exchanged, in the name(s) of the undersigned (or in either such event in the case of Original Notes tendered by DTC, by credit to the respective account at DTC). Similarly, unless otherwise indicated under “Special

 

4


Delivery Instructions,” please send the certificates representing the Exchange Notes issued in exchange for the Original Notes accepted for exchange and return any Original Notes not tendered or not exchanged (and accompanying documents, as appropriate) to the undersigned at the address shown below the undersigned’s signatures, unless, in either event, tender is being made through DTC. In the event that both “Special Registration Instructions” and “Special Delivery Instructions” are completed, please issue the certificates representing the Exchange Notes issued in exchange for the Original Notes accepted for exchange and return any Original Notes not tendered or not exchanged in the name(s) of, and send said certificates to, the person(s) so indicated. The undersigned recognizes that the Company has no obligations pursuant to the “Special Registration Instructions” and “Special Delivery Instructions” to transfer any Original Notes from the name of the registered holder(s) thereof if the Company does not accept for exchange any of the Original Notes so tendered.

Holders who wish to tender the Original Notes and (i) whose Original Notes are not immediately available, or (ii) who cannot deliver their Original Notes, the letter of transmittal or any other required documents to the exchange agent prior to the Expiration Date, or (iii) cannot complete the procedure for book-entry transfer on a timely basis before the expiration date, may effect a tender according to the guaranteed delivery procedures set forth in the prospectus under the caption “The Exchange Offer — Guaranteed Delivery Procedures.” (See Instruction 2.)

 

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PLEASE SIGN HERE WHETHER OR NOT TENDER IS TO BE MADE PURSUANT TO THE

GUARANTEED DELIVERY PROCEDURES.

(To be completed by all tendering Holders of Original Notes regardless

of whether Original Notes are being physically delivered herewith)

This letter of transmittal must be signed by the registered Holder(s) of Original Notes exactly as its (their) name(s) appear(s) on certificate(s) of Original Notes or, if tendered by a participant in DTC, exactly as such participant’s name appears on its security position listing it as the owner of Original Notes, or by the person(s) authorized to become the registered Holder(s) by endorsements and documents transmitted with this letter of transmittal. If the Original Notes to which this letter of transmittal relates are held of record by two or more joint Holders, then all such Holders must sign this letter of transmittal. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other person acting in a fiduciary or representative capacity, then such person must set forth his or her full title below under “Capacity” and submit evidence satisfactory to the Company of such person’s authority to so act. (See Instruction 6.) If the signature appearing below is not that of the registered Holder(s) of the Original Notes, then the registered Holder(s) must complete and sign a valid bond power. (See Instruction 6.)

 

__________________________________________________    Date: ____________________________________________
__________________________________________________    Date: ____________________________________________
Signature(s) of Holder(s) or Authorized Signatory   
Name(s): ___________________________________________    Address: _________________________________________
__________________________________________________    _________________________________________________
__________________________________________________    _________________________________________________
(Please Print)    (Including Zip Code)
Capacity(ies): _______________________________________    Area code and telephone no.: __________________________
Employer Identification or Social Security Number(s):    
__________________________________________________   

PLEASE COMPLETE FORM W-9 OR THE APPROPRIATE VERSION OF FORM W-8 ATTACHED HERETO.

You should use Form W-9 if you are a United States person, namely, (i) a citizen or resident of the United States, (ii) a corporation or partnership (or limited liability company or other entity treated as a partnership for U.S. federal income tax purposes) created or organized in or under the laws of the United States or any State thereof (including the District of Columbia), (iii) an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source or (iv) a trust if (a) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust, or (b) the trust was in existence on August 20, 1996 and properly elected to continue to be treated as a United States person.

You should use a Form W-8 if you are an individual, corporation, partnership, estate or trust; and you are not a United States person. There are multiple versions of Form W-8, including W-8BEN (for a foreign beneficial owner not required to use any of the other Forms W-8), Form W-8ECI (for a foreign beneficial owner whose income is effectively connected with the conduct of trade or business in the United States), W-8IMY (for a foreign intermediary, foreign flow-through entity or certain U.S. branches) and Form W-8EXP (for foreign governments and certain other foreign organizations). If you are not a United States person, you should use the version of Form W-8 applicable to you.

 

6


Copies of Form W-9, of the different versions of Form W-8 and of the instructions for the

respective instructions thereto are attached.

[SIGNATURE GUARANTEE IS CONTAINED ON NEXT PAGE (SEE INSTRUCTION 1.)]

 

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SIGNATURE GUARANTEE

(See Instruction 1.)

Certain signatures must be guaranteed by an Eligible Institution

 

 

(Name of Eligible Institution Guaranteeing Signatures)

 

 

(Address (Including Zip Code) and Telephone Number (Including Area Code) of Firm)

 

 

(Authorized Signatures)

 

 

(Printed Names)

 

 

(Titles)

 

 

(Date)

 

 

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SPECIAL REGISTRATION

INSTRUCTIONS

(See Instruction 7.)

To be completed ONLY if certificates for Original Notes in a principal amount not tendered or not accepted for exchange are to be issued in the name of, or the Exchange Notes issued pursuant to the exchange offer are to be issued to the order of, someone other than the person or persons whose signature(s) appear(s) on this letter of transmittal or issued to an address different from that shown in the box entitled “Description of Original Notes” on this letter of transmittal, or if Original Notes tendered by book-entry transfer that are not accepted for exchange are to be credited to an account maintained at DTC other than the account indicated above.

Name: ___________________________________________________________________________________________________

(Please Print)

Address: _________________________________________________________________________________________________

(Please Print)

 

 

(Zip Code)

 

 

Employer Identification or Social Security Number:

 

 

SPECIAL DELIVERY

INSTRUCTIONS

(See Instruction 7.)

To be completed ONLY if certificates for Original Notes in a principal amount not tendered or not accepted for exchange are to be sent to, or the Exchange Notes issued pursuant to the exchange offer are to be sent to someone other than, the person or persons whose signature(s) appear(s) within this letter of transmittal, or to an address different from that shown in the box entitled “Description of Original Notes” within this letter of transmittal, or to be credited to an account maintained at DTC, other than the account indicated above.

Name: ___________________________________________________________________________________________________

(Please Print)

Address: _________________________________________________________________________________________________

(Please Print)

 

 

(Zip Code)

 

 

Employer Identification or Social Security Number:

 

 

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INSTRUCTIONS

Forming part of the terms and conditions of the exchange offer

1. Guarantee of Signatures.  Signatures on this letter of transmittal (or copy hereof) or a notice of withdrawal, as the case may be, must be guaranteed by a member firm of a registered national securities exchange or of the Financial Industry Regulatory Authority, a commercial bank or trust company having an office or correspondent in the United States or an “eligible guarantor institution” within the meaning of Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended, (an “Eligible Institution”) unless the Original Notes tendered pursuant thereto are tendered (i) by a registered Holder (including any participant in DTC whose name appears on a security position listing as the owner of Original Notes) who has not completed the box set forth herein entitled “Special Registration Instructions” or “Special Delivery Instructions” of this letter of transmittal or (ii) for the account of an Eligible Institution.

2. Delivery of this Letter of Transmittal and Original Notes.  Certificates for physically tendered Original Notes (or a confirmation of a book-entry transfer to the exchange agent at DTC of all Original Notes tendered electronically), as well as, in the case of physical delivery of Original Notes, a properly completed and duly executed copy of this letter of transmittal or facsimile hereof and any other documents required by this letter of transmittal must be received by the exchange agent at its address set forth herein prior to 5:00 p.m., New York City time, on the Expiration Date. The method of delivery of the tendered Original Notes, this letter of transmittal and all other required documents, or book-entry transfer and transmission of an Agent’s Message (as defined below) by a DTC participant, to the exchange agent are at the election and risk of the Holder and, except as otherwise provided below, the delivery will be deemed made only when actually received by the exchange agent. Instead of delivery by mail, it is recommended that the Holder use an overnight or hand delivery service. In all cases, sufficient time should be allowed to assure timely delivery. No letter of transmittal or Original Notes should be sent to the Company or DTC.

The exchange agent will make a request to establish an account with respect to the Original Notes at DTC for purposes of the exchange offer promptly after receipt of the prospectus, and any financial institution that is a participant in DTC may make book-entry delivery of Original Notes by causing DTC to transfer such Original Notes into the exchange agent’s account at DTC in accordance with the relevant entity’s procedures for transfer. Although delivery of Original Notes may be effected through book-entry transfer at DTC, an Agent’s Message (as defined in the next paragraph) in connection with a book-entry transfer and any other required documents must, in any case, be transmitted to and received by the exchange agent at the address specified on the cover page of the letter of transmittal on or prior to the Expiration Date, or the guaranteed delivery procedures described below must be complied with.

A Holder may tender Original Notes that are held through DTC by transmitting its acceptance through DTC’s Automated Tender Offer Program, for which the transaction will be eligible, and DTC will then edit and verify the acceptance and send an Agent’s Message to the exchange agent for its acceptance. The term “Agent’s Message” means a message transmitted by DTC to, and received by, the exchange agent and forming part of the Book-Entry Confirmation, which states that DTC has received an express acknowledgment from each participant in DTC tendering the Original Notes and that such participant has received the letter of transmittal and agrees to be bound by the terms of the letter of transmittal and the Company may enforce such agreement against such participant. Delivery of an Agent’s Message will also constitute an acknowledgment from the tendering DTC participant that the representations and warranties set forth on page 4 of this letter of transmittal are true and correct.

Holders who wish to tender their Original Notes and (i) whose Original Notes are not immediately available or (ii) who cannot deliver their Original Notes, this letter of transmittal or any other documents required hereby to the exchange agent prior to the Expiration Date, or (iii) who cannot complete the procedure for book-entry transfer on a timely basis must tender their Original Notes and follow the guaranteed delivery procedures set forth in the prospectus. Pursuant to such procedures: (i) such tender must be made by or through an Eligible Institution (as defined above) or pursuant to the DTC standard operating procedures; (ii) prior to the Expiration Date, the exchange agent must have received from the Eligible Institution a properly completed and duly executed notice of guaranteed delivery (by facsimile transmission, mail or hand delivery) setting forth the name and address of the Holder of the Original Notes, the certificate number or numbers of such Original Notes and the principal amount of Original Notes tendered, stating that the tender is being made thereby and guaranteeing that within three (3) New York Stock Exchange trading days after the Expiration Date, this letter of transmittal (or copy thereof) together with the certificate(s) representing the Original Notes (or a confirmation of electronic mail delivery or book-entry delivery into the exchange agent’s account at DTC) and any of the

 

10


required documents under the letter of transmittal will be deposited by the Eligible Institution with the exchange agent; and (iii) such properly completed and executed letter of transmittal (or copy thereof), as well as all other documents required by this letter of transmittal and the certificate(s) representing all tendered Original Notes in proper form for transfer or a confirmation of book-entry transfer, must be received by the exchange agent within three (3) New York Stock Exchange trading days after the Expiration Date, all as provided in the prospectus under the caption “The Exchange Offer — Guaranteed Delivery Procedures.” Any Holder of Original Notes who wishes to tender his Original Notes pursuant to the guaranteed delivery procedures described above must ensure that the exchange agent receives the notice of guaranteed delivery prior to 5:00 p.m., New York City time, on the Expiration Date. Upon request to the exchange agent, a notice of guaranteed delivery will be sent to Holders who wish to tender their Original Notes according to the guaranteed delivery procedures set forth above.

All questions as to the validity, form, eligibility (including time of receipt), acceptance and withdrawal of tendered Original Notes or this letter of transmittal will be determined by the Company in its sole discretion, which determination will be final and binding. All tendering Holders, by execution of this letter of transmittal (or copy hereof), shall waive any right to receive notice of the acceptance of the Original Notes for exchange. The Company reserves the absolute right to reject any and all Original Notes or letter of transmittal not properly tendered or any tenders the Company’s acceptance of which would, in the opinion of counsel for the Company, be unlawful. The Company also reserves the absolute right to waive any defects, irregularities or conditions of tender as to particular Original Notes. The Company’s interpretation of the terms and conditions of the exchange offer (including the instructions in this letter of transmittal) will be final and binding on all parties. Unless waived, any defects or irregularities in connection with tenders of Original Notes must be cured within such time as the Company shall determine. Although the Company intends to notify Holders of defects or irregularities with respect to tenders of Original Notes, none of the Company, the exchange agent or any other person shall be under any duty to give notification of defects or irregularities with respect to tenders of Original Notes, nor shall any of them incur any liability for failure to give such notification. Tenders of Original Notes will not be deemed to have been made until such defects or irregularities have been cured or waived. Any Original Notes received by the exchange agent that are not properly tendered and as to which the defects or irregularities have not been cured or waived will be returned by the exchange agent to the tendering Holders of Original Notes, unless otherwise provided in this letter of transmittal, as soon as practicable following the Expiration Date.

3. Inadequate Space.  If the space provided is inadequate, the certificate numbers and/or the number of the Original Notes should be listed on a separate signed schedule attached hereto.

4. Tender by Holder.  Except in limited circumstances, only a registered Holder of Original Notes or a DTC participant listed on a securities position listing furnished by DTC with respect to the Original Notes may tender its Original Notes in the exchange offer. Any beneficial owner of Original Notes who is not the registered Holder and is not a DTC participant and who wishes to tender should arrange with such registered holder to execute and deliver this letter of transmittal on such beneficial owner’s behalf or must, prior to completing and executing this letter of transmittal and delivering his, her or its Original Notes, either make appropriate arrangements to register ownership of the Original Notes in such beneficial owner’s name or obtain a properly completed bond power from the registered holder or properly endorsed certificates representing such Original Notes.

5. Partial Tenders; Withdrawals.  Tenders of Original Notes will be accepted only to the extent that the partial tender is equal to a minimum of $2,000 and in integral multiples of $1,000 thereafter. If less than the entire principal amount of any Original Notes is tendered, the tendering Holder should fill in the principal amount tendered in the fourth column of the chart entitled “Description of Original Notes.” The entire principal amount of Original Notes delivered to the exchange agent will be deemed to have been tendered unless otherwise indicated. If the entire principal amount of all Original Notes is not tendered, Original Notes for the principal amount of Original Notes not tendered and a certificate or certificates representing Exchange Notes issued in exchange of any Original Notes accepted will be sent to the Holder at his or her registered address, unless a different address is provided in the appropriate box on this letter of transmittal or unless tender is made through DTC promptly after the Original Notes are accepted for exchange.

Except as otherwise provided herein, tenders of Original Notes may be withdrawn at any time prior to the Expiration Date. To withdraw a tender of Original Notes in the exchange offer, a written or facsimile transmission notice of withdrawal must be received by the exchange agent at its address set forth herein prior to the Expiration Date. Any such notice of withdrawal must: (1) specify the name of the person having deposited the Original Notes to be withdrawn (the

 

11


“Depositor”); (2) identify the Original Notes to be withdrawn (including the certificate number or numbers and principal amount of such Original Notes, or, in the case of Original Notes transferred by book-entry transfer, the name and number of the account at DTC to be credited); (3) be signed by the Depositor in the same manner as the original signature on the letter of transmittal by which such Original Notes were tendered (including any required signature guarantees) or be accompanied by documents of transfer sufficient to have the registrar with respect to the Original Notes register the transfer of such Original Notes into the name of the person withdrawing the tender; and (4) specify the name in which any such Original Notes are to be registered, if different from that of the Depositor. All questions as to the validity, form and eligibility (including time of receipt) of such notices will be determined by the Company, whose determination shall be final and binding on all parties. Any Original Notes so withdrawn will be deemed not to have been validly tendered for purposes of the exchange offer and no Exchange Notes will be issued with respect thereto unless the Original Notes so withdrawn are validly re-tendered. Any Original Notes which have been tendered but which are not accepted for exchange by the Company will be returned to the Holder thereof, without cost to such Holder, as soon as practicable after withdrawal, rejection of tender or termination of the exchange offer. Properly withdrawn Original Notes may be re-tendered by following one of the procedures described in the prospectus under “The Exchange Offer — Procedures for Tendering” at any time prior to the Expiration Date.

6. Signatures on the Letter of Transmittal; Bond Powers and Endorsements.  If this letter of transmittal (or a copy hereof) is signed by the registered Holder(s) of the Original Notes tendered hereby, the signature must correspond with the name(s) as written on the face of the Original Notes without alteration, enlargement or any change whatsoever.

If any of the Original Notes tendered hereby are owned of record by two or more joint owners, all such owners must sign this letter of transmittal.

If a number of Original Notes registered in different names are tendered, it will be necessary to complete, sign and submit as many copies of this letter of transmittal as there are different registrations of Original Notes.

If this letter of transmittal (or a copy hereof) is signed by the registered Holder(s) (which term, for the purposes described herein, shall include a book-entry transfer facility whose name appears on the security listing as the owner of the Original Notes) of Original Notes tendered and the certificate(s) for Exchange Notes issued in exchange therefor is to be issued (or any untendered principal amount of Original Notes is to be reissued) to the registered Holder, such Holder need not and should not endorse any tendered unregistered note, nor provide a separate bond power. In any other case, such Holder must either properly endorse the Original Notes tendered or transmit a properly completed separate bond power with this letter of transmittal, with the signatures on the endorsement or bond power guaranteed by an Eligible Institution.

If this letter of transmittal (or a copy hereof) is signed by a person other than the registered Holder(s) of Original Notes listed therein, such Original Notes must be endorsed or accompanied by properly completed bond powers which authorize such person to tender the Original Notes on behalf of the registered Holder, in either case signed as the name of the registered Holder or Holders appears on the Original Notes.

If this letter of transmittal (or a copy hereof) or any Original Notes or bond powers are signed by trustees, executors, administrators, guardians, attorneys-in-fact, or officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing, and, unless waived by the Company, evidence satisfactory to the Company of their authority to so act must be submitted with this letter of transmittal.

Endorsements on Original Notes or signatures on bond powers required by this Instruction 6 must be guaranteed by an Eligible Institution.

7. Special Registration and Delivery Instructions.  Tendering Holders should indicate, in the applicable spaces, the name and address to which Exchange Notes or substitute Original Notes for principal amounts not tendered or not accepted for exchange are to be issued or sent, if different from the name and address of the person signing this letter of transmittal (or in the case of tender of the Original Notes through DTC, if different from the account maintained at DTC indicated above). In the case of issuance in a different name, the taxpayer identification or social security number of the person named must also be indicated.

 

12


8. Transfer Taxes.  The Company will pay all transfer taxes, if any, applicable to the exchange of Original Notes pursuant to the exchange offer. If, however, certificates representing Exchange Notes or Original Notes for principal amounts not tendered or accepted for exchange are to be delivered to, or are to be registered or issued in the name of, any person other than the registered Holder of the Original Notes tendered hereby, or if tendered Original Notes are registered in the name of any person other than the person signing this letter of transmittal, or if a transfer tax is imposed for any reason other than the exchange of Original Notes pursuant to the exchange offer, then the amount of any such transfer taxes (whether imposed on the registered Holder or any other person) will be payable by the tendering Holder. If satisfactory evidence of payment of such taxes or exemption therefrom is not submitted with this letter of transmittal, the amount of such transfer taxes will be billed directly to such tendering Holder.

Except as provided in this Instruction 8, it will not be necessary for transfer tax stamps to be affixed to the Original Notes listed in this letter of transmittal.

9. Waiver of Conditions.  The Company reserves the right, in its sole discretion, to amend, waive or modify specified conditions in the exchange offer in the case of any Original Notes tendered.

10. Mutilated, Lost, Stolen or Destroyed Original Notes.  Any tendering Holder whose Original Notes have been mutilated, lost, stolen or destroyed should contact the exchange agent at the address indicated herein for further instruction.

11. Requests for Assistance or Additional Copies.  Questions and requests for assistance and requests for additional copies of the prospectus or this letter of transmittal may be directed to the exchange agent at the address specified in the prospectus. Holders may also contact their broker, dealer, commercial bank, trust company or other nominee for assistance concerning the exchange offer.

 

13


(DO NOT WRITE IN SPACE BELOW)

 

Certificate Surrendered

 

Original Notes Tendered

  

Original Notes Accepted

    
    
    
    
    
Delivery Prepared by:                                             Checked by:                                                              Date:                                                                       

 

14


The exchange agent for the exchange offer is: Wilmington Trust, N.A.

 

By Facsimile:   By Registered or Certified Mail:   By Hand/Overnight Delivery:

(302) 636-4139

Attn: Mr. Sam Hamed

 

Wilmington Trust, National

Association c/o Wilmington

Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-1626

Attn: Sam Hamed

Ph: (302) 636-6181

 

Wilmington Trust,

National Association c/o

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-1626

Attn: Sam Hamed

Ph: (302) 636-6181

For any questions regarding this letter of transmittal or for additional information, you may contact the exchange agent by telephone at (302) 636-6168.

All Original Notes must be tendered by book-entry transfer in accordance with the standard operating procedures of DTC. Holders who wish to be eligible to receive Exchange Notes for their Original Notes pursuant to the exchange offer must validly tender (and not withdraw) their Original Notes to DTC prior to the Expiration Date or provide notice of guaranteed delivery to the exchange agent as described herein.

 

15


[Form W-9 — Attached]

 

16


[Form W-8EXP — Attached]

 

17


[Form W-8BEN — Attached]

 

18


[Form W-8IMY — Attached]

 

19


[Form W-8ECI — Attached]

 

EX-99.2 9 d373151dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

NOTICE OF GUARANTEED DELIVERY

FOR TENDER OF

9.5% SENIOR SECURED NOTES DUE 2017

OF

SATÉLITES MEXICANOS, S.A. DE C.V.

Pursuant to the Prospectus dated _______ __, 2012

This Notice of Guaranteed Delivery, or one substantially equivalent to this form, must be used to tender Original Notes (as defined below) pursuant to the Exchange Offer (as defined below) described in the prospectus dated _______ __, 2012 (the “Prospectus”) of Satélites Mexicanos, S.A. de C.V., a sociedad anónima de capital variable (the “Company”), if: (i) certificates for the outstanding 9.5% Senior Secured Notes due 2017 of the Company (the “Original Notes”) are not immediately available; (ii) time will not permit the Original Notes, the letter of transmittal (the “Letter of Transmittal”) and all other required documents to be delivered to Wilmington Trust, National Association (the “Exchange Agent”) prior to 5:00 p.m., New York City time, on _______ __, 2012 or such later date and time to which the Exchange Offer may be extended (such date and time, the “Expiration Date”); or (iii) the procedures for delivery by book-entry transfer cannot be completed on a timely basis before the Expiration Date. This Notice of Guaranteed Delivery, or one substantially equivalent to this form, must be delivered by hand or sent by facsimile transmission or mail to the Exchange Agent, and must be received by the Exchange Agent prior to the Expiration Date. See “The Exchange Offer — Guaranteed Delivery Procedures” in the Prospectus. Capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Prospectus.

 

By Facsimile:   By Registered or Certified Mail:   By Hand/Overnight Delivery:

(302) 636-4139

Attn: Mr. Sam Hamed

 

Wilmington Trust, National

Association c/o Wilmington

Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-1626

Attn: Sam Hamed

Ph: (302) 636-6181

 

Wilmington Trust,

National Association c/o

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-1626

Attn: Sam Hamed

Ph: (302) 636-6181

DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE OR TRANSMISSION OF THIS NOTICE OF GUARANTEED DELIVERY VIA FACSIMILE TO A NUMBER OTHER THAN AS SET FORTH ABOVE DOES NOT CONSTITUTE A VALID DELIVERY. THE METHOD OF DELIVERY OF ALL DOCUMENTS, INCLUDING CERTIFICATES, IS AT THE RISK OF THE HOLDER. INSTEAD OF DELIVERY BY MAIL, WE RECOMMEND USE OF AN OVERNIGHT OR HAND DELIVERY SERVICE. IN ALL CASES, YOU SHOULD ALLOW SUFFICIENT TIME TO ASSURE DELIVERY TO THE EXCHANGE AGENT BEFORE THE EXPIRATION DATE. YOU SHOULD READ THE INSTRUCTIONS ACCOMPANYING THE LETTER OF TRANSMITTAL CAREFULLY BEFORE YOU COMPLETE THIS NOTICE OF GUARANTEED DELIVERY.

This Notice of Guaranteed Delivery is not to be used to guarantee signatures. If a signature on a letter of transmittal is required to be guaranteed by an “Eligible Institution” pursuant to the instructions thereto, such signature guarantee must appear in the applicable space provided in the signature box on the letter of transmittal.

[Remainder of page intentionally left blank]

 


Ladies and Gentlemen:

The undersigned acknowledges receipt of the Prospectus, together with the related Letter of Transmittal, which describes the offer by the Company to exchange up to $35,000,000 aggregate principal amount of the Original Notes for a like principal amount of registered 9.5% Senior Secured Notes due 2017 ( the “Exchange Notes”) that are registered under the Securities Act of 1933, as amended, pursuant to a registration statement of which the Prospectus is a part (the “Exchange Offer”).

The undersigned hereby tenders to the Company, upon the terms and subject to the conditions set forth in the Prospectus and the Letter of Transmittal, the aggregate principal amount of Original Notes indicated below pursuant to the guaranteed delivery procedures set forth in the Prospectus under the caption “The Exchange Offer — Guaranteed Delivery Procedures.”

The undersigned understands that no withdrawal of a tender of Original Notes may be made after the Expiration Date. The undersigned understands that for a withdrawal of a tender of Original Notes to be effective, a written notice of withdrawal that complies with the requirements of the Exchange Offer must be timely received by the Exchange Agent at one of its addresses specified on the cover of this Notice of Guaranteed Delivery prior to the Expiration Date.

The undersigned understands that the exchange of Original Notes for Exchange Notes pursuant to the Exchange Offer will be made only after timely receipt by the Exchange Agent of (1) such Original Notes (or confirmation of book-entry transfer of such Original Notes into the Exchange Agent’s account at The Depository Trust Company (“DTC”)) and (2) a Letter of Transmittal (or facsimile thereof) with respect to such Original Notes, properly completed and duly executed, with any required signature guarantees, and any other documents required by the Letter of Transmittal, or, in lieu thereof, a message from DTC stating that the tendering holder has expressly acknowledged receipt of, and agrees to be bound by and held accountable under, the Letter of Transmittal.

All authority conferred or agreed to be conferred by this Notice of Guaranteed Delivery shall not be affected by, and shall survive, the death or incapacity of the undersigned, and every obligation of the undersigned under this Notice of Guaranteed Delivery shall be binding on the heirs, executors, administrators, trustees in bankruptcy, personal and legal representatives, successors and assigns of the undersigned.

(Please Print or Type)

 

Name(s)/Signature(s) of Registered Holder(s): 

  

                                                                                                                               

  

Name:

  

                                                                                                                               

   Name:

Address(es): 

  

                                                                                                                               

  

                                                                                                                               

  

                                                                                                                               

Area Code(s) and Telephone Number(s) 

  

                                                                                                                               

If Original Notes will be delivered by book-entry transfer at DTC, insert Depository Account Number: 

  

                                                                                                                               

Date 

  

                                                                                                                               

 

2


Certificate Number(s)*     Principal Amount of Original Notes Tendered **

                                                                                                                                    

  

                                                                                                                              

                                                                                                                                    

  

                                                                                                                              

 

* Need not be completed if the Original Notes being tendered are in book-entry form.
** Must be minimum of $2,000 and integral multiples of $1,000 thereafter.

This Notice of Guaranteed Delivery must be signed by the registered holder(s) of Original Notes exactly as its (their) name(s) appear(s) on certificates for Original Notes or on a security position listing as the owner of Original Notes, or by person(s) authorized to become registered holder(s) by endorsements and documents transmitted with this Notice of Guaranteed Delivery. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer or other person acting in a fiduciary or representative capacity, such person must provide the following information.

(Please Print or Type)

 

Name(s)/Title(s)/Signature(s) of Registered Holder(s): 

  By:                                                                                                                                    
  Name:
  Title:
  By:                                                                                                                                    
  Name:
  Title:

Address(es): 

 

                                                                                                                                           

 

                                                                                                                                           

 

                                                                                                                                           

DO NOT SEND ORIGINAL NOTES WITH THIS FORM. ORIGINAL NOTES SHOULD BE SENT TO THE EXCHANGE AGENT TOGETHER WITH A PROPERLY COMPLETED AND DULY EXECUTED LETTER OF TRANSMITTAL.

 

3


GUARANTEE OF DELIVERY

(NOT TO BE USED FOR SIGNATURE GUARANTEE)

The undersigned, a member firm of a registered national securities exchange or of the Financial Industry Regulatory Authority, a commercial bank or trust company having an office or a correspondent in the United States or an “eligible guarantor institution” within the meaning of Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), hereby: (1) represents that each holder of Original Notes on whose behalf this tender is being made “owns” the Original Notes covered hereby within the meaning of Rule 13d-3 under the Exchange Act; (2) represents that such tender of Original Notes complies with Rule 14e-4 of the Exchange Act; and (3) guarantees that the undersigned will deliver to the Exchange Agent the certificates representing the Original Notes being tendered hereby for exchange pursuant to the Exchange Offer in proper form for transfer (or a confirmation of book-entry transfer of such Original Notes into the Exchange Agent’s account at the book-entry transfer facility of DTC) with delivery of a properly completed and duly executed Letter of Transmittal (or facsimile thereof), with any required signature guarantees, and any other documents required by the Letter of Transmittal, or in lieu of a Letter of Transmittal a message from DTC stating that the tendering holder has expressly acknowledged receipt of, and agrees to be bound by and held accountable under, the Letter of Transmittal, all within three (3) New York Stock Exchange trading days after the Expiration Date.

(Please Print or Type)

 

Name of Firm: 

 

 

Address: 

 

 

 

 

 

 

Telephone Number: 

 

 

Authorized Signature: 

  By:    
  Name:
  Title:
  By:    
  Name:
  Title:

Date: 

 

 

The institution that completes this Notice of Guaranteed Delivery (a) must deliver the same to the Exchange Agent at its address set forth above by hand, or transmit the same by facsimile or mail, prior to the Expiration Date, and (b) must deliver the certificates representing any Original Notes (or a confirmation of book-entry transfer of such Original Notes into the Exchange Agent’s account at DTC), together with a properly completed and duly executed Letter of Transmittal (or facsimile thereof), with any required signature guarantees, and any other documents required by the Letter of Transmittal or a message from DTC stating that the tendering holder has expressly acknowledged receipt of, and agrees to be bound by and held accountable under, the Letter of Transmittal in lieu thereof, to the Exchange Agent within the time period shown herein. Failure to do so could result in a financial loss to such institution.

 

 

4

EX-99.3 10 d373151dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

SATÉLITES MEXICANOS, S.A. DE C.V.

OFFER TO EXCHANGE

Up to $35,000,000 Aggregate Principal Amount of

9.5% Senior Secured Notes due 2017

for

a Like Principal Amount of

New 9.5% Senior Secured Notes due 2017

That Have Been Registered Under the Securities Act of 1933, as Amended

Pursuant to the Prospectus Dated _________ __, 2012

To: Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees:

Satélites Mexicanos, S.A. de C.V., a sociedad anónima de capital variable (the “Company”), hereby offers to exchange (the “Exchange Offer”), upon and subject to the terms and conditions set forth in the Prospectus dated _________ __, 2012 (the “Prospectus”) and the enclosed letter of transmittal (the “Letter of Transmittal”), up to $35,000,000 aggregate principal amount of the Company’s outstanding, unregistered 9.5% Senior Secured Notes due 2017, or the “Original Notes” for a like principal amount of 9.5% Senior Secured Notes due 2017, or the “Exchange Notes” that are registered under the Securities Act of 1933, as amended, pursuant to a registration statement of which the Prospectus is a part. The Exchange Offer is intended to satisfy certain obligations of the Company contained in the Registration Rights Agreement dated as of April 9, 2012, among the Company, the Subsidiary Guarantors signatory thereto and the Initial Purchaser.

We are requesting that you contact your clients for whom you hold Original Notes regarding the Exchange Offer. For your information and for forwarding to your clients for whom you hold Original Notes registered in your name or in the name of your nominee, or who hold Original Notes registered in their own names, we are enclosing the following documents:

1.  Prospectus dated _________ __, 2012;

2.  The Letter of Transmittal for your use and for the information of your clients;

3.  A Notice of Guaranteed Delivery to be used to accept the Exchange Offer if certificates for Original Notes are not immediately available or time will not permit all required documents to reach Wilmington Trust, National Association (the “Exchange Agent”) prior to the Expiration Date (as defined below) or if the procedure for book-entry transfer cannot be completed on a timely basis;

4.  A form of letter which may be sent to your clients for whose account you hold Original Notes registered in your name or the name of your nominee, with space provided for obtaining such clients’ instructions with regard to the Exchange Offer; and

5.  Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9.

Your prompt action is requested. The Exchange Offer will expire at 5:00 p.m., New York City time, on _________ __, 2012 (such date and time, the “Expiration Date”), unless extended by the Company. Any Original Notes tendered pursuant to the Exchange Offer may be withdrawn at any time prior to the Expiration Date.

To participate in the Exchange Offer, a duly executed and properly completed Letter of Transmittal (or facsimile thereof), with any required signature guarantees, and any other documents required by the Letter of Transmittal or a message from The Depository Trust Company (“DTC”) stating that the tendering holder has expressly acknowledged receipt of, and agrees to be bound by and held accountable under, the Letter of Transmittal, must be sent to the Exchange


Agent and certificates representing the Original Notes (or confirmation of book-entry transfer of such Original Notes into the Exchange Agent’s account at DTC) must be delivered to the Exchange Agent, all in accordance with the instructions set forth in the Letter of Transmittal and the Prospectus.

If holders of Original Notes wish to tender but it is impracticable for them to forward their certificates for Original Notes prior to the expiration of the Exchange Offer or to comply with the book-entry transfer procedures on a timely basis, a tender of Original Notes may be effected by following the guaranteed delivery procedures described in the Prospectus under “The Exchange Offer - Guaranteed Delivery Procedures.” Any inquiries you may have with respect to the Exchange Offer or requests for additional copies of the enclosed materials should be directed to the Exchange Agent at its address and telephone number set forth on the front of the Letter of Transmittal.

Very truly yours,

Satélites Mexicanos, S.A. de C.V.

NOTHING HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL CONSTITUTE YOU OR ANY OTHER PERSON AS AN AGENT OF THE COMPANY OR THE EXCHANGE AGENT, OR AUTHORIZE YOU OR ANY OTHER PERSON TO USE ANY DOCUMENT OR MAKE ANY STATEMENTS ON BEHALF OF ANY OF THEM WITH RESPECT TO THE EXCHANGE OFFER, EXCEPT FOR STATEMENTS EXPRESSLY MADE IN THE PROSPECTUS OR THE LETTER OF TRANSMITTAL.

 

2

EX-99.4 11 d373151dex994.htm EX-99.4 EX-99.4

Exhibit 99.4

SATÉLITES MEXICANOS, S.A. DE C.V.

OFFER TO EXCHANGE

Up to $35,000,000 Aggregate Principal Amount of

9.5% Senior Secured Notes due 2017

for

a Like Principal Amount of

New 9.5% Senior Secured Notes due 2017

That Have Been Registered Under the Securities Act of 1933, as Amended

Pursuant to the Prospectus Dated _________ __, 2012

To Our Clients:

Enclosed for your consideration is a Prospectus dated _______ __, 2012 (the “Prospectus”) and the related letter of transmittal (the “Letter of Transmittal”) relating to the offer by Satélites Mexicanos, S.A. de C.V., a sociedad anónima de capital variable (the “Company”), to exchange up to $35,000,000 aggregate principal amount of the Company’s outstanding, unregistered 9.5% Senior Secured Notes due 2017, or the “Original Notes” for a like principal amount of registered 9.5% Senior Secured Notes due 2017, or the “Exchange Notes” that are registered under the Securities Act of 1933, as amended, pursuant to a registration statement, of which the Prospectus is a part, upon the terms and subject to the conditions described in the Prospectus and the related Letter of Transmittal (the “Exchange Offer”). The Exchange Offer is intended to satisfy certain obligations of the Company contained in the Registration Rights Agreement dated as of April 9, 2012, among the Company, the Subsidiary Guarantors signatory thereto and the Initial Purchaser.

This material is being forwarded to you as the beneficial owner of the Original Notes carried by us for your account but not registered in your name. A tender of your Original Notes may be made only by us as the holder of record and pursuant to your instructions, unless you obtain a properly completed bond power from us or arrange to have the Original Notes registered in your name.

Accordingly, we request instructions as to whether you wish us to tender on your behalf the Original Notes held by us for your account, pursuant to the terms and conditions set forth in the enclosed Prospectus and Letter of Transmittal.

Please forward your instructions to us as promptly as possible in order to permit us to tender the Original Notes on your behalf in accordance with the provisions of the Exchange Offer. The Exchange Offer expires at 5:00 p.m., New York City time, on _________ __, 2012 (such date and time, the “Expiration Date”), unless extended by the Company. Any Original Notes tendered pursuant to the Exchange Offer may be withdrawn at any time prior to the Expiration Date.

Your attention is directed to the following:

1.  The Exchange Offer is for any and all Original Notes.

2.  The Exchange Offer is subject to certain conditions set forth in the Prospectus in the section captioned “The Exchange Offer — Conditions to the Exchange Offer.”

3.  The Exchange Offer expires at 5:00 p.m., New York City time, on the Expiration Date, unless extended by the Company.

If you wish to have us tender your Original Notes, please so instruct us by completing, executing and returning to us the instruction form on the back of this letter.


The Letter of Transmittal is furnished to you for information only and may not be used directly by you to tender Original Notes, unless you obtain a properly completed bond power from us or arrange to have the Original Notes registered in your name.

 

2


INSTRUCTIONS WITH RESPECT TO THE EXCHANGE OFFER

The undersigned acknowledge(s) receipt of this letter and the enclosed materials referred to herein relating to the Company’s Exchange Offer with respect to the Original Notes.

This will instruct you to tender the Original Notes held by you for the account of the undersigned, upon and subject to the terms and conditions set forth in the Prospectus and the related Letter of Transmittal.

¨  Please tender the Original Notes held by you for the account of the undersigned as indicated below:

 

9.5% Senior Secured Notes due 2017            Aggregate Principal Amount of Original Notes
           $                                                                              
   (must be a minimum of $2,000 and integral multiples of $1,000 thereafter)
¨  Please do not tender the Original Notes held by you for the account of the undersigned.
   Signature(s):
  

 

   Name (please print):
  

 

   Name (please print):
   Dated:                 , 2012
   Address(es):
  

 

  

 

  

 

  

 

Area Code(s) and Telephone Number(s)

  

 

Tax Identification or Social Security Numbers

None of the Original Notes held by us for your account will be tendered unless we receive written instructions from you to do so. Unless a specific contrary instruction is given in the space provided, your signature(s) hereon shall constitute an instruction to us to tender all the Original Notes held by us for your account.

 

3

EX-99.5 12 d373151dex995.htm EX-99.5 EX-99.5

Exhibit 99.5

EXCHANGE AGENT AND DEPOSITARY AGREEMENT

This Exchange Agent & Depositary Agreement (this “Agreement”) is entered into as of this ___th day of _________, 2012 by and between Satélites Mexicanos, S.A. de C.V., a sociedad anónima de capital variable corporation (the “Company”), and Wilmington Trust, National Association, as successor by merger to Wilmington Trust FSB, a national banking association having its corporate trust offices in Minneapolis, Minnesota (hereinafter referred to from time to time as “Wilmington Trust”).

WHEREAS, the Company is offering to exchange up to $35,000,000 aggregate principal amount of its outstanding 9.5% Senior Secured Notes due 2017 (the “Notes”) for its 9.5% Senior Secured Notes due 2017 (the “Exchange Notes”) upon the terms and subject to the conditions set forth in the Prospectus dated _________ __, 2012 (the “Prospectus”), and the related Letter of Transmittal, which together, as they may be supplemented or amended from time to time, constitute the “Offer.” All capitalized terms not defined herein shall have the meaning ascribed to such term in the Offer.

WHEREAS, the Company hereby appoints Wilmington Trust to act as the exchange agent and depositary (together, the “Exchange Agent”) in connection with the Offer. References hereinafter to “you” shall refer to Wilmington Trust.

The Offer is expected to be commenced by the Company on or about _________ __, 2012. The Letter of Transmittal that accompanies the Offer (or in the case of book-entry securities, the Automated Tender Offer Program (“ATOP”) of DTC (as defined below)) is to be used by the holders of the Notes to accept the Offer. The Letter of Transmittal contains instructions with respect to the delivery of certificates for Notes tendered in connection therewith.

The Offer shall expire at 5:00 p.m., New York City time, on _________ __, 2012, or on such subsequent date or time to which the Company may extend the Offer (the “Expiration Date”). Subject to the terms and conditions of the Offer, the Company expressly reserves the right to extend the Offer from time to time and may extend the Offer by giving oral (promptly confirmed in writing) or written notice to you before 9:00 a.m., New York City time, on the business day following the scheduled Expiration Date.

The Company expressly reserves the right, in its sole discretion, to (1) delay accepting any validly tendered Notes or (2) terminate or amend the Offer, in each case, by giving oral or written notice (any such oral notice to be promptly confirmed in writing) of such delay, termination or amendment to the Exchange Agent. Any such delay in acceptance, termination or amendment will be followed as promptly as practicable by a public announcement thereof by the Company.

In carrying out your duties as Exchange Agent, you are to act in accordance with the following instructions:

1. You will perform such duties and only such duties as are specifically set forth in the section of the Prospectus captioned “The Exchange Offer” or as specifically set forth herein; provided, however, that in no way will your general duty to act in good faith be discharged by the foregoing.

2. You will establish a book entry account in respect of the Notes at The Depository Trust Company (“DTC”), in connection with the Offer. Any financial institution that is a participant in the DTC system may make book entry delivery of the Notes by causing DTC to transfer such Notes into the account maintained by you, pursuant to this section, in accordance with DTC’s procedures for such transfer, and you may affect a withdrawal of Notes through such account by book entry movement as requested by the participant. The account shall be maintained until all Notes tendered pursuant to the Offer shall have been either accepted or returned.

3. You are to examine each of the Letters of Transmittal and certificates for Notes (or confirmation of book-entry transfer into your account at DTC) and any other documents delivered or mailed to you by or for holders of the Notes to ascertain whether: (a) the Letters of Transmittal and any such other documents are duly executed and properly completed in accordance with instructions set forth therein; and (b) the Notes have otherwise been properly tendered. In each case where the Letter of Transmittal or any other document has been improperly completed or executed or any of the certificates for Notes are not in proper form for transfer or some other irregularity in connection with the acceptance of the Offer exists, you will endeavor to inform the presenters of the need for fulfillment of all requirements and to take any other action as may be necessary or advisable to cause such irregularity to be corrected.


4. With the approval of the Chief Executive Officer, the Chief Financial Officer, the General Counsel, the President, any Vice President, the Secretary, any Assistant Secretary, the Treasurer or any Assistant Treasurer of the Company (such approval, if given orally, to be promptly confirmed in writing), or any other party designated in writing by such officer of the Company, you are authorized to waive any irregularities in connection with any tender pursuant to the Offer.

Tenders of Notes may be made only as set forth in the section of the Prospectus captioned “The Exchange Offer — Procedures for Tendering” and Notes shall be considered properly tendered or delivered to you only when tendered in accordance with the procedures set forth therein.

5. Notwithstanding the provisions of Section 4 of this Agreement, Notes that the Chief Executive Officer, the Chief Financial Officer, the General Counsel, the President, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company shall approve as having been properly tendered shall be considered to be properly tendered (such approval, if given orally, shall be promptly confirmed in writing).

6. You shall advise the Company with respect to any Notes received subsequent to the Expiration Date and accept its instructions with respect to disposition of such Notes.

7. You shall accept tenders:

(a) in cases where the Notes are registered in two or more names only if signed by all named holders;

(b) in cases where the signing person (as indicated on the Letter of Transmittal) is acting in a fiduciary or a representative capacity only when proper evidence of his or her authority so to act is submitted; and

(c) from persons other than the registered holder of Notes, provided that customary transfer requirements, including payment of any applicable transfer taxes, if any, are fulfilled.

You shall accept partial tenders of Notes (only to the extent that the partial tender is equal to a minimum of $2,000 and increments of $1,000 thereafter) and deliver certificates for Notes to the registrar for split up and return any untendered Notes to the holder (or such other person as may be designated in the Letter of Transmittal) as promptly as practicable after expiration or termination of the Offer.

8. Upon satisfaction or waiver of all of the conditions to the Offer, the Company will notify you (such notice, if given orally, to be promptly confirmed in writing) of its acceptance, promptly after the Expiration Date, of all Notes properly tendered indicating the aggregate principal amount of Notes accepted. You, on behalf of the Company, will exchange, in accordance with the terms hereof, accepted Notes for Exchange Notes and cause such Notes to be cancelled. Delivery of the Exchange Notes will be made on behalf of the Company by you at the rate of $1,000 principal amount of Exchange Notes for each $1,000 principal amount of the corresponding series of Notes tendered promptly after notice (such notice if given orally, to be promptly confirmed in writing) of acceptance of such Notes by the Company; provided, however, that in all cases, Notes tendered pursuant to the Offer will be exchanged only after timely receipt by you of certificates for such Notes (or confirmation of book-entry transfer into your account at DTC), a properly completed and duly executed Letter of Transmittal (or manually signed facsimile thereof) with any required signature guarantees and any other required documents, or an agent’s message in lieu thereof. You shall issue Exchange Notes only in minimum of $2,000 and increments of $1,000 thereafter.

9. Notes tendered pursuant to the Offer are irrevocable, except that, subject to the terms and upon the conditions set forth in the Prospectus and the Letter of Transmittal, Notes tendered pursuant to the Offer may be withdrawn at anytime prior to the Expiration Date.

10. The Company shall not be required to exchange any Notes tendered if any of the conditions set forth in the Offer are not met. Notice of any decision by the Company not to exchange any Notes tendered shall be given (such notice, if given orally, to be promptly confirmed in writing) by the Company to you.

 

2


11. If, pursuant to the Offer, the Company does not accept for exchange all or part of the Notes tendered, you shall as soon as practicable after the expiration or termination of the Offer return those certificates for unaccepted Notes (or effect appropriate book entry transfer), together with any related required documents and the Letters of Transmittal relating thereto that are in your possession, to the persons who deposited them.

12. All certificates for reissued Notes, unaccepted Notes or Exchange Notes, as the case may be (other than those effected by book-entry transfer) shall be shipped by an approved overnight air courier under a Mail & Transit insurance policy protecting you and the Company from loss or liability arising out of the non-receipt or non-delivery of such certificates up to limits set forth in the aforementioned policy.

13. You are not authorized to pay or offer to pay any concessions, commissions or solicitation fees to any broker, dealer, bank or other persons or to engage or utilize any person to solicit tenders.

14. As Exchange Agent hereunder you:

(a) shall not be liable for any action or omission to act unless the same constitutes your own bad faith, gross negligence or willful misconduct;

(b) shall have no duties or obligations other than those specifically set forth herein or as may be subsequently agreed to in writing between you and the Company;

(c) will be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value or genuineness of any of the certificates or the Notes represented thereby deposited with you pursuant to the Offer, and will not be required to and will make no representation as to the validity, value or genuineness of the Offer, unless required by law;

(d) may rely on and shall be protected in acting in reliance upon any certificate, instrument, opinion, notice, letter, telegram or other document or security delivered to you and believed by you to be genuine and to have been signed or presented by the proper person or persons;

(e) may act upon any tender, statement, request, document, certificate, agreement or other instrument whatsoever not only as to its due execution and validity and effectiveness of its provisions, but also as to the truth and accuracy of any information contained therein, which you shall in good faith believe to be genuine or to have been signed or presented by the proper person or persons;

(f) may rely on and shall be protected in acting upon written or oral instructions from any authorized officer of the Company; and

(g) shall not advise any person tendering Notes pursuant to the Offer as to the wisdom of making such tender or as to the market value or decline or appreciation in market value of any security, including the Notes.

15. You shall take such action as may from time to time be requested by the Company (and such other action as you may deem appropriate) to furnish copies of the Prospectus, Letter of Transmittal and the Notice of Guaranteed Delivery (as described in the Prospectus), or such other forms as may be approved from time to time by the Company, to all persons requesting such documents and to accept and comply with telephone requests for information relating to the Offer, provided that such information shall relate only to the procedures for accepting (or withdrawing from) the Offer. All other requests for information relating to the Offer shall be directed to the Company, Attention: General Counsel.

16. You are authorized to cooperate with and to furnish information to any organization (and its representatives) designated from time to time by the Company in the manner directed or authorized by the Company in connection with the Offer and any tenders thereunder.

17. You shall advise by e-mail or facsimile transmission Veronica Gutierrez Zamora, the General Counsel of the Company (at the facsimile number 52-55-2629-5865 or the e-mail address veronica.gutierrez@satmex.com), and such other person or persons as Company may request, weekly (and more frequently during the week immediately preceding the Expiration Date, if requested) up to and including the Expiration Date, as to the aggregate principal amount of Notes which have been tendered pursuant to the Offer and the items received by you pursuant to this Agreement, separately

 

3


reporting and giving cumulative totals as items properly received and items improperly received. In addition, you also will inform, and cooperate in making available to, the Company or any such other person or persons upon oral request made from time to time prior to the Expiration Date of such other information as they may reasonably request. Such cooperation shall include, without limitation, the granting by you to the Company and such person as the Company may request of access to those persons on your staff who are responsible for receiving tenders, in order to ensure that immediately prior to the Expiration Date and each other Expiration Date, if any, the Company shall have received information in sufficient detail to enable it to decide whether to extend the Offer. You shall then prepare a final list of all persons whose tenders were accepted, the aggregate principal amount of Notes tendered and the amount accepted and deliver such list to the Company.

18. Letters of Transmittal and Notices of Guaranteed Delivery shall be stamped by you as to the date, and, after the expiration of the Offer, the time, of receipt thereof and shall be preserved by you for a period of time at least equal to the period of time you preserve other records pertaining to the transfer of securities. You shall dispose of unused Letters of Transmittal and other surplus materials.

19. For services rendered as Exchange Agent hereunder, you shall be entitled to such compensation as set forth on Schedule I attached hereto. The provisions of this section shall survive the termination of this Agreement.

20. Upon receipt, you shall acknowledge receipt of the Prospectus and the Letter of Transmittal. Any inconsistency between this Agreement, on the one hand, and the Prospectus and the Letter of Transmittal (as they may be amended from time to time), on the other hand, shall be resolved in favor of the latter two documents, except with respect to your duties, liabilities and indemnification as Exchange Agent.

21. The Company covenants and agrees to fully indemnify and hold you harmless against any and all loss, liability, cost or expense, including reasonable attorneys’ fees and reasonable expenses, incurred without bad faith, gross negligence or willful misconduct on your part, arising out of or in connection with any act, omission, delay or refusal made by you in reliance upon any signature, endorsement, assignment, certificate, order, request, notice, instruction or other instrument or document believed by you to be valid, genuine and sufficient and in accepting any tender or effecting any transfer of Notes believed by you in good faith to be authorized, and in delaying or refusing in good faith to accept any tenders or effect any transfer of Notes. In each case, the Company shall be notified by you, by letter or facsimile transmission, of the written assertion of a claim against you or of any other action commenced against you, promptly after you shall have received any such written assertion or shall have been served with a summons in connection therewith. The Company shall be entitled to participate at its own expense in the defense of any such claim or other action and, if the Company so elects, the Company shall assume the defense of any suit brought to enforce any such claim. In the event that the Company shall assume the defense of any such suit, the Company shall not be liable for the fees and expenses of any additional counsel thereafter retained by you, so long as the Company shall retain counsel satisfactory to you to defend such suit; provided, that the Company shall not be entitled to assume the defense of any such action if the named parties to such action include both you and the Company and representation of both parties by the same legal counsel would, in the written opinion of your counsel, be inappropriate due to actual or potential conflicting interests between you and the Company. The provisions of this section shall survive the termination of this Agreement.

22. You shall arrange to comply with all applicable withholding and tax reporting requirements under the tax laws of the United States, including those relating to missing Tax Identification Numbers, and shall file any appropriate reports with the Internal Revenue Service (e.g., 1099, 1099B, etc.) as directed in writing by the Company.

23. You shall deliver or cause to be delivered in a timely manner to each governmental authority to which any transfer taxes are payable in respect of the transfer of Notes to the Company, the Company’s payment in the amount of all transfer taxes so payable; provided, however, that you shall reimburse the Company for amounts refunded to you in respect of the payment of any such transfer taxes, at such time as such refund is received by you.

24. This Agreement and your appointment as Exchange Agent hereunder shall be construed and enforced in accordance with the laws of the State of Delaware applicable to agreements made and to be performed entirely within such state, and without regard to conflicts of laws principles, and shall inure to the benefit of, and the obligations created hereby shall be binding upon, the successors and assigns of each of the parties hereto.

 

4


25. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same agreement.

26. In case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

27. This Agreement shall not be deemed or construed to be modified, amended, rescinded, cancelled or waived, in whole or in part, except by a written instrument signed by a duly authorized representative of the party to be charged. This Agreement may not be modified orally.

28. Unless otherwise provided herein, all notices, requests and other communications to any party hereunder shall be in writing (including facsimile or similar writing) and shall be given to such party, addressed to it, at its address or telecopy number set forth below:

 

If to the Company:   

Satélites Mexicanos, S.A de C.V.

Paseo de la Reforma 222

Pisos 21 y 22

Col. Juárez Delegación Cuauhtemoc

C.P. 06600, México, D.F.

Attn: Veronica Gutierrez Zamora

Fax: 52-55-2629-5865

If to the Exchange Agent:   

Wilmington Trust, National Association

Corporate Capital Markets

50 South Sixth Street

Suite 1290

Minneapolis, MN 55402

Attn: Satmex Administrator

Fax: (612) 217-5651

29. Unless terminated earlier by the parties hereto, this Agreement shall terminate 90 days following the Expiration Date. Notwithstanding the foregoing, Sections 19 and 21 shall survive the termination of this Agreement. Upon any termination of this Agreement, you shall promptly deliver to the Company any certificates for Notes, funds or property then held by you as Exchange Agent under this Agreement.

30. This Agreement shall be binding and effective as of the date hereof.

 

5


IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers, hereunto duly authorized, as of the day and year first above written.

 

SATÉLITES MEXICANOS, S.A. DE C.V.
By:    
Name:  Veronica Gutierrez Zamora
Title:    General Counsel and Authorized Representative
WILMINGTON TRUST, NATIONAL
ASSOCIATION, as Exchange Agent and
Depositary
By:    
Name:
Title:

(Signature page for Exchange Agent & Depositary Agreement)

 

6


Schedule I

COMPENSATION OF EXCHANGE AGENT:

 

Exchange Agent & Depositary Services:

   $ _____   

 

7

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Consummation of the Plan occurred on May 26, 2011 (the &#8220;Plan Effective Date&#8221;). 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</b></sup></font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:times new roman" size="1"><sup></sup></font><font style="font-family:times new roman" size="2">Due to the use of the hybrid method, certain tax loss carryforwards are excluded from the deferred tax computation during those years in which the Company expects to pay IETU; accordingly, the related reserve is also excluded from the deferred tax computation. </font></p> </td> </tr> </table> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup><b>(3)</b></sup>&#160;</font><font style="font-family:times new roman" size="2"> </font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:times new roman" size="2">Write-offs of uncollectible accounts due to the application of push-down accounting. </font></p> </td> </tr> </table> <p style="margin-top:12px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>* * * * * * </b></font></p> false 2011-12-31 F-4 0001063131 Non-accelerated Filer SATELITES MEXICANOS SA DE CV 12384000 12910000 3186000 5190000 7433000 2320000 38185000 44628000 44180000 2249000 2821000 441000 685000 1388000 421000 5331000 5387000 1555000 2625000 4393000 1848000 12884000 11405000 2572000 4401000 6191000 2114000 2344000 1361000 1361000 -165083000 165083000 873000 728000 789000 2677000 2904000 2747000 -1977000 -457000 1285000 18594000 -13472000 8277000 525000 1889000 -64000 665000 -508000 -126000 -69000 227000 95000 132000 -277000 61000 14318000 15495000 4020000 4020000 45000 943000 891000 936000 90000000 10594000 10071000 2808000 4786000 7563000 3690000 -150000 172000 1360000 102061000 105781000 26634000 43734000 59714000 25827000 9289800 78618000 78618000 225323000 225363000 -40000 1256000 16411000 18863000 27807000 13126000 12658000 17245000 101000 454000 1806000 774000 438957000 664943000 676616000 95083000 99085000 101367000 2391000 844000 6314000 35678000 3674000 3856000 58207000 102393000 75712000 60527000 347631000 347631000 79251000 77627000 77627000 44186000 -26681000 -15185000 271919000 -268380000 -1624000 46764000 275662000 275662000 10312499 36562500 50000 129950000 50000 129950000 10312499 36562500 50000 129950000 50000 129950000 10312499 36562500 50000 129950000 50000 129950000 88338000 96498000 28397000 61271000 71311000 26301000 206890000 13677000 12903000 517000 191000 -435000 1575000 10814000 3799000 60666000 33800000 33460000 -325000 -1490000 -279000 -5413000 -19889000 -24899000 47657000 43402000 10222000 17080000 46547000 17258000 840000 7156000 63810000 56089000 12000 71000 173000 349000 -1461000 573000 32502000 -6515000 -13109000 -6175000 -26561000 -6724000 3718000 9008000 4666000 453000 1172000 332000 13233000 779000 188000 2199000 12133000 3882000 -7888000 3755000 3561000 6486000 -5594000 4587000 79000 376000 168000 -840000 223000 84000 -105000 166000 -171000 -96000 1989000 -784000 -950000 -1881000 560000 -585000 43708000 45789000 10673000 19499000 8990000 2498000 2582000 2165000 3801000 11715000 6417000 28912000 32554000 8929000 40196000 16295000 494000 489000 393000 480000 345000 94000 150000 328000 107000 524990000 404652000 416489000 438957000 664943000 676616000 257418000 22168000 29447000 197873000 325000000 325000000 3523000 3511000 3623000 306753000 -148570000 -1808000 -67691000 -20495000 -42968000 -152164000 -27180000 45994000 41010000 5310000 8134000 32354000 25556000 -20154000 -14332000 -6356000 -28763000 -18882000 -276000 406000 444000 -7000 3000 25000 112000 36701000 32264000 4231000 -7561000 3399000 5536000 63113000 20112000 42333000 150537000 26963000 18247000 333000 1808000 4578000 383000 635000 1627000 217000 274000 208000 -24000 4911000 6687000 6102000 325000000 -19748000 406000 -20154000 -13888000 444000 -14332000 -6363000 -28760000 3000 -28763000 -18857000 25000 -18882000 -164000 265158000 443015000 461288000 3324000 16443000 8846000 28766000 2344000 2344000 586000 977000 794000 340000 238237000 -136320000 -18882000 -19158000 125039000 128762000 32628000 53710000 74710000 31837000 16893000 17040000 4761000 7714000 12792000 4660000 4687500 4687500 4687500 4687500 130000000 238237000 -89556000 256780000 256504000 -52397000 46764000 2673000 -101834000 -72145000 46764000 3079000 -121988000 -86033000 46764000 3523000 -136320000 -114793000 46764000 3526000 -165083000 260291000 275662000 3511000 -18882000 260127000 116022700 90000000 90000000 Exclusive of depreciation and amortization shown separately below. 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Supplemental Guarantor Condensed Consolidating Financial Statements
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract]    
Supplemental Guarantor Condensed Consolidating Financial Statements
15. Supplemental Guarantor Unaudited Condensed Consolidating Financial Statements

Satmex offered $325.0 million in aggregate principal amount of Senior Secured Notes as part of its Plan discussed in Note 2. Satmex exchanged the Senior Secured Notes for $325.0 million of registered 9.5% Senior Secured Notes due 2017 (the “Exchange Notes”). The Exchange Notes are guaranteed by all of Satmex’s U.S. domiciled subsidiaries existing on the issue date (which as of the date of these financial statements includes Alterna’TV Corp. and Alterna’TV Int. (the “Guarantors”)). Future guarantor subsidiaries are contemplated in the offering. The guarantees are full and unconditional and are joint and several obligations of the guarantors and are secured by first priority liens on the collateral securing the notes, subject to certain permitted liens.

Satmex’s investments in subsidiaries in the accompanying guarantor information are accounted for under the equity method, representing acquisition cost adjusted for Satmex’s share of the subsidiary’s cumulative results of operations capital contributions and distributions and other equity changes. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions.

The following tables have been prepared in accordance with Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered, in order to present the (i) unaudited condensed consolidating balance sheet as of March 31, 2012 (Successor registrant), (ii) unaudited condensed consolidating statements of operations and of cash flows for the three months ended March 31, 2012 and 2011 of Satmex, which is the issuer of the Senior Secured Notes, the Guarantors (which are combined for this purpose), the Non-Guarantors, and the elimination entries necessary to consolidate the issuer with the Guarantor and Non-Guarantor subsidiaries.

 

Unaudited Condensed Consolidating Balance Sheet

As of March 31, 2012

(In thousands of U. S. dollars)

 

                                         
    Successor Registrant  
    Satmex
Issuer
    Guarantor
Subsidiaries
    Non
Guarantor
Subsidiaries
    Eliminations  and
reclassifications
    Consolidated  

Assets

                                       

Current assets:

                                       

Cash and cash equivalents

  $ 61,987     $ 1,454     $ 14,186     $ —       $ 77,627  

Accounts receivable and others, net

    13,555       3,189       6,093       (5,592     17,245  

Inventories, net

    —         —         393       —         393  

Prepaid insurance and other assets

    5,653       94       355       —         6,102  

Deferred income taxes

    —         —         680       (680     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total current assets

    81,195       4,737       21,707       (6,272     101,367  

Satellites and equipment, net

    459,060       91       2,137       —         461,288  

Concessions, net

    40,424       —         3,756       —         44,180  

Due from related parties

    5,003       —         817       (5,820     —    

Intangible assets

    52,296       2,754       1,039       —         56,089  

Investment in subsidiaries

    18,621       —         —         (18,621     —    

Deferred financing cost

    12,903       —         —         —         12,903  
           

Guarantee deposits and other assets

    755       13       21       —         789  
           

Deferred income taxes

    —         720       —         (720     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total

  $ 670,257     $ 8,315     $ 29,477     $ (31,433   $ 676,616  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Liabilities and Shareholders’ Equity

                                       

Current liabilities:

                                       

Accounts payable and accrued expenses

  $ 25,263     $ 3,364     $ 4,772     $ (5,592   $ 27,807  

Deferred revenue

    1,361       —         —         —         1,361  

Deferred income taxes

    —         —         279       —         279  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total current liabilities

    26,624       3,364       5,051       (5,592     29,447  

Debt obligations

    325,000       —         —         —         325,000  

Deferred revenue

    33,460       —         —         —         33,460  

Guarantee deposits and accrued expenses

    3,546       5,021       —         (5,820     2,747  

Labor obligations

    —         —         936       —         936  
           

Deferred income taxes

    25,123       —         1,176       (1,400     24,899  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total liabilities

    413,753       8,385       7,163       (12,812     416,489  

Shareholders’ equity:

                                       

Paid-in capital

    275,662       (1,173     21,481       (20,308     275,662  

(Accumulated deficit) retained earnings

    (19,158     1,103       833       (1,936     (19,158

Noncontrolling interest

    —         —         —         3,623       3,623  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total shareholders’ equity

    256,504       (70     22,314       (18,621     260,127  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total

  $ 670,257     $ 8,315     $ 29,477     $ (31,433   $ 676,616  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Unaudited Condensed Consolidating Statements of Operations

For the three months ended March 31, 2012

(In thousands of U. S. dollars)

 

                                         
    Successor Registrant  
    Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations  and
consolidating
adjustments
    Consolidated  

Revenues:

                                       

Satellite services

  $ 27,429     $ —       $ —       $ (1,602   $ 25,827  

Broadband satellite services

    —         —         2,326       (6     2,320  

Programming distribution services

    —         3,690       —         —         3,690  

Services companies

    —         —         3,406       (3,406     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      27,429       3,690       5,732       (5,014     31,837  
           

Cost of satellite services

    2,244       —         995       (1,125     2,114  

Cost of broadband satellite services

    —         —         1,706       (1,285     421  

Cost of programming distribution services

    —         2,165       —         (317     1,848  

Selling and administrative expenses

    3,830       400       2,717       (2,287     4,660  

Depreciation and amortization

    16,834       221       203       —         17,258  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      22,908       2,786       5,621       (5,014     26,301  
           

Operating income

    4,521       904       111       —         5,536  
           

Interest expense - net and other

    (727     (40     882       (1,933     (1,818
           

Income before income tax

    3,794       864       993       (1,933     3,718  
           

Income tax expense (benefit)

    4,070       (35     (153     —         3,882  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net (loss) income

    (276     899       1,146       (1,933     (164
           

Less: Net income attributable to noncontrolling interest

    —         —         —         112       112  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net (loss) income attributable to Satélites Mexicanos, S. A. de C. V.

  $ (276   $ 899     $ 1,146     $ (2,045   $ (276
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Unaudited Condensed Consolidating Statements of Cash Flows

For the three months ended March 31, 2012

 

                                         
    Successor Registrant  
    Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations     Consolidated  
           

Cash flows from operating activities

  $ 23,723     $ 465     $ 1,368     $ —       $ 25,556  
           

Cash flows from investing activities:

                                       

Construction in progress- satellites

    (26,963     —         —         —         (26,963

Acquisition of equipment

    (166     —         (51     —         (217
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

    (27,129     —         (51     —         (27,180
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Cash and cash equivalents:

                                       

Net (decrease) increase for the period

    (3,406     465       1,317       —         (1,624

Beginning of period

    65,393       989       12,869       —         79,251  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

End of period

  $ 61,987     $ 1,454     $ 14,186     $ —       $ 77,627  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

19. Supplemental Guarantor Condensed Consolidating Financial Statements

Satmex offered $325,000 in aggregate principal amount of Senior Secured Notes as part of its Plan discussed in Note 2. Satmex exchanged the Senior Secured Notes for $325.0 million of registered 9.5% Senior Secured Notes due 2017 (the “Exchange Notes”). The Exchange Notes are guaranteed by all of Satmex’s U.S. domiciled subsidiaries existing on the issue date (which as of the date of these financial statements includes Alterna’TV Corp. and Alterna’TV Int. (the “Guarantors”)). Future guarantor subsidiaries are contemplated in the offering. The guarantees are full and unconditional and are joint and several obligations of the guarantors and are secured by first priority liens on the collateral securing the notes, subject to certain permitted liens.

Satmex’s investments in subsidiaries in the accompanying guarantor information are accounted for under the equity method, representing acquisition cost adjusted for Satmex’s share of the subsidiary’s cumulative results of operations capital contributions and distributions and other equity changes. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions.

The following tables have been prepared in accordance with Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered, in order to present the (i) condensed consolidating balance sheets as of December 31, 2011 (Successor registrant) and December 31, 2010 (Predecessor Registrant), (ii) condensed consolidating statements of operations and condensed statements of cash flows for the periods from (a) May 26, 2011 through December 31, 2011 (Successor registrant) and (b) from January 1, 2011 through May 25, 2011 and for the years ended December 31, 2010 and 2009 (Predecessor Registrant) of Satmex, which is the issuer of the Senior Secured Notes, the Guarantors (which are combined for this purpose), the Non-Guarantors, and the elimination entries necessary to consolidate the issuer with the Guarantor and Non-Guarantor subsidiaries.

 

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Balance Sheets

As of December 31, 2011

(In thousands of U. S. dollars)

 

                                         
    Successor Registrant  
    Satmex
Issuer
    Guarantor
Subsidiaries
    Non
Guarantor
Subsidiaries
    Eliminations and
reclassifications
    Consolidated  

Assets

                                       

Current assets:

                                       

Cash and cash equivalents

  $ 65,393     $ 989     $ 12,869     $ —       $ 79,251  

Accounts receivable and others, net

    8,503       2,253       6,366       (4,464     12,658  

Inventories, net

    —         —         489       —         489  

Prepaid insurance and deferred financing cost

    6,592       21       74       —         6,687  

Deferred income taxes

    —         —         386       (386     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total current assets

    80,488       3,263       20,184       (4,850     99,085  

Satellites and equipment, net

    440,697       95       2,223       —         443,015  

Concessions, net

    40,819       —         3,809       —         44,628  

Due from related parties

    5,023       —         778       (5,801     —    

Intangible assets and other assets

    60,480       2,985       1,073       —         64,538  

Investment in subsidiaries

    16,688       —         —         (16,688     —    

Deferred financing cost

    13,677       —         —         —         13,677  

Deferred income taxes

    —         685       —         (685     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total

  $ 657,872     $ 7,028     $ 28,067     $ (28,024   $ 664,943  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Liabilities and Shareholders’ Equity

                                       

Current liabilities:

                                       

Accounts payable, accrued expenses and other

  $ 17,557     $ 2,974     $ 4,611     $ (4,464   $ 20,678  

Deferred income taxes

    1,757       —         119       (386     1,490  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total current liabilities

    19,314       2,974       4,730       (4,850     22,168  

Debt obligations

    325,000       —         —         —         325,000  

Other long-term liabilities

    37,482       5,023       891       (5,801     37,595  

Deferred income taxes

    19,296       —         1,278       (685     19,889  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total liabilities

    401,092       7,997       6,899       (11,336     404,652  

Shareholders’ equity:

                                       

Paid-in capital

    275,662       (1,173     21,481       (20,308     275,662  

(Accumulated deficit) retained earnings

    (18,882     204       (313     109       (18,882

Noncontrolling interest

    —         —         —         3,511       3,511  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total shareholders’ equity

    256,780       (969     21,168       (16,688     260,291  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total

  $ 657,872     $ 7,028     $ 28,067     $ (28,024   $ 664,943  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Balance Sheets

As of December 31, 2010

(In thousands of U. S. dollars)

 

                                         
    Predecessor Registrant  
    Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations  and
reclassifications
    Consolidated  

Assets

                                       
           

Current assets:

                                       

Cash and cash equivalents

  $ 25,000     $ 40,469     $ 10,243     $ —       $ 75,712  

Accounts receivable and other

    9,066       2,368       7,102       (4,570     13,966  

Inventories, net

    —         —         494       —         494  

Prepaid insurance

    4,792       42       77       —         4,911  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    38,858       42,879       17,916       (4,570     95,083  
           

Satellites and equipment, net

    302,640       —         2,518       (40,000     265,158  

Concessions, net

    36,336       —         1,849       —         38,185  

Due from related parties

    5,885       —         820       (6,705     —    

Intangible assets and other assets

    7,110       5,510       902       (5,493     8,029  

Investment in subsidiaries

    15,530       —         —         (15,530     —    

Goodwill

    32,502       —         1,327       (1,327     32,502  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total

  $ 438,861     $ 48,389     $ 25,332     $ (73,625   $ 438,957  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Liabilities and Shareholders’ Deficit

                                       

Current liabilities:

                                       

Short-term portion of debt obligations

  $ 238,237     $ —       $ —       $ —       $ 238,237  

Accounts payable, accrued expenses and other

    17,446       42,335       3,645       (44,570     18,856  

Deferred income taxes

    —         —         325       —         325  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    255,683       42,335       3,970       (44,570     257,418  
           

Debt obligations

    197,873       —         —         —         197,873  

Other long-term liabilities

    64,163       5,885       943       (6,705     64,286  

Deferred income taxes

    4,813       —         600       —         5,413  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

    522,532       48,220       5,513       (51,275     524,990  
           

Shareholders’ deficit:

                                       

Paid-in capital

    46,764       100       16,447       (16,547     46,764  

(Accumulated deficit) retained earnings

    (130,435     69       3,372       (9,326     (136,320

Noncontrolling interest

    —         —         —         3,523       3,523  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total shareholders’ equity (deficit)

    (83,671     169       19,819       (22,350     (86,033
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total

  $ 438,861     $ 48,389     $ 25,332     $ (73,625   $ 438,957  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Operations

For the period from May 26, 2011 through December 31, 2011

(In thousands of U. S. dollars)

 

                                         
    Successor Registrant  
    Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations  and
consolidating
adjustments
    Consolidated  

Revenues:

                                       

Satellite services

  $ 63,505     $ —       $ —       $ (3,791   $ 59,714  

Broadband satellite services

    —         —         7,448       (15     7,433  

Programming distribution services

    1,063       6,513       —         (13     7,563  

Services companies

    —         —         9,050       (9,050     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      64,568       6,513       16,498       (12,869     74,710  
           

Cost of satellite services

    6,533       —         2,549       (2,891     6,191  

Cost of broadband satellite services

    —         —         4,432       (3,044     1,388  

Cost of programming distribution services

    636       4,489       —         (732     4,393  

Selling and administrative expenses

    10,465       1,332       7,030       (6,035     12,792  

Depreciation and amortization

    45,110       714       723       —         46,547  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      62,744       6,535       14,734       (12,702     71,311  
           

Operating income

    1,824       (22     1,764       (167     3,399  
           

Interest expense - net and other

    (9,059     (121     (1,244     301       (10,123
           

(Loss) income before income tax

    (7,235     (143     520       134       (6,724
           

Income tax expense (benefit)

    11,647       (347     833       —         12,133  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net (loss) income

    (18,882     204       (313     134       (18,857
           

Less: Net income attributable to noncontrolling interest

    —         —         —         25       25  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net (loss) income attributable to Satélites Mexicanos, S. A. de C. V.

  $ (18,882   $ 204     $ (313   $ 109     $ (18,882
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Operations

For the period from January 1, 2011 through May 25, 2011

(In thousands of U. S. dollars)

 

                                         
    Predecessor Registrant  
    Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations and
consolidating
adjustments
    Consolidated  
           

Revenues:

                                       

Satellite services

  $ 46,577     $ —       $ —       $ (2,843   $ 43,734  

Broadband satellite services

    —         —         5,198       (8     5,190  

Programming distribution services

    761       4,040       —         (15     4,786  

Services companies

    —         —         12,739       (12,739     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      47,338       4,040       17,937       (15,605     53,710  
           

Cost of satellite services

    4,586       —         1,960       (2,145     4,401  

Cost of broadband satellite services

    —         —         2,839       (2,154     685  

Cost of programming distribution services

    454       2,875       —         (704     2,625  

Selling and administrative expenses

    5,535       595       12,186       (10,602     7,714  

Depreciation and amortization

    16,682       167       398       (167     17,080  

Restructuring expenses

    28,766       —         —         —         28,766  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      56,023       3,637       17,383       (15,772     61,271  
           

Operating income

    (8,685     403       554       167       (7,561
           

Interest expense, net and other

    17,761       93       (473     1,619       19,000  
           

(Loss) income before income tax

    (26,446     310       1,027       (1,452     (26,561
           

Income tax expense

    2,317       1       (119     —         2,199  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net (loss) income

    (28,763     309       1,146       (1,452     (28,760
           

Less: Net income attributable to noncontrolling interest

    —         —         —         3       3  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net (loss) income attributable to Satélites Mexicanos, S. A. de C. V.

  $ (28,763   $ 309     $ 1,146     $ (1,455   $ (28,763
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Operations

For the year ended December 31, 2010

(In thousands of U. S. dollars)

 

                                         
    Predecessor Registrant  
    Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations and
consolidating
adjustments
    Consolidated  

Revenues:

                                       

Satellite services

  $ 112,666     $ —       $ —       $ (6,885   $ 105,781  

Broadband satellite services

    —         —         12,924       (14     12,910  

Programming distribution services

    1,935       8,223       —         (87     10,071  

Services companies

    —         —         13,957       (13,957     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      114,601       8,223       26,881       (20,943     128,762  
           

Cost of satellite services

    11,697       —         4,454       (4,746     11,405  

Cost of broadband satellite services

    —         —         7,988       (5,167     2,821  

Cost of programming distribution services

    1,117       6,075       —         (1,805     5,387  

Selling and administrative expenses

    13,679       1,483       11,103       (9,225     17,040  

Depreciation and amortization

    42,501       392       901       (392     43,402  

Restructuring expenses

    16,443       —         —         —         16,443  

Gain on sale of programming agreements

    (5,885     —         —         5,885       —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      79,552       7,950       24,446       (15,450     96,498  
           

Operating income

    35,049       273       2,435       (5,493     32,264  
           

Interest expense, net and other

    (43,222     (176     333       (2,308     (45,373
           

(Loss) income before income tax

    (8,173     97       2,768       (7,801     (13,109
           

Income tax expense

    274       —         505       —         779  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net (loss) income

    (8,447     97       2,263       (7,801     (13,888
           

Less: Net income attributable to noncontrolling interest

    —         —         —         444       444  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net (loss) income attributable to Satélites Mexicanos, S. A. de C. V.

  $ (8,447   $ 97     $ 2,263     $ (8,245   $ (14,332
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Operations

For the year ended December 31, 2009

(In thousands of U. S. dollars)

 

                                         
    Predecessor Registrant  
    Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations and
consolidating
adjustments
    Consolidated  

Revenues:

                                       

Satellite services

  $ 107,183     $ —       $ —       $ (5,122   $ 102,061  

Broadband satellite services

    —         —         12,396       (12     12,384  

Programming distribution services

    10,594       —         —         —         10,594  

Services companies

    —         —         13,172       (13,172     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      117,777       —         25,568       (18,306     125,039  
           

Cost of satellite services

    13,069       —         4,293       (4,478     12,884  

Cost of broadband satellite services

    —         —         7,371       (5,122     2,249  

Cost of programming distribution services

    5,331       —         —         —         5,331  

Selling and administrative expenses

    15,125       41       10,433       (8,706     16,893  

Depreciation and amortization

    46,804       —         853       —         47,657  

Restructuring expenses

    3,324       —         —         —         3,324  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      83,653       41       22,950       (18,306     88,338  
           

Operating (loss) income

    34,124       (41     2,618       —         36,701  
           

Interest expense, net and other

    (42,031     13       38       (1,236     (43,216
           

(Loss) income before income tax

    (7,907     (28     2,656       (1,236     (6,515
           

Income tax expense

    12,247       —         986       —         13,233  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net (loss) income

    (20,154     (28     1,670       (1,236     (19,748
           

Less: Net income attributable to noncontrolling interest

    —         —         —         406       406  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net (loss) income attributable to Satélites Mexicanos, S. A. de C. V.

  $ (20,154   $ (28   $ 1,670     $ (1,642   $ (20,154
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Cash Flows

For the period from May 26, 2011 through December 31, 2011

 

                                         
    Successor Registrant  
    Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations     Consolidated  
           

Cash flows from operating activities

  $ 33,386     $ (3,806   $ 2,774     $ —       $ 32,354  
           

Cash flows from investing activities:

                                       

Construction in progress Satmex 8 (including capitalized interest)

    (150,537     —         —         —         (150,537

Acquisition of equipment

    (1,393     (47     (187     —         (1,627
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

    (151,930     (47     (187     —         (152,164
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Cash flows from financing activities:

                                       

Proceeds from equity issuance

    90,000       —         —         —         90,000  

Repayment of First Priority Old Notes

    (238,237     —         —         —         (238,237

Deferred financing costs

    (333     —         —         —         (333
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in financing activities

    (148,570     —         —         —         (148,570
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Cash and cash equivalents:

                                       

Net (decrease) increase for the period

    (267,114     (3,853     2,587       —         (268,380

Beginning of period

    332,507       4,842       10,282       —         347,631  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

End of period

  $ 65,393     $ 989     $ 12,869     $ —       $ 79,251  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Cash Flows

For the period from January 1, 2011 through May 25, 2011

 

                                         
    Predecessor Registrant  
    Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations     Consolidated  
           

Cash flows from operating activities:

  $ 43,598     $ (35,570   $ 106     $ —       $ 8,134  
           

Cash flows from investing activities:

                                       

Construction in progress Satmex 8 (including capitalized interest)

    (42,333     —         —         —         (42,333

Acquisition of equipment

    (511     (57     (67     —         (635
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

    (42,844     (57     (67     —         (42,968
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Cash flows from financing activities:

                                       

Issuance of Senior Secured Notes

    325,000       —         —         —         325,000  

Deferred financing costs

    (18,247     —         —         —         (18,247
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by financing activities

    306,753       —         —         —         306,753  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Cash and cash equivalents:

                                       

Net (decrease) increase for the period

    307,507       (35,627     39       —         271,919  

Beginning of period

    25,000       40,469       10,243       —         75,712  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

End of period

  $ 332,507     $ 4,842     $ 10,282     $ —       $ 347,631  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Cash Flows

For the year ended December 31, 2010

 

                                         
    Predecessor Registrant  
    Satmex
Issuer
    Guarantor
Subsidiaries
    Non -
Guarantor
Subsidiaries
    Eliminations     Consolidated  
           

Cash flows from operating activities:

  $ 38,341     $ 381     $ 2,288     $ —       $ 41,010  
           

Cash flows from investing activities:

                                       

Construction in progress Satmex 8 (including capitalized interest)

    (63,113     —         —         —         (63,113

Acquisition of equipment

    (3,999     —         (579     —         (4,578
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

    (67,112     —         (579     —         (67,691
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Cash and cash equivalents:

                                       

Net (decrease) increase for the year

    (28,771     381       1,709       —         (26,681

Beginning of year

    53,771       40,088       8,534       —         102,393  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

End of year

  $ 25,000     $ 40,469     $ 10,243     $ —       $ 75,712  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Condensed Consolidating Statements of Cash Flows

For the year ended December 31, 2009

 

                                         
    Predecessor Registrant  
    Satmex
Issuer
    Guarantor
Subsidiaries
    Non-
Guarantor
Subsidiaries
    Eliminations     Consolidated  
           

Cash flows from operating activities:

  $ 43,257     $ (12   $ 2,749     $ —       $ 45,994  
           

Cash flows from investing activities:

                                       

Investment in shares of subsidiaries

    (100     —         —         100       —    

Acquisition of equipment

    (1,131     —         (677     —         (1,808
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

    (1,231     —         (677     100       (1,808
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Cash flows from financing activities:

                                       

Issuance of common stock

    —         100       —         (100     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in financing activities

    —         100       —         (100     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Cash and cash equivalents:

                                       

Net increase for the year

    42,026       88       2,072       —         44,186  

Beginning of year

    11,745       40,000       6,462       —         58,207  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

End of year

  $ 53,771     $ 40,088     $ 8,534     $ —       $ 102,393  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

XML 21 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis of Presentation
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Nature of Business and Basis of Presentation [Abstract]    
Basis of presentation
3. Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Factors affecting the comparability of the consolidated financial statements - push-down accounting - The Company has accounted for the Recapitalization Transactions using push-down accounting for the acquisition of the Company by the Group of Investors. This resulted in the adjustment of all net assets to their respective fair values as of the Acquisition Date.

Although Satmex continued as the same legal entity after the Recapitalization Transactions, the application of push-down accounting represents the termination of the old accounting entity and the creation of a new one. As a result, the accompanying unaudited condensed consolidated financial statements are presented for: Predecessor and Successor, which relate to the period preceding the Recapitalization Transaction and the periods succeeding the Recapitalization Transaction, respectively. The Company refers to the operations of Satmex and subsidiaries for both the Predecessor and Successor periods.

Accordingly, the Successor Company presentation is not comparable to the Predecessor Company presentation due to the different basis of accounting.

Interim financial statements - The accompanying consolidated financial statements have been condensed. The accounting policies applied therein are consistent with those of the annual consolidated financial statements for the year ended December 31, 2011. The accompanying condensed consolidated financial statements have not been audited. In the opinion of Company’s Management, all adjustments and other ordinary recurring adjustments necessary for a fair presentation of the accompanying financial statements are included. The results of the interim periods are not necessarily indicative of the results for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and the respective notes as of and for the year ended December 31, 2011.

Consolidation of financial statements - The unaudited condensed consolidated financial statements include the financial statements of Satmex and those of its subsidiaries. The financial statements of the subsidiaries are consolidated from their respective dates of acquisition or incorporation. All intercompany transactions and balances have been eliminated in consolidation.

 

The activities of the entities in the consolidated group are described below:

 

             

Company

  Ownership
percentage
   

Activity

     

Enlaces Integra, S. de R.L. de C.V.
(“Enlaces”)

    75.00  

Acquired on November 30, 2006. Enlaces offers private networks for voice, video and data as well as other value-added satellite services in Mexico.

     

HPS Corporativo S. de R. L. de C. V.
(“HPS”)

    99.97  

Incorporated on December 20, 2007 to provide administrative services exclusively to Enlaces. It is owned 99.97% by Enlaces and 0.03% by Satmex USA.

     

Alterna’TV Corporation
(“Alterna’TV Corp.”)

    100.00  

Incorporated on December 19, 2008, to be a vehicle to contract the procurement of the Satmex 7 satellite.

     

Alterna’TV International Corporation
(“Alterna’TV Int.”)

    100.00  

Incorporated on May 21, 2009. This entity is engaged in programming distribution services, primarily in the United States of America.

     

SMVS Administración, S. de R. L. de C. V. and SMVS Servicios Técnicos, S. de R. L. de C. V.

(“Service Companies”)

    99.97  

Incorporated on June 30, 2006, to provide administrative and operating services exclusively to Satmex.

     

Satmex USA LLC
(“Satmex USA”)

    100.00  

Incorporated on August 4, 2011. This entity holds the non-controlling interests related to the Service Companies.

Satmex Escrow, S. A. de C. V., (“Escrow”) was incorporated on March 8, 2011 solely to act as the issuer of the Senior Secured Notes and was merged into Satmex on May 26, 2011. Satmex assumed all of Escrow’s obligations.

Foreign currency transactions - For U.S. GAAP reporting purposes, the Company maintains separate accounting records in its functional currency, the U.S. dollar. Transactions denominated in Mexican pesos and other foreign currencies are recorded at the rate of exchange in effect at the date of the transactions. Monetary assets and liabilities denominated in Mexican pesos and other foreign currencies are converted into the Company’s functional currency at the rate of exchange in effect at the balance sheet date (Mexican pesos per one U.S. dollar as of March 31, 2012 and December 31, 2011, were $12.6833 and $13.9787, respectively), with the resulting effect included in other (expense) income within results of operations.

 

3. Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Factors affecting the comparability of the consolidated financial statements - push-down accounting - The Company has accounted for the Recapitalization Transactions using push-down accounting for the acquisition of the Company by the Group of Investors. This resulted in the adjustment of all net assets to their respective fair values as of the Acquisition Date.

Although Satmex continued as the same legal entity after the Recapitalization Transactions, the application of push-down accounting represents the termination of the old accounting entity and the creation of a new one. As a result, the accompanying consolidated balance sheets, statements of operations, stockholders’ equity and cash flows are presented for two periods: Predecessor and Successor, which relate to the period preceding the Recapitalization Transaction and the periods succeeding the Recapitalization Transaction, respectively. The Company refers to the operations of Satmex and subsidiaries for both the Predecessor and Successor periods.

Accordingly, the Successor Company presentation is not comparable to the Predecessor Company presentation due to the different basis of accounting.

Consolidation of financial statements - The consolidated financial statements include the financial statements of Satmex and those of its subsidiaries. The financial statements of the subsidiaries are consolidated from their respective dates of acquisition or incorporation. All intercompany transactions and balances have been eliminated in consolidation.

The activities of the entities in the consolidated group are described below:

 

             

Company

  Ownership
percentage
   

Activity

     

Enlaces Integra, S. de R.L. de C.V.
(“Enlaces”)

    75.00  

Acquired on November 30, 2006. Enlaces offers private networks for voice, video and data as well as other value-added satellite services in Mexico.

     

HPS Corporativo S. de R. L. de C. V.
(“HPS”)

    99.97  

Incorporated on December 20, 2007 to provide administrative services exclusively to Enlaces. It is owned 99.97% by Enlaces and 0.03% by Satmex USA.

     

Alterna’TV Corporation
(“Alterna’TV Corp.”)

    100.00  

Incorporated on December 19, 2008, to be a vehicle to contract the procurement of the Satmex 7 satellite.

     

Alterna’TV International Corporation
(“Alterna’TV Int.”)

    100.00  

Incorporated on May 21, 2009. This entity is engaged in programming distribution services, primarily in the United States of America.

     

SMVS Administración, S. de R. L. de C. V. and SMVS Servicios Técnicos, S. de R. L. de C. V.

(“Service Companies”)

    99.97  

Incorporated on June 30, 2006, to provide administrative and operating services exclusively to Satmex.

     

Satmex USA LLC
(“Satmex USA”)

    100.00  

Incorporated on August 4, 2011. This entity holds the non-controlling interests related to the Service Companies.

Satmex Escrow, S. A. de C. V., (“Escrow”) was incorporated on March 8, 2011 solely to act as the issuer of the Senior Secured Notes and was merged into Satmex on May 26, 2011. Satmex assumed all of Escrow’s obligations.

 

Foreign currency transactions - For U.S. GAAP reporting purposes, the Company maintains separate accounting records in its functional currency, the U.S. dollar. Transactions denominated in Mexican pesos and other foreign currencies are recorded at the rate of exchange in effect at the date of the transactions. Monetary assets and liabilities denominated in Mexican pesos and other foreign currencies are converted into the Company’s functional currency at the rate of exchange in effect at the balance sheet date (Mexican pesos per one U.S. dollar as of December 31, 2011 and 2010, were $13.9787 and $12.3571, respectively), with the resulting effect included in other (expense) income within results of operations.

Fresh-start reporting in 2006 - Satmex went through a reorganization process in 2006, and adopted fresh-start reporting as of November 30, 2006. Reorganization adjustments were made on that date in the consolidated financial information to reflect the effects of agreements in accordance with the confirmation order and to reflect adoption of fresh-start reporting. These adjustments reflected the relative fair values the Company’s assets and liabilities on the effective date of that reorganization. As a result of Satmex’s emergence from Chapter 11 of the United States Federal Bankruptcy Law, for financial reporting purposes a new economic entity was established with respect to Satmex and its subsidiaries; however, each of the legal entities preserved its rights and responds to its obligations individually in accordance with Mexican laws.

 

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Recapitalization Transactions
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Recapitalization Transactions [Abstract]    
Recapitalization Transactions
2. Recapitalization Transactions

In order to address its liquidity needs, enhance its long-term growth and improve its competitive position, Satmex carried out a comprehensive recapitalization of the Company through various transactions pursuant to which the following actions have been taken (which are referred to, collectively, as the “Recapitalization Transactions”):

On December 22, 2010, Nacional Financiera, S. N. C., Institución de Banca de Desarrollo, Dirección Fiduciaria, in its capacity as trustee (the “NAFIN Trust”) and Deutsche Bank Mexico, S. A., Institución de Banca Múltiple, División Fiduciaria, in its capacity as trustee (the “Deutsche Trust”) (collectively the “Sellers”), former shareholders of Satmex, entered into a Share Purchase Agreement (the “SPA”) with Holdsat Mexico, S. A. P. I. de C. V., a variable capital investment promotion society (sociedad anónima promotora de inversion de capital variable), organized and existing under the laws of Mexico (“Holdsat Mexico”), as buyer, for the acquisition of the 100% of the outstanding voting equity interests of Satmex. On March 10, 2011, Holdsat Mexico ceded and assigned a portion of its rights under the SPA to acquire all existing Series “B” and “N” shares of Satmex to Satmex International B.V., a limited liability company organized under the laws of the Netherlands (“Investment Holdings BV”), which is beneficially and indirectly owned by holders of the Second Priority Secured Notes (the “Second Priority Old Notes”) of Satmex. Investment Holdings BV owns 49% of the common stock of Holdsat Mexico. The assignment of these rights by Holdsat Mexico to Investment Holdings resulted in both entities forming a collective group of investors (the “Group of Investors” or the “Buyers”) to acquire control in Satmex upon the effectiveness of the SPA, which occurred after the fulfillment of the following transactions:

 

   

Payment by the Buyers of $6.25 million to the Sellers for 100% of the outstanding common stock of Satmex, which occurred on May 26, 2011;

 

   

The offering and sale of the Senior Secured Notes (“Senior Secured Notes”), due 2017, for $325.0 million, which were initially offered on May 5, 2011 to qualified institutional buyers under Rule 144A of the Securities Act and to persons outside of the U.S. in compliance with Regulation S of the Securities Act. The Senior Secured Notes were subsequently exchanged for new exchange notes, due 2017, for a like principal amount, registered with the U.S. Securities and Exchange Commission (the “SEC”), effective September 26, 2011. The proceeds received from the Senior Secured Notes were used to repay the First Priority Senior Secured Notes due 2011 (the “First Priority Old Notes”) on May 26, 2011; and

 

   

The voluntary filing by Satmex, Alterna’TV Corporation and Alterna’TV International Corporation for protection under Chapter 11 of the U.S. Bankruptcy Code and confirmation of a prepackaged plan of reorganization filed in the United States Bankruptcy Court (the “Plan”), which such confirmation occurred on May 11, 2011. Consummation of the Plan occurred on May 26, 2011 (the “Plan Effective Date”). The Plan contemplated the following transactions:

 

   

The conversion of the Second Priority Old Notes (which were to mature in 2013) into direct or indirect equity interests representing 7.146% of the economic interests in the emerging entity (“Reorganized Satmex”) (the “Conversion Rights,” subject to dilution by any equity issued under any management incentive plan, as determined, adopted and approved by the Board of Directors of Reorganized Satmex on the Plan Effective Date, and any future issuance of equity, including certain primary rights and follow-on rights (the “Primary Rights” and the “Follow-On Rights,” respectively) of the holders of the Second Priority Old Notes as discussed below). In lieu of the Conversion Rights, the Primary Rights and the Follow-On Rights, holders of the Second Priority Old Notes could have elected to receive a cash payment of 38 cents per U.S. dollar in principal amount of the Second Priority Old Notes (including accrued and paid-in kind interest). All interested holders of Second Priority Old Notes elected the Conversion Rights, which such conversion occurred on May 26, 2011;

 

   

The offering of the Primary Rights to holders of the Second Priority Old Notes, which comprised the rights to purchase direct or indirect equity interests representing up to 85.753% of the economic interests in Reorganized Satmex for up to $96,250 (subject to dilution by any equity issued under any management incentive plan, as determined, adopted and approved by the Board of Directors of Reorganized Satmex on the Plan Effective Date, and any future issuance of equity, including the Follow-On Rights, as discussed below). The Primary Rights were exercised for $90,000, effective on May 26, 2011, representing 83.254% of the outstanding capital of Reorganized Satmex;

 

   

Aside from holders of the First Priority Old Notes and the Second Priority Old Notes which received the treatment described above, all holders of allowed claims against the debtors, including employees, trade creditors and other priority and non-priority creditors, were paid in the ordinary course during the resolution of the bankruptcy or in full on, or shortly after, the Plan Effective Date.

Paid-in capital of Reorganized Satmex as a result of the SPA and the Plan is presented in Note 11 to the accompanying unaudited condensed consolidated financial statements.

 

New Basis of Accounting (Push-down accounting)

As the events described above occurred as expected, the SPA became legally effective on May 26, 2011, and resulted in a change in control among the Sellers and the Group of Investors. Given these facts and as a result of becoming substantially wholly-owned by the Group of Investors, Satmex applied push-down accounting in its consolidated financial information to reflect its acquisition by the Group of Investors. The acquisition method of accounting was applied, resulting in a new basis of accounting for the “successor period” beginning on May 26, 2011 (the “Acquisition Date”).

As a result, the Company recognized and measured, at their fair values, the identifiable assets acquired, liabilities assumed and the related noncontrolling interests. In order to determine fair values, Satmex considered the following generally accepted valuation approaches: The cost approach, the income approach and the market approach.

 

  a. The total estimated consideration transferred, at fair value, for the acquisition of 100% of Satmex’s common stock was as follows:

 

         
Consideration at fair value:  

As of May 26,

2011

 
   

Cash paid

  $ 1,000  

Executive bonuses

    6,303  

Cash consideration paid upon completion of the share purchase agreement

    5,250  

Rights offering

    90,000  

Capitalization of Second Priority Old Notes

    78,618  
   

 

 

 
   

Fair value of total consideration transferred

  $ 181,171  
   

 

 

 

 

  b. Acquisition-related costs were $47,013, of which $18,247 represent the cost of issuing the Senior Secured Notes, which was capitalized within other assets (see Note 4g) on May 5, 2011 (date of issuance of the Senior Secured Notes) and $28,766 were included in the Predecessor statement of operations within recapitalization transactions expenses.

 

  c. The following table summarizes the recognized amounts of identifiable assets, assumed liabilities and non-controlling interest, pushed-down in order to be reflected in Satmex’s financial information:

 

         
Recognized amounts of identifiable assets acquired and liabilities assumed:  

As of May 26,

2011

 
   

Satellite and equipment

  $ 344,000  

Intangible assets

    88,168  

Concessions

    45,672  

Deferred financing cost

    18,247  

Financial assets, net of financial liabilities

    67,623  

Deferred income taxes

    (10,372

Deferred revenue

    (35,956

First Priority Old Notes

    (238,237
   

 

 

 

Total identifiable net assets

    279,145  
   

Non-controlling interest (1)

    (3,486

Bargain purchase

    (94,488
   

 

 

 
   
    $ 181,171  
   

 

 

 

 

All assets and liabilities acquired have been measured at fair value.

 

(1) 

The fair value of the noncontrolling interest in Enlaces, a private entity, was estimated by applying the income approach. This fair value measurement is based on significant inputs that are not observable in the market and thus represents a Level 3 measurement. Key assumptions include a discount rate of 12.30%, a terminal value based on terminal earnings before interest, taxes, depreciation, and amortization, and financial multiples of entities deemed to be similar to Enlaces between 5x and 6x.

As a result of the acquisition, the Company has recorded bargain purchase of $94,488, representing the amount of the fair value of the net assets acquired in excess of the purchase price. The bargain purchase gain represents the purchase of Satmex by the Group of Investors at less than fair value of Satmex’s net assets and stems from the restructuring of Satmex. At the end of 2010, the existing debt of Satmex was set to mature within the following twelve months; additionally, Satmex required additional financing for its future satellites. Its current stockholder at that time did not actively administer or operate Satmex and had not provided further financing so that Satmex could carry out its plans with respect to future operations. Accordingly, a restructuring was entered into, which included the entrance of new active investors, willing and able to contribute the financing necessary for Satmex to continue with its future operating plans, and thus, purchase Satmex from the Sellers at a bargain purchase.

As the bargain purchase gain does not result from the operations of Satmex, it was recognized as part of Reorganized Satmex’s common stock rather than within its consolidated statement of operations.

 

2. Recapitalization Transactions

In order to address its liquidity needs, enhance its long-term growth and improve its competitive position, Satmex carried out a comprehensive recapitalization of the Company through various transactions pursuant to which the following actions have been taken (which are referred to, collectively, as the “Recapitalization Transactions”):

On December 22, 2010, Nacional Financiera, S. N. C., Institución de Banca de Desarrollo, Dirección Fiduciaria, in its capacity as trustee (the “NAFIN Trust”) and Deutsche Bank Mexico, S. A., Institución de Banca Múltiple, División Fiduciaria, in its capacity as trustee (the “Deutsche Trust”) (collectively the “Sellers”), former shareholders of Satmex, entered into a Share Purchase Agreement (the “SPA”) with Holdsat Mexico, S. A. P. I. de C. V., a variable capital investment promotion society (sociedad anónima promotora de inversion de capital variable), organized and existing under the laws of Mexico (“Holdsat Mexico”), as buyer, for the acquisition of the 100% of the outstanding voting equity interests of Satmex. On March 10, 2011, Holdsat Mexico ceded and assigned a portion of its rights under the SPA to acquire all existing Series “B” and “N” shares of Satmex to Satmex International B.V., a limited liability company organized under the laws of The Netherlands (“Satmex International BV”), which is beneficially and indirectly owned by holders of the Second Priority Secured Notes (the “Second Priority Old Notes”) of Satmex. Satmex International BV owns 49% of the common stock of Holdsat Mexico. The assignment of these rights by Holdsat Mexico to Investment Holdings resulted in both entities forming a collective group of investors (the “Group of Investors” or the “Buyers”) to acquire control in Satmex upon the effectiveness of the SPA, which occurred after the fulfillment of the following transactions:

 

   

Payment by the Buyers of $6.25 million to the Sellers for 100% of the outstanding common stock of Satmex, which occurred on May 26, 2011;

 

   

The offering and sale of the Senior Secured Notes (“Senior Secured Notes”), due 2017, for $325,000, which were initially offered on May 5, 2011 to qualified institutional buyers under Rule 144A of the Securities Act and to persons outside of the U.S. in compliance with Regulation S of the Securities Act. The Senior Secured Notes were subsequently exchanged for new exchange notes, due 2017, for a like principal amount, registered with the U.S. Securities and Exchange Commission (the “SEC”), effective September 26, 2011. The proceeds received from the Senior Secured Notes were used to repay the First Priority Senior Secured Notes due 2011 (the “First Priority Old Notes”) on May 26, 2011; and

 

   

The voluntary filing by Satmex, Alterna’TV Corporation and Alterna’TV International Corporation for protection under Chapter 11 of the U.S. Bankruptcy Code and confirmation of a prepackaged plan of reorganization filed in the United States Bankruptcy Court (the “Plan”), which such confirmation occurred on May 11, 2011. Consummation of the Plan occurred on May 26, 2011 (the “Plan Effective Date”). The Plan contemplated the following transactions:

 

   

The conversion of the Second Priority Old Notes (which were to mature in 2013) into direct or indirect equity interests representing 7.146% of the economic interests in the emerging entity (“Reorganized Satmex”) (the “Conversion Rights,” subject to dilution by any equity issued under any management incentive plan, as determined, adopted and approved by the Board of Directors of Reorganized Satmex on the Plan Effective Date, and any future issuance of equity, including certain primary rights and follow-on rights (the “Primary Rights” and the “Follow-On Rights,” respectively) of the holders of the Second Priority Old Notes as discussed below). In lieu of the Conversion Rights, the Primary Rights and the Follow-On Rights, holders of the Second Priority Old Notes could have elected to receive a cash payment of 38 cents per U.S. dollar in principal amount of the Second Priority Old Notes (including accrued and paid-in kind interest). All interested holders of Second Priority Old Notes elected the Conversion Rights, which such conversion occurred on May 26, 2011;

 

   

The offering of the Primary Rights to holders of the Second Priority Old Notes, which comprised the rights to purchase direct or indirect equity interests representing up to 85.753% of the economic interests in Reorganized Satmex for up to $96,250 (subject to dilution by any equity issued under any management incentive plan, as determined, adopted and approved by the Board of Directors of Reorganized Satmex on the Plan Effective Date, and any future issuance of equity, including the Follow-On Rights, as discussed below). The Primary Rights were exercised for $90,000, effective on May 26, 2011, representing 83.254% of the outstanding capital of Reorganized Satmex. Eligible holders of the Second Priority Old Notes also had the right to the Follow-On Rights, comprising the right to invest in their pro rata share of a follow-on issuance of equity securities in an aggregate amount of up to $40,000; this option has expired unexercised;

 

   

Aside from holders of the First Priority Old Notes and the Second Priority Old Notes which received the treatment described above, all holders of allowed claims against the debtors, including employees, trade creditors and other priority an non-priority creditors, were paid in the ordinary course during the resolution of the bankruptcy or in full on, or shortly after, the Plan Effective Date

Paid-in capital of Reorganized Satmex as a result of the SPA and the Plan is presented in Note 13 to the accompanying consolidated financial statements.

New Basis of Accounting (Push-down accounting)

As the events described above occurred as expected, the SPA became legally effective on May 26, 2011, and resulted in a change in control among the Sellers and the Group of Investors. Given these facts and as a result of becoming substantially wholly-owned by the Group of Investors, Satmex applied push-down accounting in its consolidated financial statements to reflect its acquisition by the Group of Investors. The acquisition method of accounting was applied, resulting in a new basis of accounting for the “successor period” beginning on May 26, 2011 (the “Acquisition Date”).

As a result, the Company recognized and measured, at their fair values, the identifiable assets acquired, liabilities assumed and the related noncontrolling interests. In order to determine fair values, Satmex considered the following generally accepted valuation approaches: The cost approach, the income approach and the market approach. Significant assumptions used in the determination of fair values include cash flow projections and related discount rates, industry indices, market prices regarding replacement cost and comparable market transactions. While Satmex believes that the estimates and assumptions underlying the valuation methodologies were reasonable, different assumptions could have resulted in different fair values.

 

  d. The total estimated consideration transferred, at fair value, for the acquisition of 100% of Satmex’s common stock was as follows:

 

         
Consideration at fair value:  

As of May 26,

2011

 
   

Cash paid

  $ 1,000  

Executive bonuses

    6,303  

Cash consideration paid upon completion of the share purchase agreement

    5,250  

Rights offering

    90,000  

Capitalization of Second Priority Old Notes

    78,618  
   

 

 

 
   

Fair value of total consideration transferred

  $ 181,171  
   

 

 

 

 

  e. Supplementary Pro Forma Information (Unaudited)

The following table presents the revenues and earnings (net loss) of Satmex as if the acquisition had occurred as of January 1, 2011:

 

                 
    Revenues     Net loss  
    Unaudited  
     

Actual from May 26, 2011 to December 31, 2011 (Successor Registrant)

    74,710       (18,882
     

Supplemental pro forma from January 1, 2011 to December 31, 2011

    128,010       (12,027
     

Supplemental pro forma from January 1, 2010 to December 31, 2010

    127,779       31,326  

 

Supplemental pro forma from January 1, 2011 to December 31, 2011 was adjusted to exclude $28,766, of recapitalization transaction expenses incurred in such period, as they are considered non-recurring charges.

Supplemental pro forma from January 1, 20110 to December 31, 2010 was adjusted to exclude $16,443, of recapitalization transaction expenses incurred in such period, as they are considered non-recurring charges.

 

  f. Acquisition-related costs were $47,013, of which $18,247 represent the cost of issuing the Senior Secured Notes, which was capitalized within other assets (see Note 4g) on May 5, 2011 (date of issuance of the Senior Secured Notes) and $28,766 were included in the Predecessor statement of operations within recapitalization transactions expenses.

 

  g. The following table summarizes the recognized amounts of identifiable assets, assumed liabilities and non-controlling interest, pushed-down in order to be reflected in Satmex’s financial information:

 

         
Recognized amounts of identifiable assets acquired and liabilities assumed:  

As of May 26,

2011

 
   

Satellite and equipment

  $ 344,000  

Intangible assets

    88,168  

Concessions

    45,672  

Deferred financing cost

    18,247  

Financial assets, net of financial liabilities

    67,623  

Deferred income taxes

    (10,372

Deferred revenue

    (35,956

First Priority Old Notes

    (238,237
   

 

 

 

Total identifiable net assets

    279,145  
   

Non-controlling interest (1)

    (3,486

Bargain purchase

    (94,488
   

 

 

 
   
    $ 181,171  
   

 

 

 

All assets and liabilities acquired have been measured at fair value.

 

(2) 

The fair value of the noncontrolling interest in Enlaces, a private entity, was estimated by applying the income approach. This fair value measurement is based on significant inputs that are not observable in the market and thus represents a Level 3 measurement. Key assumptions include a discount rate of 12.30%, a terminal value based on terminal earnings before interest, taxes, depreciation, and amortization, and financial multiples of entities deemed to be similar to Enlaces between 5x and 6x.

As a result of the acquisition, the Company has recorded bargain purchase of $94,488, representing the amount of the fair value of the net assets acquired in excess of the purchase price. The bargain purchase gain represents the purchase of Satmex by the Group of Investors at less than fair value of Satmex’s net assets and stems from the restructuring of Satmex. At the end of 2010, the existing debt of Satmex was set to mature within the following twelve months; additionally, Satmex required additional financing for its future satellites. Its current stockholder at that time did not actively administer or operate Satmex and had not provided further financing so that Satmex could carry out its plans with respect to future operations. Accordingly, a restructuring was entered into, which included the entrance of new active investors, willing and able to contribute the financing necessary for Satmex to continue with its future operating plans, and thus, purchase Satmex from the Sellers at a bargain purchase.

As the bargain purchase gain does not result from the operations of Satmex, it is recognized as part of Reorganized Satmex’s common stock rather than within its consolidated statement of operations.

 

XML 24 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheet (Unaudited) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Successor Registrant
Dec. 31, 2010
Predecessor Registrant
Current assets:      
Cash and cash equivalents $ 77,627 $ 79,251 $ 75,712
Accounts receivable, net 17,245 12,658 13,126
Due from related parties     840
Inventories, net of allowance for obsolescence 393 489 494
Prepaid insurance and other assets 6,102 6,687 4,911
Total current assets 101,367 99,085 95,083
Satellites and equipment, net 461,288 443,015 265,158
Concessions, net 44,180 44,628 38,185
Intangible assets 56,089 63,810 7,156
Deferred financing cost 12,903 13,677  
Guarantee deposits and other assets 789 728 873
Goodwill     32,502
Total 676,616 664,943 438,957
Current liabilities:      
Short-term portion of debt obligations     238,237
Accounts payable and accrued expenses 27,807 18,863 16,411
Deferred revenue 1,361 1,361 2,344
Income tax payable   454 101
Deferred income taxes 279 1,490 325
Total current liabilities 29,447 22,168 257,418
Debt obligations 325,000 325,000 197,873
Deferred revenue 33,460 33,800 60,666
Guarantee deposits and accrued expenses 2,747 2,904 2,677
Labor obligations 936 891 943
Deferred income taxes 24,899 19,889 5,413
Total liabilities 416,489 404,652 524,990
Contingencies and commitments         
Shareholders' equity (deficit):      
Paid-in capital (Predecessor Registrant common stock, class I, no par value, 10,312,499 shares authorized, issued and outstanding; Predecessor Registrant common stock, class II, no par value, 36,562,500 shares authorized, issued and outstanding; Successor Registrant common stock, class I, no par value, 50,000 shares authorized, issued and outstanding; Successor Registrant common stock, class II, no par value, 129,950,000 shares authorized, issued and outstanding) 275,662 275,662 46,764
Accumulated deficit (19,158) (18,882) (136,320)
Total Satelites Mexicanos, S. A. de C. V. shareholders' equity (deficit) 256,504 256,780 (89,556)
Noncontrolling interest 3,623 3,511 3,523
Total shareholders' equity (deficit) 260,127 260,291 (86,033)
Total $ 676,616 $ 664,943 $ 438,957
XML 25 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended 7 Months Ended 3 Months Ended 5 Months Ended 12 Months Ended
Mar. 31, 2012
Successor Registrant
Dec. 31, 2011
Successor Registrant
Mar. 31, 2011
Predecessor Registrant
May 25, 2011
Predecessor Registrant
Dec. 31, 2010
Predecessor Registrant
Dec. 31, 2009
Predecessor Registrant
Cash flows from operating activities:            
Net loss $ (164) $ (18,857) $ (6,363) $ (28,760) $ (13,888) $ (19,748)
Adjustments to reconcile net loss to net cash provided by operating activities:            
Net periodic pension cost   (24)     208 274
Depreciation and amortization 17,258 46,547 10,222 17,080 43,402 47,657
Deferred income taxes 3,799 10,814 (435) 1,575 191 517
Deferred revenue (340) (794) (586) (977) (2,344) (2,344)
Amortization of deferred financing costs 774 1,806        
Provision for (reversal of) allowance for doubtful accounts   1,360     172 (150)
Interest accrued to principal on debt obligations     4,020 4,020 15,495 14,318
Write-off of satellite construction costs           1,256
Labor obligations 45          
(Increase) decrease in:            
Accounts receivable (4,587) 5,594 (3,561) (6,486) (3,755) 7,888
Due from related parties     (168) 840 (376) (79)
Inventories 96 171 105 (166) (84) (223)
Prepaid insurance 585 (560) 950 1,881 784 (1,989)
Guarantee deposits and other assets (61) 277 (95) (132) (227) 69
Accounts payable, accrued expenses and income tax 8,277 (13,472) 1,285 18,594 (457) (1,977)
Guarantee deposits and accrued expenses (126) (508) (64) 665 1,889 525
Net cash provided by operating activities 25,556 32,354 5,310 8,134 41,010 45,994
Cash flows from investing activities:            
Construction in progress - satellites (including capitalized interest) (26,963) (150,537) (20,112) (42,333) (63,113)  
Acquisition of equipment (217) (1,627) (383) (635) (4,578) (1,808)
Net cash used in investing activities (27,180) (152,164) (20,495) (42,968) (67,691) (1,808)
Cash flows from financing activities:            
Proceeds from equity interest   90,000        
Repayment of First Priority Old Notes   (238,237)        
Issuance of Senior Secured Notes       325,000    
Deferred financing costs   (333)   (18,247)    
Net cash (used in) provided by financing activities   (148,570)   306,753    
Cash and cash equivalents:            
Net (decrease) increase for the period (1,624) (268,380) (15,185) 271,919 (26,681) 44,186
Beginning of period 79,251 347,631 75,712 75,712 102,393 58,207
End of period 77,627 79,251 60,527 347,631 75,712 102,393
Cash paid during the period:            
Interest paid, net of interest capitalized   16,295 8,929 40,196 32,554 28,912
Capitalized interest 6,417 11,715 2,165 3,801 2,582  
Income taxes paid 332 1,172 453   4,666 9,008
Non-cash investing activities:            
Capital expenditures incurred not yet paid 3,856 3,674 6,314 35,678 844 2,391
Non-cash financing activities:            
Capitalization of debt into common stock   $ 206,890        
XML 26 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Recapitalization Transactions Expenses
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Recapitalization Transactions Expenses [Abstract]    
Recapitalization transactions expenses
13. Recapitalization transactions expenses

This caption includes legal, financial and regulatory expenses and fees in connection with various attempts made by Satmex in each year to carry out a restructuring, reorganization or sale transaction and/or recapitalization of its outstanding indebtedness.

 

16. Recapitalization transactions expenses

This caption includes legal, financial and regulatory expenses and fees in connection with various attempts made by Satmex in each year to carry out a restructuring, reorganization or sale transaction and/or recapitalization of its outstanding indebtedness.

 

XML 27 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Business Segment Information
12 Months Ended
Dec. 31, 2011
Business Segment Information [Abstract]  
Business segment information
18. Business segment information

The Company identifies its reportable segments as the following three operating segments, based on the information used by its chief operating decision maker with respect to resource allocation and performance of the Company: Satellite services, Broadband satellite services and Programming distribution services. Satmex’s satellites are in geosynchronous orbit, and consequently are not attributable to any geographic location. Of the Company’s remaining assets, substantially all are located in Mexico.

 

  a. The following table presents the operating income (loss) items and assets information by reportable segment:

 

                                         
    Successor Registrant
For the Period From May 26, 2011 through December 31, 2011
 
    Satellite
services
   

Broadband
satellite

services

    Programming
distribution
services
    Eliminations
upon
consolidation
    Total  
           

Revenues

  $ 63,505     $ 7,448     $ 7,576     $ —       $ 78,529  

Eliminations

    (3,791     (15     (13     —         (3,819
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating revenues

    59,714       7,433       7,563       —         74,710  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Cost and expenses

    25,627       5,599       6,240       —         37,466  

Eliminations

    (8,585     (3,106     (1,011     —         (12,702
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      17,042       2,493       5,229       —         24,764  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation and amortization

    45,110       722       715       —         46,547  
           

Operating income (loss)

    (2,438     4,218       1,619       —         3,399  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Interest expense

    —         —         —         —         (8,990

Interest income

    —         —         —         —         328  

Foreign exchange loss - Net

    —         —         —         —         (1,461
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Loss before income tax

    —         —         —         —         (6,724
           

Income tax expense

    —         —         —         —         12,133  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net loss

    —         —         —         —       $ (18,857
                                   

 

 

 
           

Capital expenditures

  $ 155,604     $ 47     $ 187     $ —       $ 155,838  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total assets

  $ 657,872     $ 20,861     $ 6,982     $ (20,772   $ 664,943  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                         
    Predecessor Registrant
For the Period From January 1, 2011 through May 25, 2011
 
    Satellite
services
   

Broadband
satellite

services

    Programming
distribution
services
    Eliminations
upon
consolidation
    Total  
           

Revenues

  $ 46,577     $ 5,198     $ 4,801     $ —       $ 56,576  

Eliminations

    (2,843     (8     (15     —         (2,866
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating revenues

    43,734       5,190       4,786       —         53,710  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Cost and expenses

    22,202       5,080       3,748       —         31,030  

Eliminations

    (12,460     (2,200     (945     —         (15,605
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      9,742       2,880       2,803       —         15,425  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Depreciation and amortization

    16,682       398       167       (167     17,080  

Restructuring expenses

    28,766       —         —         —         28,766  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Operating income

    (11,456     1,912       1,816       167       (7,561
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Interest expense

    —         —         —         —         (19,499

Interest income

    —         —         —         —         150  

Foreign exchange gain - Net

    —         —         —         —         349  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Loss before income tax

    —         —         —         —         (26,561

Income tax expense

    —         —         —         —         2,199  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net loss

    —         —         —         —       $ (28,760
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Capital expenditures

  $ 78,522     $ 55     $ 69     $ —       $ 78,646  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total assets

  $ 795,778     $ 19,365     $ 8,573     $ (29,806   $ 793,910  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                         
    Predecessor Registrant
For the year ended December 31, 2010
 
    Satellite
services
   

Broadband
satellite

services

    Programming
distribution
services
    Eliminations
upon
consolidation
    Total  
           

Revenues

  $ 112,666     $ 12,924     $ 10,158     $ —       $ 135,748  

Eliminations

    (6,885     (14     (87     —         (6,986
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating revenues

    105,781       12,910       10,071       —         128,762  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Cost and expenses

    37,326       10,556       9,714       —         57,596  

Eliminations

    (12,712     (5,167     (3,064     —         (20,943
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      24,614       5,389       6,650       —         36,653  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Depreciation and amortization

    42,501       901       392       (392     43,402  

Restructuring expenses

    16,443       —         —         —         16,443  

Gain on sale of programming agreements

    (5,885     —         —         5,885       —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Operating income

    28,108       6,620       3,029       (5,493     32,264  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Interest expense

    —         —         —         —         (45,789

Interest income

    —         —         —         —         345  

Foreign exchange gain - Net

    —         —         —         —         71  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Loss before income tax

    —         —         —         —         (13,109
           

Income tax expense

    —         —         —         —         779  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net loss

    —         —         —         —       $ (13,888
                                   

 

 

 
           

Capital expenditures

  $ 67,959     $ 576     $ —       $ —       $ 68,535  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total assets

  $ 416,760     $ 17,537     $ 2,896     $ 1,764     $ 438,957  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                         
    Predecessor Registrant
For the year ended December 31, 2009
 
    Satellite
services
   

Broadband
satellite

services

    Programming
distribution
services
    Eliminations
upon
consolidation
    Total  
           

Revenues

  $ 107,183     $ 12,396     $ 10,594     $ —       $ 130,173  

Eliminations

    (5,122     (12     —         —         (5,134
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Operating revenues

    102,061       12,384       10,594       —         125,039  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Cost and expenses

    38,323       9,898       7,442       —         55,663  

Eliminations

    (12,534     (5,220     (552     —         (18,306
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      25,789       4,678       6,890       —         37,357  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Depreciation and amortization

    46,800       853       4       —         47,657  

Restructuring expenses

    3,324       —         —         —         3,324  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Operating income

    26,148       6,853       3,700       —         36,701  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Interest expense

    —         —         —         —         (43,708

Interest income

    —         —         —         —         480  

Foreign exchange gain - Net

    —         —         —         —         12  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Loss before income tax

    —         —         —         —         (6,515
           

Income tax expense

    —         —         —         —         13,233  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net loss

                                  $ (19,748
                                   

 

 

 
           

Capital expenditures

  $ 3,522     $ 677     $ —       $ —       $ 4,199  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Total assets

  $ 418,644     $ 16,493     $ 3,340     $ 930     $ 439,407  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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XML 29 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Nature of Business
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Nature of Business and Basis of Presentation [Abstract]    
Nature of business
1. Nature of business

Satélites Mexicanos, S. A. de C. V. and subsidiaries (“Satmex” or the Company) is a provider of fixed satellite services in the Americas. Satmex’s current fleet is comprised of three satellites, Satmex 6, Satmex 5, and Solidaridad 2 in contiguous orbital slots that enable its customers to effectively serve its entire coverage footprint utilizing a single satellite connection.

Satmex primarily provides commercial satellite services through Satmex 6 and Satmex 5, which have a total of 108 C- and Ku-band 36 MHz transponder equivalents. Satmex has started construction and entered into a launch services agreement for a new satellite, Satmex 8, which will replace Satmex 5. Satmex anticipates that construction of Satmex 8 will be completed by July 2012 and that Satmex 8 will be in-service by the end of 2012. In March 2008, Solidaridad 2 was placed in inclined orbit. It primarily provided L-band service to the Mexican government for national security and social services. On June 1, 2011, Satmex received the results of an independent study and based on such study Satmex has decided to de-orbit the satellite. Satmex intends to pursue plans for a new satellite, Satmex 7, to occupy the orbital slot of Solidaridad 2 and offer both C- and Ku-band services. In the interim, Satmex anticipates transferring Satmex 5 to the Solidaridad 2 orbital slot once Satmex 8 is in orbit.

Satmex also offers the programming distribution services segment to offer TV programs in Spanish for Hispanic communities living in the United States of America (“USA”). Through one of its subsidiaries, the Company also provides other broadband satellite transmission capacity services for various applications, such as internet access via satellite, telecommunication transmission and broadcasting.

 

1. Nature of business

Satélites Mexicanos, S. A. de C. V. and subsidiaries (“Satmex” and together with its subsidiaries, the “Company”) is a provider of fixed satellite services (“FSS”) in the Americas. Satmex’s current fleet is comprised of three satellites, Satmex 6, Satmex 5, and Solidaridad 2 in contiguous orbital slots that enable its customers to effectively serve its entire coverage footprint utilizing a single satellite connection. Satmex’s business provides mission-critical communication services to a diverse range of customers, including large telecommunications companies, private and state-owned broadcasting networks, cable and direct-to-home satellite television operators, and public and private telecommunications networks operated by financial, industrial, transportation, tourism, educational and media companies as well as governmental entities. Satmex provides services primarily to three types of customers: data, voice-over IP networks and video.

Satmex primarily provides commercial FSS through Satmex 6 and Satmex 5, which have a total of 108 C- and Ku-band 36 MHz transponder equivalents. Satmex has started construction and entered into a launch services agreement for a new satellite, Satmex 8, which will replace Satmex 5. Satmex anticipates that Satmex 8 will be in-service by the end of 2012. In March 2008, Solidaridad 2 was placed in inclined orbit. It primarily provided L-band service to the Mexican government for national security and social services. As of December 31, 2010, Satmex estimated that Solidaridad 2 could remain in inclined orbit for 2.5 years but in early 2011 Satmex began to suspect that it had less propellant than needed to continue to operate in inclined orbit for that period. On June 1, 2011, Satmex received the results of an independent study and based on such study Satmex has decided to de-orbit the satellite. On March 13, 2012, Satmex entered into a definitive construction agreement with Boeing for the design, construction and delivery of a new satellite, Satmex 7, which will occupy the orbital slot of Solidaridad 2 and offer both C- and Ku-band services. In the interim, Satmex anticipates transferring Satmex 5 to the Solidaridad 2 orbital slot once Satmex 8 is in orbit.

Satmex operates and monitors satellite fleet from two specialized earth stations or satellite control centers, located in Iztapalapa, Mexico, and Hermosillo, Mexico.

In addition to the core FSS business, which is reported as “Satellite services” segment, Satmex also offers the programming distribution services segment to offer TV programs in Spanish for Hispanic communities living in the United States of America (“USA”). Through one of its subsidiaries, the Company also provides other broadband satellite transmission capacity services for various applications, such as internet access via satellite, telecommunication transmission and broadcasting

 

XML 30 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheet (Parenthetical) (Unaudited) (USD $)
Mar. 31, 2012
Common Stock, Class I
Mar. 31, 2012
Common Stock, Class II
Dec. 31, 2011
Successor Registrant
Common Stock, Class I
Dec. 31, 2011
Successor Registrant
Common Stock, Class II
Dec. 31, 2010
Predecessor Registrant
Common Stock, Class I
Dec. 31, 2010
Predecessor Registrant
Common Stock, Class II
Common stock, par value                  
Common stock, shares authorized 50,000 129,950,000 50,000 129,950,000 10,312,499 36,562,500
Common stock, shares issued 50,000 129,950,000 50,000 129,950,000 10,312,499 36,562,500
Common stock, shares outstanding 50,000 129,950,000 50,000 129,950,000 10,312,499 36,562,500
XML 31 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Debt Obligations
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Debt Obligations [Abstract]    
Debt obligations
10. Debt obligations

The balances of the Senior Secured Notes as of March 31, 2012 and December 31, 2011 is $325.0 million.

The principal characteristics of the Senior Secured Notes are as follows:

 

   

Maturity is on May 15, 2017.

 

   

Fixed annual interest of 9.5%, payable semi-annually in arrears on May 15 and November 15 of each year.

 

   

Fully and unconditionally guaranteed, jointly and severally, on a first priority senior secured basis by all of the existing U.S. subsidiaries and all future material subsidiaries of Satmex, subject to certain exceptions (see Note 15).

 

   

Optional redemption at any time prior to May 15, 2014, pursuant to which Satmex may redeem up to 35% of the aggregate principal amount of the Notes, plus accrued and unpaid interest.

 

   

In the event of a change of control, the holders have the right to require Satmex to repurchase the Senior Secured Notes at 101% of their issue price, plus accrued and unpaid interest.

 

The indenture related to the Senior Secured Notes issued by Satmex establishes certain covenants, common for this type of transaction. Principal covenants are as follows:

 

   

The Company should pay the notes on the dates and in the manner provided by the indenture.

 

   

The Company should maintain an office or agency where the notes may be surrendered for registration.

 

   

The Company should furnish to the holders of the notes and the Trustee all annual reports on Form 20-F, within 180 days after the end of the financial year.

 

   

The Company and each guarantor should deliver to each of the Trustee and the Collateral Trustee and officers’ certificate stating that such officers have made a review of the activities of the companies.

 

   

The Company should not permit any of its restricted subsidiaries to declare or pay any dividends, purchase or redeem any equity interest of the Company or make any restricted investment as defined in the indenture.

 

   

The Company should not incur any additional indebtedness or issue preferred stock unless permitted by the indenture.

 

   

The Company should not permit any of its restricted subsidiaries to consummate any asset disposition, unless permitted by the indenture.

As of March 31, 2012, Satmex has complied with these obligations.

As a result of the Recapitalization Transactions, the First Priority Old Notes were full repaid on May 26, 2011 and the Second Priority Old Notes were converted into direct or indirect equity interests in Reorganized Satmex (Successor Registrant) on May 26, 2011 (see Note 2).

 

11. Debt obligations

The carrying amounts and fair values of the long-term debt and due dates of the Senior Secured Notes, First Priority Old Notes and Second Priority Old Notes are as follows:

 

                                 
    Successor Registrant
2011
    Predecessor Registrant
2010
 
    Amount     Fair Value (1)     Amount     Fair Value (1)  

Senior Secured Notes at annual fixed rate of 9.5%, due in 2017

  $ 325,000     $ 314,031     $ —       $ —    
         

First Priority Old Notes at variable rate (10.50% plus the greater of the quarterly Eurodollar rate and 1.50%), due in 2011

    —         —         238,237       230,852  

Second Priority Old Notes at annual fixed rate of 10.125%, due in 2013 (aggregate interest added to the principal is $57,873 at December 31, 2010)

    —         —         197,873       76,240  
   

 

 

   

 

 

   

 

 

   

 

 

 
         

Total debt

    325,000     $ 314,031       436,110     $ 307,092  
           

 

 

           

 

 

 
         

Less: Short-term portion of debt obligations

    —                 238,237          
   

 

 

           

 

 

         
         
    $ 325,000             $ 197,873          
   

 

 

           

 

 

         

 

(1) 

The fair value for debt obligations is determined using quoted market prices. Fair value is based upon pricing information with respect to the trading of the bonds in a secondary market, obtained from several leading market data providers and leading brokerage firms. Inputs used to determine the fair value are classified as Level 1 within the fair value hierarchy from FASB ASC 820, Fair Value Measurements.

The principal characteristics of the Senior Secured Notes are as follows:

 

   

Maturity is on May 15, 2017.

 

   

Fixed annual interest of 9.5%, payable semi-annually in arrears on May 15 and November 15 of each year.

 

   

Fully and unconditionally guaranteed, jointly and severally, on a first priority senior secured basis by all of the existing U.S. subsidiaries and all future material subsidiaries of Satmex, subject to certain exceptions (see Note 19).

 

   

Optional redemption at any time prior to May 15, 2014, pursuant to which Satmex may redeem up to 35% of the aggregate principal amount of the Notes, plus accrued and unpaid interest.

 

   

In the event of a change of control, the holders have the right to require Satmex to repurchase the Senior Secured Notes at 101% of their issue price, plus accrued and unpaid interest.

The indenture related to the Senior Secured Notes issued by Satmex establishes certain covenants, common for this type of transaction. Principal covenants are as follows:

 

   

The Company should pay the notes on the dates and in the manner provided by the indenture.

 

   

The Company should maintain an office or agency where the notes may be surrendered for registration.

 

   

The Company should furnish to the holders of the notes and the Trustee all annual reports on Form 20-F, within 180 days after the end of the financial year.

 

   

The Company and each guarantor should deliver to each of the Trustee and the Collateral Trustee and officers’ certificate stating that such officers have made a review of the activities of the companies.

 

   

The Company should not permit any of its restricted subsidiaries to declare or pay any dividends, purchase or redeem any equity interest of the Company or make any restricted investment as defined in the indenture.

 

   

The Company should not incur any additional indebtedness or issue preferred stock unless permitted by the indenture.

 

   

The Company should not permit any of its restricted subsidiaries to consummate any asset disposition, unless permitted by the indenture.

As of December 31, 2011, Satmex has complied with these obligations.

As a result of the Recapitalization Transactions, the First Priority Old Notes were full repaid on May 26, 2011 and the Second Priority Old Notes were converted into direct or indirect equity interests in Reorganized Satmex (Successor Registrant) on May 26, 2011 (see Note 2).

 

XML 32 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
12 Months Ended
Dec. 31, 2011
Document and Entity Information [Abstract]  
Entity Registrant Name SATELITES MEXICANOS SA DE CV
Entity Central Index Key 0001063131
Document Type F-4
Document Period End Date Dec. 31, 2011
Amendment Flag false
Entity Filer Category Non-accelerated Filer
XML 33 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Labor Obligations
3 Months Ended
Mar. 31, 2012
Labor Obligations [Abstract]  
Labor obligations
12. Labor obligations

For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the years ended December 2010 and 2009 (Predecessor Registrant), net periodic cost associated with labor obligations was $150, $0, $208 and $274, respectively. Other disclosures required by U.S. GAAP are not considered material.

 

XML 34 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Operations (USD $)
In Thousands, unless otherwise specified
3 Months Ended 7 Months Ended 3 Months Ended 5 Months Ended 12 Months Ended
Mar. 31, 2012
Successor Registrant
Dec. 31, 2011
Successor Registrant
Mar. 31, 2011
Predecessor Registrant
May 25, 2011
Predecessor Registrant
Dec. 31, 2010
Predecessor Registrant
Dec. 31, 2009
Predecessor Registrant
Revenues:            
Satellite services $ 25,827 $ 59,714 $ 26,634 $ 43,734 $ 105,781 $ 102,061
Broadband satellite services 2,320 7,433 3,186 5,190 12,910 12,384
Programming distribution services 3,690 7,563 2,808 4,786 10,071 10,594
Total revenues 31,837 74,710 32,628 53,710 128,762 125,039
Cost of satellite services 2,114 [1] 6,191 [1] 2,572 [1] 4,401 [1] 11,405 [1] 12,884 [1]
Cost of broadband satellite services 421 [1] 1,388 [1] 441 [1] 685 [1] 2,821 [1] 2,249 [1]
Cost of programming distribution services 1,848 [1] 4,393 [1] 1,555 [1] 2,625 [1] 5,387 [1] 5,331 [1]
Selling and administrative expenses 4,660 [1] 12,792 [1] 4,761 [1] 7,714 [1] 17,040 [1] 16,893 [1]
Depreciation and amortization 17,258 46,547 10,222 17,080 43,402 47,657
Recapitalization transactions expenses     8,846 [2] 28,766 16,443 3,324
Cost of services total 26,301 71,311 28,397 61,271 96,498 88,338
Operating income (loss) 5,536 3,399 4,231 (7,561) 32,264 36,701
Other (expenses) income:            
Interest expense (2,498) (8,990) (10,673) (19,499) (45,789) (43,708)
Interest income 107 328 94 150 345 480
Foreign exchange (loss) gain - net 573 (1,461) 173 349 71 12
Income (loss) before income tax 3,718 (6,724) (6,175) (26,561) (13,109) (6,515)
Income tax expense 3,882 12,133 188 2,199 779 13,233
Net loss (164) (18,857) (6,363) (28,760) (13,888) (19,748)
Less: Net income (loss) attributable to noncontrolling interest 112 25 (7) 3 444 406
Net loss attributable to Satelites Mexicanos, S. A. de C. V. $ (276) $ (18,882) $ (6,356) $ (28,763) $ (14,332) $ (20,154)
[1] Exclusive of depreciation and amortization shown separately below.
[2] Recapitalization transactions expenses consist of cost incurred by Satmex as part of its activities to restructure its capital structure (including principally financial advisory, professional and regulatory fees)
XML 35 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accounts Receivable
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Accounts Receivable [Abstract]    
Accounts receivable
6. Accounts receivable

 

                 
    March 31, 2012     December 31, 2011  
     

Customers

  $ 15,387     $ 11,748  

Allowance for doubtful accounts

    (561     (1,360
   

 

 

   

 

 

 
      14,826       10,388  

Recoverable income taxes

    1,597       1,519  

Recoverable value-added tax and tax withholdings

    695       651  

Other

    127       100  
   

 

 

   

 

 

 
     
    $ 17,245     $ 12,658  
   

 

 

   

 

 

 

 

6. Accounts receivable

As of December 31, accounts receivable consist of:

 

                 
   

Successor

Registrant
2011

   

Predecessor

Registrant
2010

 
     

Customers

  $ 11,748     $ 8,315  

Allowance for doubtful accounts

    (1,360     (532
   

 

 

   

 

 

 
      10,388       7,783  

Recoverable income taxes

    1,519       3,665  

Recoverable value-added tax and tax withholdings

    651       1,023  

Other

    100       655  
   

 

 

   

 

 

 
     
    $ 12,658     $ 13,126  
   

 

 

   

 

 

 

 

XML 36 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Cash and Cash Equivalents
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Cash and Cash Equivalents [Abstract]    
Cash and cash equivalents
5. Cash and cash equivalents

 

                 
    March 31, 2012     December 31, 2011  
     

Cash

  $ 3,065     $ 4,142  

Cash equivalents (1)

    74,562       75,109  
   

 

 

   

 

 

 
     
    $ 77,627     $ 79,251  
   

 

 

   

 

 

 

 

(1) The Company’s cash equivalents consist mainly of treasury bills with original maturities less than 20 days.

 

5. Cash and cash equivalents

As of December 31, cash and cash equivalents consist of:

 

                 
   

Successor

Registrant
2011

   

Predecessor

Registrant
2010

 
     

Cash

  $ 4,142     $ 3,648  

Cash equivalents (1)

    75,109       72,064  
   

 

 

   

 

 

 
     
    $ 79,251     $ 75,712  
   

 

 

   

 

 

 

 

(2) The Company’s cash equivalents consist mainly of treasury bills with original maturities less than 20 days.

 

XML 37 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Contingencies and Commitments
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Contingencies and Commitments [Abstract]    
Contingencies and commitments
14. Contingencies and commitments

Satellite and insurance matters

 

  a. In December 2011, Satmex renewed the in-orbit insurance policy for Satmex 6, which expires on December 5, 2012, and provides coverage for $288 million. The insurance companies have the right to review the terms and conditions of the insurance policy, including the right to terminate the insurance coverage.

The insurance policy terms and conditions are in accordance with current industry standards. Any uninsured loss of Satmex 6 would not have a material effect on Satmex’s results of operations and financial position.

 

In December 2011, Satmex renewed the in-orbit insurance policy for Satmex 5, which expires on December 5, 2012. As of March 31 2012, Satmex 5 is insured with coverage of $17.5 million. This insurance is based upon asset value and shall be reduced from $20.2 million in January 2012 to $5.4 million in December 2012.

The Satmex 5 insurance policy excludes coverage for the Xenon Ion Propulsion System (“XIPS”) and any other anomaly related to this system. It also has another exclusion related to the anomaly from the channel 1C.

Satmex 5 operates using the chemical propellant subsystem. Due to a XIPS failure that occurred during 2010, the estimated remaining life of the satellite is 0.88 years as of March 31, 2012. Such failure does not have an impact on the service capacity of Satmex 5.

The insurance policy terms and conditions are in accordance with current industry standards. Any uninsured loss of Satmex 5 could have a material adverse effect on Satmex’s results of operations and financial position.

 

  b. The in-orbit insurance for Solidaridad 2 was not renewed primarily because the satellite’s geostationary life was ended in 2009. Any uninsured loss of Solidaridad 2 would not have a material adverse effect on Satmex’s results of operations and financial condition.

 

Commitments

 

  c. Satmex entered into a contract with Space Systems/Loral, Inc. (“SS/L”) and granted to SS/L a usufruct right (a Mexican law concept that grants another person the right to use and benefit from another person’s property) over certain transponders on the Satmex 5 and Satmex 6 satellites, until the end of the life of such satellites. SS/L was not required to post a bond related to the usufruct arrangement. In the event that Satmex or a new shareholder decides not to continue with the usufruct arrangement, SS/L has the right to receive the higher of a percentage of the net sale value of Satmex 6 and Satmex 5 or an amount equal to the market value related to the transponders granted under the usufruct arrangement.

 

  d. State Reserve - Under the orbital concessions granted by the Mexican federal government, Satmex must provide, at no charge, satellite capacity of approximately 362.88 MHz to the Mexican federal government in C- and Ku- bands.

 

  e. On October 15, 1997, the Mexican government granted a property concession that relates to Satmex’s use of the land and buildings on which its satellite control centers are located and allows Satmex to base its ground station equipment within telecommunication facilities that belong to the Mexican government. Under such concession, Satmex is obliged to pay an annual fee, equivalent to 7.5% of the total value of the land, which is determined by appraisal experts assigned by the Mexican federal government. For the three months ended March 31, 2012 and 2011, the fees paid were $126 and $136, respectively.

 

  f. On May 7, 2010, but effective as of April 1, 2010, Satmex entered into a construction contract (the “Construction Agreement”) with SS/L for the design and construction of a new, 64 transponder, C- and Ku- band satellite, to be named Satmex 8 and which will replace Satmex 5.

The Construction Agreement provides that SS/L will have the satellite ready for shipment to the launch site prior to July 1, 2012. The Construction Agreement contemplates a fixed price for the construction of Satmex 8 and specified support services, plus additional costs depending on the launch vehicle selected and Satmex 8’s achievement of orbital performance. Payments are due from Satmex upon SS/L achieving specified milestones.

On December 23, 2010, Satmex entered into a Launch Services Agreement (the “Launch Services Agreement”) with ILS International Launch Services, Inc. (“ILS”) for the launch of Satmex 8. The Launch Services Agreement provides for the launch of Satmex 8 in the third quarter of 2012. Amounts due to ILS for launch services under the agreement are payable prior to the launch date.

 

  g. On June 20, 2008, SS/L and Satmex entered into an Authorization to Proceed (“ATP-S7”) for Satmex 7. On October 2, 2009, Satmex, with the approval of SS/L, assigned ATP-S7 to Alterna’TV Corp. Satmex agreed to be jointly and severally liable for Alterna’TV Corp.’s obligations under ATP-S7 and unconditionally guaranteed to SS/L the due and timely performance by Alterna’TV Corp. of all the present and future undertakings and obligations to SS/L under ATP-S7. On December 3, 2010, Alterna’TV Corp. and SS/L entered into a Second Amendment to ATP-S7, to extend the term of the ATP-S7 to December 31, 2011. On December 22, 2011, the Company entered into a Third Amendment, to extend the term of the ATP-S7 to December 31, 2012.

Satmex has no obligations beyond the $2.6 million already paid to SS/L.

 

  h. On February 3, 2012, the Company entered into a contract for launch services (the “Satmex Launch Services Agreement”) with Space X Exploration Technologies Corp. for the launch of a dual-satellite payload which includes its next generation satellite, designed Satmex 7 (“Satmex 7”).

On March 13, 2012, Satmex entered into a construction agreement, (the “Satmex Procurement Agreement”), with Boeing Satellite Systems International, Inc. (“Boeing”), for the design, construction and delivery of Satmex 7. The construction program provides for a 34 months construction schedule, with a scheduled launch period between December 2014 and February 2015.

 

On March 13, 2012, Satmex and Asia Broadcast Satellite Holdings Ltd. (“ABS”) also entered into a master procurement agreement with Boeing (the “Master Procurement Agreement”), which establishes the framework for the joint administration by Satmex and ABS of the procurement program. In addition to entering into the Satmex Procurement Agreement with Boeing, Satmex also entered into a bilateral agreement with ABS on March 13, 2012 (the “Bilateral Agreement”), in which the parties agreed to share launch services costs, allocate common procurement program costs and cross-indemnify each other for any actions or changes to the procurement program made by Satmex or ABS that adversely affect the costs, timing, delivery or launch of the other party’s satellite or satellites.

 

  i. Satmex leases two floors in the building where its headquarters are located. The corresponding lease agreement establishes a mandatory period of five years and three months as of October 2008 and ending in December 2013. For the three months ended March 31, 2012 and 2011, rental expense was $129 and $124, respectively. The minimum future payments are as follows:

 

         

Years

       

2012 (remaining nine months)

  $ 388  

2013

    517  
   

 

 

 
   
    $ 905  
   

 

 

 

 

  j. Future minimum revenues due from customers under non-cancelable operating lease contracts, which include a penalty clause against customers in case of early termination, for transponder capacity on satellites in-orbit as of March 31, 2012, are as follows:

 

         

Years

       

2012 (remaining nine months)

  $ 73,004  

2013

    66,958  

2014

    25,356  

2015

    11,887  

Thereafter

    26,046  
   

 

 

 
   
    $ 203,251  
   

 

 

 

Other Matters

 

  k. The primary and alternate control centers used by Satmex to operate its satellites form part of a building complex that also houses equipment owned and used by the Mexican federal government’s teleport and mobile satellite services systems. Under its property concession, Satmex can only use these control centers for the operation of satellites. However, the teleport of Enlaces is also housed at the primary control center. A request for approval to use the control center for the operation of Enlaces’ teleport was filed with SCT in July 2000. In March 2009, Enlaces provided the SCT with a list of the equipment and antennas being used at the control center that are independent of Satmex’s satellite operations.

On May 14, 2010, the SCT issued an amendment to the property concession granted on October 15, 1997, under which the Company may, with prior authorization from the SCT, lease or give under a commodatum (i.e., a rent-free lease) agreement, segments of the primary and alternate control centers to third parties as long as such segments are used for activities related to the subject matter of the property concession. This amendment allows the Company, among other things, to provide control and satellite operation services to other operators, with the prior authorization of the SCT.

Pursuant to this amendment to the property concession, the Company filed a new authorization request for Enlaces’ teleport to be housed at Satmex’s primary control center on May 17, 2010. Authorization is pending as of the date of the accompanying unaudited condensed consolidated financial statements.

 

17. Contingencies and commitments

Satellite and insurance matters

 

  n. In December 2011, Satmex renewed the in-orbit insurance policy for Satmex 6, which expires on December 5, 2012, and provides coverage for $288 million. The insurance companies have the right to review the terms and conditions of the insurance policy, including the right to terminate the insurance coverage.

The insurance policy terms and conditions are in accordance with current industry standards. Any uninsured loss of Satmex 6 would have a material adverse effect on Satmex’s results of operations and financial position.

 

  o. In December 2011, Satmex renewed the in-orbit insurance policy for Satmex 5, which expires on December 5, 2012, and provides coverage for $21.5 million as of December 31, 2011.

The Satmex 5 insurance policy excludes coverage for the Xenon Ion Propulsion System (“XIPS”) and any other anomaly related to this system. It also has another exclusion related to the anomaly from the channel 1C.

Satmex 5 operates using the chemical propellant subsystem. Due to a XIPS failure that occurred during 2010, the estimated remaining life of the satellite is 0.94 years as of December 31, 2011. Such failure does not have an impact on the service capacity of Satmex 5.

The insurance policy terms and conditions are in accordance with current industry standards. Any uninsured loss of Satmex 5 could have a material adverse effect on Satmex’s results of operations and financial position.

 

  p. The in-orbit insurance for Solidaridad 2 was not renewed primarily because the satellite’s geostationary life was ended in 2009. Any uninsured loss of Solidaridad 2 would not have a material adverse effect on Satmex’s results of operations and financial condition.

Legal matters

 

  q. The management of the Company is not aware of any material pending litigation against Satmex, nor are its assets subject to any legal action.

 

  r. On January 1, 2008, the IETU Law went into effect. Satmex, on one hand, and Enlaces, the Service Companies and HPS, on the other hand, have submitted appeals against the IETU Law to minimize Satmex’s tax burden.

On March 22, 2010, the appeals submitted by Enlaces, the Service Companies and HPS against the IETU Law were denied due to the fact that the latter was considered constitutional.

On June 14, 2010, through a court resolution, the appeal submitted by Satmex against the IETU Law was denied; as a result Satmex submitted a second appeal for review of such court decision. On October 27, 2011, the second appeal was also denied, confirming the court resolution. Therefore, no further actions can be taken against the IETU law and the lawsuit is considered closed.

 

Commitments

 

  s. Satmex entered into a contract with Space Systems/Loral, Inc. (“SS/L”) and granted to SS/L a usufruct right (a Mexican law concept that grants another person the right to use and benefit from another person’s property) over certain transponders on the Satmex 5 and Satmex 6 satellites, until the end of the life of such satellites. SS/L was not required to post a bond related to the usufruct arrangement. In the event that Satmex or a new shareholder decides not to continue with the usufruct arrangement, SS/L has the right to receive the higher of a percentage of the net sale value of Satmex 6 and Satmex 5 or an amount equal to the market value related to the transponders granted under the usufruct arrangement.

 

  t. State Reserve - Under the orbital concessions granted by the Mexican federal government, Satmex must provide, at no charge, satellite capacity of approximately 362.88 MHz to the Mexican federal government in C- and Ku- bands.

 

  u. On October 15, 1997, the Mexican government granted a property concession that relates to Satmex’s use of the land and buildings on which its satellite control centers are located and allows Satmex to base its ground station equipment within telecommunication facilities that belong to the Mexican government. Under such concession, Satmex is obliged to pay an annual fee, equivalent to 7.5% of the total value of the land, which is determined by appraisal experts assigned by the Mexican federal government. For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the years ended December 2010 and 2009 (Predecessor Registrant), the fees paid were $283, $224, $479 and $359, respectively.

 

  v. On May 7, 2010, but effective as of April 1, 2010, Satmex entered into a construction contract (the “Construction Agreement”) with SS/L for the design and construction of a new, 64 transponder, C- and Ku- band satellite, named Satmex 8 and which will replace Satmex 5.

The Construction Agreement provides that SS/L will have the satellite ready for shipment to the launch site prior to July 1, 2012. The Construction Agreement contemplates a fixed price for the construction of Satmex 8 and specified support services, plus additional costs depending on the launch vehicle selected and Satmex 8’s achievement of orbital performance. Payments are due from Satmex upon SS/L achieving specified milestones.

On December 23, 2010, Satmex entered into a Launch Services Agreement (the “Launch Services Agreement”) with ILS International Launch Services, Inc. (“ILS”) for the launch of Satmex 8. The Launch Services Agreement provides for the launch of Satmex 8 in the third quarter of 2012. Amounts due to ILS for launch services under the agreement are payable prior to the launch date.

 

  w. On June 20, 2008, SS/L and Satmex entered into an Authorization to Proceed (“ATP-S7”) for Satmex 7. On October 2, 2009, Satmex, with the approval of SS/L, assigned ATP-S7 to Alterna’TV Corp. Satmex agreed to be jointly and severally liable for Alterna’TV Corp.’s obligations under ATP-S7 and unconditionally guaranteed to SS/L the due and timely performance by Alterna’TV Corp. of all the present and future undertakings and obligations to SS/L under ATP-S7. On December 3, 2010, Alterna’TV Corp. and SS/L entered into a Second Amendment to ATP-S7, to extend the term of the ATP-S7 to December 31, 2011. On December 22, 2011, the Company entered into a Third Amendment, to extend the term of the ATP-S7 to December 31, 2012.

Satmex has no obligations beyond the $2.6 million already paid to SS/L.

 

  x. Satmex leases two floors in the building where its headquarters are located. The corresponding lease agreement establishes a mandatory period of five years and three months as of October 2008 and ending in December 2013. For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the years ended December 2010 and 2009 (Predecessor Registrant), rent expense was $207, $503, $494 and $374, respectively. The minimum future payments are as follows:

 

         
Years      
   

2012

  $ 517  

2013

    517  
   

 

 

 
   
    $ 1,034  
   

 

 

 

 

  y. Future minimum revenues due from customers under non-cancelable operating lease contracts, which include a penalty clause against customers in case of early termination, for transponder capacity on satellites in-orbit as of December 31, 2011, are as follows:

 

         
Years      
   

2012

  $ 95,056  

2013

    63,198  

2014

    21,613  

2015

    11,424  

Thereafter

    25,503  
   

 

 

 
   
    $ 216,794  
   

 

 

 

Other Matters

 

  z. The primary and alternate control centers used by Satmex to operate its satellites form part of a building complex that also houses equipment owned and used by the Mexican federal government’s teleport and mobile satellite services systems. Under its property concession, Satmex can only use these control centers for the operation of satellites. However, the teleport of Enlaces is also housed at the primary control center. A request for approval to use the control center for the operation of Enlaces’ teleport was filed with SCT in July 2000. In March 2009, Enlaces provided the SCT with a list of the equipment and antennas being used at the control center that are independent of Satmex’s satellite operations.

On May 14, 2010, the SCT issued an amendment to the property concession granted on October 15, 1997, under which the Company may, with prior authorization from the SCT, lease or give under a commodatum (i.e., a rent-free lease) agreement, segments of the primary and alternate control centers to third parties as long as such segments are used for activities related to the subject matter of the property concession. This amendment allows the Company, among other things, to provide control and satellite operation services to other operators, with the prior authorization of the SCT.

Pursuant to this amendment to the property concession, the Company filed a new authorization request for Enlaces’ teleport to be housed at Satmex’s primary control center on May 17, 2010. Authorization is pending as of the date of the accompanying consolidated financial statements.

 

XML 38 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Shareholders' Equity [Abstract]    
Shareholders' equity
11. Shareholders’ equity

After giving effect to the Recapitalization Transactions and the application of the proceeds therefrom, Satmex is owned principally by Holdsat Mexico and Investment Holdings BV. Investment Holdings BV equity interests are owned indirectly by Satmex Investment Holdings L.P., an exempted limited partnership organized under the laws of the Cayman Islands (“Investment Holdings LP”), which owns 99.99% of such equity interests, and Satmex Investment Holdings GP Ltd., an exempted limited company organized under the laws of the Cayman Islands (“Investment Holdings GP” and together with Investment Holdings LP, “Investment Holdings”), which is the general partner of Investment Holdings LP and owns 0.01% of such equity interests. Eligible former holders of the Second Priority Old Notes own 100.00% of the interests in Investment Holdings. Holders that are not eligible to hold their interests through Investment Holdings hold shares of reorganized Satmex directly.

 

  a. As of March 31, 2012, the authorized, issued and outstanding common stock is as follows:

 

                                                     
      Variable Capital Class II           Rights %  

Fixed

Class I Series A

    Series A     Series B     Series N     Total     Voting     Economic  
             
  50,000       6,580,000       —         —         6,630,000       51.000       5.10000  
  —         —         6,363,339       116,877,651       123,240,990       48.950       94.80076  
  —         —         1,113       20,448       21,561       0.008       0.01659  
  —         —         4,081       74,963       79,044       0.031       0.06080  
  —         —         1,467       26,938       28,405       0.011       0.02185  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             
  50,000       6,580,000       6,370,000       117,000,000       130,000,000       100.000       100.00000  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Satmex is authorized to issue three types of shares: Series A shares, Series B shares, and Series N shares.

 

   

The Series A shares of Satmex entitle holders thereof to 51.0% of Satmex’s voting rights and 5.1% of its economic rights. The Series A shares may be owned only by Mexican individuals, Mexican entities that are owned only by Mexican individuals or entities or Mexican entities in which at least 51.0% of the capital is owned by Mexican individuals or entities (if entities, only if at least 51.0% of the capital of such entities is also owned by Mexican individuals or entities). All Series A shares of Satmex are owned by Holdsat México.

 

   

Series B shares of Satmex entitle the holders thereof to 49.0% of Satmex’s voting rights and 4.9% of the economic rights. The Series B shares may be owned by any person including foreign investors. The Series B shares of Satmex are currently held by (i) Investment Holdings BV, with 6,363,339 shares, (ii) EJA Holdings LTD, with 1,113 shares, and (iii) Centerbridge Capital Partners SBS (Cayman) L.P., with 4,081 shares. Satmex currently holds 1,467 Series B shares in its treasury.

 

   

Series N shares of Satmex entitle holders of such Series N shares to 90.0% of the economic rights and limited voting rights. The holders of Series N shares may vote only on the following matters: (i) extension of Satmex’s corporate existence; (ii) dissolution; (iii) change of corporate purpose; (iv) change of nationality; (v) transformation of Satmex from one type of entity to another; (vi) merger of Satmex with and into another entity; or (vii) spin-off of certain Satmex assets into another entity. The Series N shares may be owned by any person, including foreign investors. Under Mexican law, foreign investment in Satmex’s capital, represented by full voting rights shares, may not exceed 49.0%. The Series N shares, however, are not taken into account in determining the level of foreign investment. The Series N shares of Satmex are currently held by (i) Investment Holdings BV, with 116,877,651 shares, (ii) EJA Holdings LTD, with 20,448 shares, and (iii) Centerbridge Capital Partners SBS (Cayman) L.P., with 74,963 shares. Satmex currently holds 26,938 Series N shares in its treasury.

 

  b. Pursuant to a unanimous resolutions adopted by the shareholders at a meeting held on May 26, 2011, the following resolutions were authorized:

 

   

The outstanding shares formerly held by the NAFIN Trust and the Deutsche Trust, representing the total common stock of the Company as of May 26, 2011, were exchanged through a reverse stock split with a ratio of 10 to 1, resulting in 4,687,500 shares. The stock split has been reflected retrospectively in the accompanying unaudited condensed consolidated financial statements.

 

   

Variable common stock was increased by the issuance of 5,713,333 common, nominative, Class II, Series “A” shares, without par value, through cash contributions of $7,680 in exchange of 5.1% of the economic interest in the Company.

 

   

Variable common stock was increased by the issuance of 104,459,367 Class II ordinary shares, without par value, of which (i) 5,620,000 are Series “B” shares and (ii) 98,839,367 are Series “N” shares, through cash contributions of $82,320 in exchange for 83.254% of the economic interests in the Company.

 

   

Pursuant to the Plan, effective on May 26, 2011, 100% of the Second Priority Old Notes were cancelled and converted into the right to receive equity interest (the “Conversion Interest” described in Note 2), directly or indirectly, in the aggregate of 7.146% of the capital stock of the Company. The capitalization of the Conversion Rights and the cancellation of the Second Priority Old Notes were made at the face amount of the Second Priority Old Notes of $206,890, as follows:

 

   

Variable common stock was increased by the issuance of 9,289,800 Series “N” Class II, shares, without par value, for the capitalization of the Conversion Rights and the cancellation of the Second Priority Old Notes, through the capitalization of liabilities for $70,457.

 

   

A paid-in capital premium was recognized of $136,433 for the shares subscription in consideration of the Conversion Rights and the cancellation of the Second Priority Old Notes; the amount of such premium was capitalized pro rata between the shareholders of the Company in the proportion of their participation percentage in the capital stock of the Company without issuance of new shares.

 

   

A put premium was capitalized in the amount of $7,855, in exchange of 4.5% of the economic interests in the Company. The amount of shares issued in exchange for the capitalization of the put premium was 5,850,000 Series “N” Class II, shares, without par value.

 

  c. As of March 31, 2012 the common stock of Satmex amounted to $275,662.

 

  d. Shareholders’ equity, except restated tax contributed capital and tax-retained earnings, will be subject to income tax at the rate in effect upon distribution of such equity. Any tax paid on this distribution may be credited against annual and estimated income taxes of the year in which the tax on dividends is paid and the following two fiscal years.

 

  e. As of December 31, 2011, the balance of the tax contributed capital account is $1,994,763.

 

13. Shareholders’ equity

Successor Registrant:

After giving effect to the Recapitalization Transactions and the application of the proceeds therefrom, Satmex is owned principally by Holdsat Mexico and Satmex International BV. Satmex International BV equity interests are owned indirectly by Satmex Investment Holdings L.P., an exempted limited partnership organized under the laws of the Cayman Islands (“Investment Holdings LP”), which owns 99.99% of such equity interests, and Satmex Investment Holdings GP Ltd., an exempted limited company organized under the laws of the Cayman Islands (“Investment Holdings GP” and together with Investment Holdings LP, “Investment Holdings”), which is the general partner of Investment Holdings LP and owns 0.01% of such equity interests. Eligible former holders of the Second Priority Old Notes own 100.00% of the interests in Investment Holdings. Holders that are not eligible to hold their interests through Investment Holdings hold shares of reorganized Satmex directly.

 

  f. As of December 31, 2011, the authorized, issued and outstanding common stock is as follows:

 

                                                     
      Variable Capital Class II           Rights %  

Fixed

Class I Series A

    Series A     Series B     Series N     Total     Voting     Economic  
             
  50,000       6,580,000       —         —         6,630,000       51.000       5.10000  
  —         —         6,363,339       116,877,651       123,240,990       48.950       94.80076  
  —         —         1,113       20,448       21,561       0.008       0.01659  
  —         —         4,081       74,963       79,044       0.031       0.06080  
  —         —         1,467       26,938       28,405       0.011       0.02185  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             
  50,000       6,580,000       6,370,000       117,000,000       130,000,000       100.000       100.00000  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Satmex is authorized to issue three types of shares: Series A shares, Series B shares, and Series N shares.

All Series A shares of Satmex are owned by Holdsat Mexico. The Series A shares entitle holders to 51.0% of Satmex’s voting rights and 5.1% of its economic rights of all shares. The Series A shares may be owned only by Mexican individuals, Mexican entities that are owned only by Mexican individuals or entities or Mexican entities in which 51.0% of the capital is owned by Mexican individuals or entities.

Series B shares entitle holders to 49.0% of Satmex’s voting rights and 4.9% of the economic rights. The Series B shares may be owned by any person including foreign investors. Over 99% of the Series B shares are owned by Satmex International BV. Less than 1% of the Series B Shares are owned by certain holders of the Second Priority Old Notes who were not eligible to invest in Satmex through Investment Holding BV. Less than 0.03% of Series B shares are deposited in Satmex’s treasury for those non-qualified holders of the Second Priority Old Notes who failed to respond to the solicitation under the Plan.

Series N shares entitle holders to 90.0% of the economic rights and limited voting rights. The holders of Series N shares may vote only on the following matters: (i) extension of Satmex’s corporate existence; (ii) dissolution; (iii) change of corporate purpose; (iv) change of nationality; (v) transformation of Satmex from one type of entity to another; and (vi) merger of Satmex with and into another entity. The Series N shares may be owned by any person, including foreign investors.

Under Mexican law, foreign investment in Satmex’s capital, represented by full voting rights shares, may not exceed 49.0%. The Series N shares, however, are not taken into account in determining the level of foreign investment. Over 99% of the Series N shares are owned by Satmex International BV. Less than 1% of the Series N shares are owned by certain holders of the Second Priority Old Notes who were not eligible to invest in Satmex through Investment Holding BV. Less than 0.03% of Series N shares are deposited in Satmex’s treasury for those non-qualified holders of the Second Priority Old Notes who failed to respond to the solicitation under the Plan.

 

  g. Pursuant to a unanimous resolutions adopted by the shareholders at a meeting held on May 26, 2011, the following resolutions were authorized:

 

   

The outstanding shares formerly held by the NAFIN Trust and the Deutsche Trust, representing the total common stock of the Company as of May 26, 2011, were exchanged through a reverse stock split with a ratio of 10 to 1, resulting in 4,687,500 shares. The stock split has been reflected retrospectively in the accompanying consolidated financial statements.

 

   

Variable common stock was increased by the issuance of 5,713,333 common, nominative, Class II, Series “A” shares, without par value, through cash contributions of $7,680 in exchange of 5.1% of the economic interest in the Company.

 

   

Variable common stock was increased by the issuance of 104,459,367 Class II ordinary shares, without par value, of which (i) 5,620,000 are Series “B” shares and (ii) 98,839,367 are Series “N” shares, through cash contributions of $82,320 in exchange for 83.254% of the economic interests in the Company.

 

   

Pursuant to the Plan, effective on May 26, 2011, 100% of the Second Priority Old Notes were cancelled and converted into the right to receive equity interest (the “Conversion Interest” described in Note 2), directly or indirectly, in the aggregate of 7.146% of the capital stock of the Company. The capitalization of the Conversion Rights and the cancellation of the Second Priority Old Notes were made at the face amount of the Second Priority Old Notes of $206,890, as follows:

 

   

Variable common stock was increased by the issuance of 9,289,800 Series “N” Class II, shares, without par value, for the capitalization of the Conversion Rights and the cancellation of the Second Priority Old Notes, through the capitalization of liabilities for $70,457.

 

   

A paid-in capital premium was recognized of $136,433 for the shares subscription in consideration of the Conversion Rights and the cancellation of the Second Priority Old Notes; the amount of such premium was capitalized pro rata between the shareholders of the Company in the proportion of their participation percentage in the capital stock of the Company without issuance of new shares.

 

   

A put premium was capitalized in the amount of $7,855, in exchange of 4.5% of the economic interests in the Company. The amount of shares issued in exchange for the capitalization of the put premium was 5,850,000 Series “N” Class II, shares, without par value.

 

  h. As of December 31, 2011 the common stock of Satmex amounted to $275,662.

 

  i. Shareholders’ equity, except restated tax contributed capital and tax-retained earnings, will be subject to income tax at the rate in effect upon distribution of such equity. Any tax paid on this distribution may be credited against annual and estimated income taxes of the year in which the tax on dividends is paid and the following two fiscal years.

 

  j. As of December 31, 2011 and 2010, the balance of the tax contributed capital account is $1,994,763 and $1,893,365, respectively.

Predecessor Registrant:

 

  k. As of December 31, 2010 and until May 26, 2011, the authorized, issued and outstanding common stock was as follows:

 

                                                             
      Common Stock - Shares                    
Fixed Capital Class I     Variable Capital Class II           Rights %  
Series A     Series B     Series N     Series B     Series N     Total     Voting     Economic  
               
  7,500,000       —         —         —         —         7,500,000       45.00       16.00  
  —         221,667       401,770       —         —         623,437       1.33       1.33  
  —         111,667       202,395       —         —         314,062       0.67       0.67  
  —         —         —         7,166,667       29,395,833       36,562,500       43.00       78.00  
  1,666,667       —         208,333       —         —         1,875,000       10.00       4.00  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
               
  9,166,667       333,334       812,498       7,166,667       29,395,833       46,874,999       100.00       100.00  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

  l. The shareholding structure of Satmex consisted of ordinary, nominative Class I and Class II shares at no-par value, which are fully subscribed and paid in. The shares were divided into three series: Series A, which could only be subscribed or acquired by Mexican nationals under certain mechanisms established in Satmex’s bylaws; Series B and Series N, which could be freely subscribed, including by foreign investors.

 

  m. Through the unanimous resolutions approved during the shareholders’ meeting held on November 30, 2006, the shareholders agreed to reduce the common stock of Satmex by absorbing accumulated losses of $317.5 million. Following this reduction, the common stock of Satmex was fully assigned to minimum fixed capital as required by Mexican General Corporate Law. Additionally, through the unanimous resolutions approved during the shareholders’ meeting held on November 30, 2006, the shareholders agreed to increase variable capital by capitalizing the portion of the principal and interest balance of the Second Priority Old Notes which exceeded the principal ($140 million).

The capitalization process involved the amount of $273.8 million and resulted in the issuance of 7,166,667 new Class II, Series B ordinary, nominative shares without par value and 29,395,833 Class II, Series N ordinary, nominative shares without par value. As of December 31, 2010 and until May 26, 2011, the common stock of Satmex amounted to $46.8 million.

 

  n. Prior to May 26, 2011, the Deutsche Trust was the owner and holder of shares representing 96% of common stock with economic rights (including neutral investment shares) and 90% of the ordinary voting stock of Satmex.

 

  o. Prior to May 26, 2011, the NAFIN Trust, was the registered owner and holder of shares representing 4% of the common stock with economic rights (including neutral investment shares) and 10% of the ordinary voting stock of Satmex.

 

XML 39 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Intangible Assets
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Intangible Assets [Abstract]    
Intangible assets
9. Intangible assets

Intangible assets recognized in connection with the adoption of push-down accounting are as follows:

 

                                         
    Weighted
average
remaining
    March 31, 2012     December 31, 2011  
    amortization
period
(years)
    Gross amount     Accumulated
amortization
    Gross amount     Accumulated
amortization
 
           

Contract backlog (1)

    9     $ 86,835     $ 31,784     $ 86,835     $ 24,077  

Customer relationships (1)

    3       1,333       295       1,333       281  
           

 

 

   

 

 

   

 

 

   

 

 

 
           
            $ 88,168     $ 32,079     $ 88,168     $ 24,358  
           

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Using the income approach to determine fair values as of May 26, 2011, as a result of the adoption of push-down accounting.

For the three months ended March 31, 2012 (Successor Registrant), and 2011 (Predecessor Registrant), amortization expense for these intangible assets was $7,721 and $781, respectively.

Future annual amortization expense for intangible assets is estimated to be as follows:

 

         

2012 (remaining nine months)

  $ 23,167  

2013

    22,915  

2014

    5,600  

2015

    2,658  

2016

    898  

Thereafter

    851  
   

 

 

 
   
    $ 56,089  
   

 

 

 

 

9. Intangible assets

Intangible assets recognized in connection with the adoption of push-down accounting are as follows:

 

                                         
    Weighted
average
remaining
    Successor Registrant
2011
    Predecessor Registrant
2010
 
    amortization
period
(years)
    Gross amount     Accumulated
amortization
    Gross amount     Accumulated
amortization
 
           

Contract backlog (1)

    9     $ 86,835     $ 24,077     $ 67,990     $ 61,660  

Customer relationships (1)

    3       1,333       281       2,128       1,307  

Internally developed software and technology (2)

    —         —         —         270       270  

Landing rights (2)

    —         —         —         60       55  
           

 

 

   

 

 

   

 

 

   

 

 

 
           
            $ 88,168     $ 24,358     $ 70,448     $ 63,292  
           

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Using the income approach to determine fair values as of May 26, 2011, as a result of the adoption of push-down accounting.

(2) 

Using the cost approach to determine fair values as of November 30, 2006, as a result of a previous reorganization.

For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the years ended December 2010 and 2009 (Predecessor Registrant), amortization expense for these intangible assets was $24,358, $1,304, $5,761 and $14,398, respectively.

Future annual amortization expense for intangible assets is estimated to be as follows:

 

         

2012

  $ 30,888  

2013

    22,915  

2014

    5,600  

2015

    2,658  

2016

    898  

Thereafter

    851  
   

 

 

 
   
    $ 63,810  
   

 

 

 

 

XML 40 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Satellites and Equipment
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Satellites and Equipment [Abstract]    
Satellites and equipment
7. Satellites and equipment

 

                 
    March 31, 2012     December 31, 2011  
     

Satellites in-orbit

  $ 196,425     $ 196,425  

Satellite equipment, teleport and antennas

    8,572       6,619  

Furniture and fixtures

    4,603       4,388  

Leasehold improvements

    316       115  
   

 

 

   

 

 

 
      209,916       207,547  

Accumulated depreciation and amortization

    (31,847     (21,145
   

 

 

   

 

 

 
      178,069       186,402  

Construction in-progress for Satmex 8

    267,012       253,149  

Construction in progress for Satmex 7 (Note 15)

    14,676       2,600  

Construction in-progress for F4

    1,250       —    

Other construction in-progress

    281       864  
   

 

 

   

 

 

 
     
    $ 461,288     $ 443,015  
   

 

 

   

 

 

 

For the three months ended March 31, 2012 (Successor Registrant) and 2011 (Predecessor Registrant), the depreciation and amortization expense related to satellites and equipment was $9,089 and $9,087, respectively.

Satmex estimates that the Satmex 8 construction will be completed by July 2012. For the three months ended March 31, 2012 and 2011, interest costs of $6,417 and $2,165 respectively, were capitalized.

 

7. Satellites and equipment

As of December 31, satellites and equipment consist of:

 

                 
   

Successor

Registrant
2011

   

Predecessor

Registrant
2010

 
     

Satellites in-orbit

  $ 196,425     $ 314,136  

Satellite equipment, teleport and antennas

    6,619       13,518  

Furniture and fixtures

    4,388       6,323  

Leasehold improvements

    115       2,704  
   

 

 

   

 

 

 
      207,547       336,681  

Accumulated depreciation and amortization

    (21,145     (140,348
   

 

 

   

 

 

 
      186,402       196,333  

Construction in-progress for Satmex 8

    253,149       63,113  

ATP advanced payment for Satmex 7 (Note 17)

    2,600       2,600  

Other construction in-progress

    864       3,112  
   

 

 

   

 

 

 
     
    $ 443,015     $ 265,158  
   

 

 

   

 

 

 

For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the years ended December 31, 2010 and 2009 (Predecessor Registrant), the depreciation and amortization expense related to satellites and equipment was $21,145, $15,188, $36,229 and $ 31,847, respectively.

For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the year ended December, 2010 (Predecessor Registrant), interest costs of $11,715, $3,801 and $2,582 respectively, were capitalized.

 

XML 41 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Concessions
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Concessions [Abstract]    
Concessions
8. Concessions

 

                 
    March 31, 2012     December 31, 2011  
     

Orbital concessions

  $ 41,740     $ 41,740  

Public telecommunications network

    3,932       3,932  
   

 

 

   

 

 

 
      45,672       45,672  

Accumulated amortization

    (1,492     (1,044
   

 

 

   

 

 

 
     
    $ 44,180     $ 44,628  
   

 

 

   

 

 

 

For the periods from January 1 to March 31, 2012 (Successor Registrant) and from January 1 to March 31, 2011 (Predecessor Registrant), amortization of concessions was $448 and $354, respectively.

 

  a. Orbital Concessions and Facilities

In October 1997, the Mexican federal government granted to Satmex the rights to three concessions (the “Concessions”) for an initial 20-year term to operate in the orbital slots 113.0° W.L., 116.8° W.L., and 114.9° W.L. In May 2011, extensions of the Orbital Concessions were granted by the Mexican federal government for an additional term of 20 years as of 2017, expiring in 2037, without payment of any additional consideration. Satmex has the right to an additional 20-year extension, at a certain cost to Satmex, to be determined by the Mexican government, as long as Satmex meets certain conditions, as discussed below.

In order to extend the orbital concession term, Satmex must comply with all obligations established by the concession documents, solicit extension of the concession before the beginning of the fifth term of the concession, must obtain approval from the Mexican Secretary of Communication and Transportation (“SCT”) of the technical and operating characteristics of any new satellites, and must guarantee the occupation and use of the orbital slots during the concession’s original and extended terms.

In accordance with the Ley Federal de Telecomunicaciones (Federal Law of Telecommunications or “LFT”), concessionaries are required to maintain the satellite control centers within Mexican territory.

The satellites are controlled and operated through two control centers, one of them is located in the east side of Mexico City, and the other one is located in Hermosillo, Sonora. The land and related facilities of the first control center and the land of the second control center are the property of the Mexican federal government.

Use of the land and facilities where the control centers are located that are property of the Mexican federal government was granted to the Company through a concession for a 40-year term, for which the Company pays a fee, which is adjusted every five years by the Secretaría de la Función Pública (The Ministry of Public Administration) (see Note 14).

 

  b. Concessions for the Use and Exploitation of a Telecommunications Public Network

On January 20, 2000, the Mexican federal government granted to Enlaces a “Concession to Operate, Install, Exploit and Use a Public Telecommunications Network within Mexican Territory” at no charge, in order to provide services for private and public networks, and to provide value-added services. The concession term is for 30 years, with the possibility for an extension under certain conditions.

On November 9, 2000, Enlaces obtained from the SCT a registration of value-added services certificate, which allows it to offer internet access services, electronic data transfer and multimedia services (content delivery to private television channels).

The terms of both concessions are subject to certain legal provisions regarding assignment or transfer of rights. According to Mexican Law, Satmex is not allowed to transfer the concessions to any foreign country or state. If the Mexican federal government expropriates them, the companies are entitled to liquidation or resignation of their rights. As of March 31, 2012, the Company has complied with the obligations established in the concession titles.

 

8. Concessions

As of December 31, concessions consist of:

 

                 
   

Successor

Registrant
2011

   

Predecessor

Registrant
2010

 
     

Orbital concessions

  $ 41,740     $ 41,700  

Public telecommunications network

    3,932       2,248  
   

 

 

   

 

 

 
      45,672       43,948  

Accumulated amortization

    (1,044     (5,763
   

 

 

   

 

 

 
     
    $ 44,628     $ 38,185  
   

 

 

   

 

 

 

For the periods from May 26, 2011 to December 31, 2011 (Successor Registrant), from January 1, 2011 to May 25, 2011 and for the years ended December, 2010 and 2009 (Predecessor Registrant), amortization of concessions was $1,044, $588, $1,412, and $1,412 respectively.

 

  c. Orbital Concessions and Facilities

In October 1997, the Mexican federal government granted to Satmex the rights to three concessions (the “Concessions”) for an initial 20-year term to operate in the orbital slots 113.0° W.L., 116.8° W.L., and 114.9° W.L. In May 2011, extension of the Orbital Concessions was granted by the Mexican federal government for an additional term until 2037, without payment of any additional consideration. Satmex has the right to an additional 20-year extension, at a certain cost to Satmex, to be determined by the Mexican government, as long as Satmex meets certain conditions, as discussed below.

 

In order to extend the orbital concession term, Satmex must comply with all obligations established by the concession documents, solicit extension of the concession before the beginning of the fifth term of the concession, must obtain approval from the Mexican Secretary of Communication and Transportation (“SCT”) of the technical and operating characteristics of any new satellites, and must guarantee the occupation and use of the orbital slots during the concession’s original and extended terms.

In accordance with the Ley Federal de Telecomunicaciones (Federal Law of Telecommunications or “LFT”), concessionaries are required to maintain the satellite control centers within Mexican territory.

The satellites are controlled and operated through two control centers, one of them is located in the east side of Mexico City, and the other one is located in Hermosillo, Sonora. The land and related facilities of the first control center and the land of the second control center are the property of the Mexican federal government.

Use of the land and facilities where the control centers are located that are property of the Mexican federal government was granted to the Company through a concession for a 40-year term, for which the Company pays a fee, which is adjusted every five years by the Secretaría de la Función Pública (The Ministry of Public Administration) (see Note 17).

 

  d. Concessions for the Use and Exploitation of a Telecommunications Public Network

On January 20, 2000, the Mexican federal government granted to Enlaces a “Concession to Operate, Install, Exploit and Use a Public Telecommunications Network within Mexican Territory” at no charge, in order to provide services for private and public networks, and to provide value-added services. The concession term is for 30 years, with the possibility for an extension under certain conditions.

On November 9, 2000, Enlaces obtained from the SCT a registration of value-added services certificate, which allows it to offer internet access services, electronic data transfer and multimedia services (content delivery to private television channels).

The terms of both concessions are subject to certain legal provisions regarding assignment or transfer of rights. According to Mexican Law, Satmex is not allowed to transfer the concessions to any foreign country or state. If the Mexican federal government expropriates them, the companies are entitled to liquidation or resignation of their rights. As of December 31, 2011, the Company has complied with the obligations established in the concession titles.

 

XML 42 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accounts Payable and Accrued Expenses
12 Months Ended
Dec. 31, 2011
Accounts Payable and Accrued Expenses [Abstract]  
Accounts payable and accrued expenses
10. Accounts payable and accrued expenses

As of December 31, accounts payable and accrued expenses consist of:

 

                 
   

Successor

Registrant
2011

   

Predecessor

Registrant
2010

 
     

Guarantee deposits and customer advances

  $ 2,308     $ 2,622  

Accrued interest

    3,859       1,781  

Professional fees

    709       3,849  

Performance and sale bonuses

    2,294       1,090  

Taxes payable, other than income taxes

    2,140       3,030  

Programming provisions

    2,082       1,793  

Suppliers

    3,941       889  

Sundry creditors

    1,530       1,357  
   

 

 

   

 

 

 
     
    $ 18,863     $ 16,411  
   

 

 

   

 

 

 

 

XML 43 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Income Taxes [Abstract]    
Income taxes
12. Income taxes

 

  a. Enacted tax law changes in 2010 - On December 7, 2009, Mexico enacted new tax laws that became effective January 1, 2010 (the “2010 Tax Reform”). Among other things, the new laws:

 

   

Provide for a temporary increase in the ISR rate.

 

   

Disallow crediting IETU loss credit carryforwards against ISR liabilities.

The effects of these changes did not have a material effect on the Company’s financial information.

 

  b. Statutory income tax rates - Mexican companies are subject to a dual tax system comprised of ISR and IETU. Mexican entities pay the greater of the corporate flat tax or regular income tax and therefore determine their deferred income taxes based on the tax regime expected to be paid to in the future.

In 2012 and 2011, the ISR rate is 30%. As a result of the 2010 Tax Reform, the ISR rate will decrease to, 29% for 2013 and 28% for 2014 and thereafter. Taxpayers who file tax reports and meet certain requirements may obtain a tax credit equivalent to 0.5% or 0.25% of taxable income.

The IETU rate is 17.5% in 2012 and 2011.

 

Based on its projections, Satmex determined that in certain fiscal years it will pay ISR, while in others, it will pay IETU. Accordingly, Satmex scheduled the reversal of the temporary differences for both ISR and IETU purposes, determined by year, and applied the respective rates to temporary differences.

The Company has not taken any uncertain tax positions for which it believes it is more likely than not, based on technical merits, that it will not receive benefits taken for its tax positions. The tax years that remain subject to examination by the tax authorities include 2007 - 2011.

 

  c. As of December 31, 2011, Satmex has tax loss carryforwards, which are available to offset future taxable income, as follows:

 

         
Expiration Date   Amount  

Years

       

2012 (remaining nine months)

  $ 63,680  

2013

    74,742  

2014

    27,538  

2016

    205,549  

2017

    22,248  

2018

    71,697  

2021

    7,385  
   

 

 

 
   
    $ 472,839  
   

 

 

 

The amounts presented above have been adjusted for Mexican inflation as permitted by Mexican tax law. Satmex utilized tax loss carryforwards of $16,470 as of March 31, 2012.

Due to uncertainties regarding Satmex’s ability to realize the full benefit from these tax loss carryforwards, Satmex has established a valuation allowance of $28,610 as of December 31, 2011, against the deferred tax assets.

 

15. Income taxes

 

  d. Income tax expense was comprised as follows:

 

                                 
    Successor
Registrant
    Predecessor
Registrant
 
   

Period from

May 26, 2011
through

December 31, 2011

   

Period from

January 1, 2011
through

May 25, 2011

    2010     2009  
         

ISR:

                               

Current

  $ 1,276     $ 267     $ 58     $ 275  

Deferred

    (585     (571     (73     37  

IETU:

                               

Current

    43       357       530       12,441  

Deferred

    11,399       2,146       264       480  
   

 

 

   

 

 

   

 

 

   

 

 

 
         
    $ 12,133     $ 2,199     $ 779     $ 13,233  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

  e. The significant components of the net deferred liability are:

 

                 
    Successor
Registrant
    Predecessor
Registrant
 

Current assets:

               

Deferred revenue and other

  $ 785     $ 628  

Accrued expenses and other

    2,194       2,413  

Valuation allowance for deferred tax assets

    (2,574     (1,972
   

 

 

   

 

 

 

Total current asset

    405       1,069  
     

Current liabilities:

               

Prepaid insurance

    (1,120     (1,394

Deferred financing cost

    (775     —    
   

 

 

   

 

 

 
     

Net current deferred tax liability

  $ (1,490   $ (325
   

 

 

   

 

 

 
     

Noncurrent assets:

               

Tax loss carryforwards

  $ 32,838     $ 143,613  

Concessions, net

    32,464       29,665  

Deferred revenue

    6,858       13,540  

Other, net

    780       165  

Valuation allowance for tax loss carryforwards

    (26,036     (144,590
   

 

 

   

 

 

 

Total noncurrent asset

    46,904       42,393  
     

Noncurrent liabilities:

               

Satellites and equipment, net

    (48,306     (45,871

Intangibles, net

    (17,015     (1,935

Deferred financing cost

    (1,472     —    
   

 

 

   

 

 

 

Total noncurrent liabilities

    (66,793     (47,806
   

 

 

   

 

 

 
     

Net noncurrent deferred tax liability

  $ (19,889   $ (5,413
   

 

 

   

 

 

 

 

  f. A reconciliation of the statutory income tax rate is as follows:

 

                         
    Successor
Registrant
    Predecessor
Registrant
 
   

2011

%

    2010
%
    2009
%
 

Statutory income tax rate

    30       30       28  

Tax inflation effects, including statutory foreign exchanges

    (14     (14     45  

Nondeductible expenses

    (6     (2     (10

Effects of ISR and IETU reversal rates of non-monetary assets and liabilities

    (130     (4     (191

Change in valuation allowance

    77       (16     (75
   

 

 

   

 

 

   

 

 

 
       

Effective income tax rate

    (43     (6     (203
   

 

 

   

 

 

   

 

 

 

 

  g. Enacted tax law changes in 2010 - On December 7, 2009, Mexico enacted new tax laws that became effective January 1, 2010 (the “2010 Tax Reform”). Among other things, the new laws:

 

   

Provide for a temporary increase in the ISR rate.

 

   

Disallow crediting IETU loss credit carryforwards against ISR liabilities.

The effects of these changes did not have a material effect on the Company’s financial information.

 

  h. Statutory income tax rates - Mexican companies are subject to a dual tax system comprised of ISR and IETU. Mexican entities pay the greater of the corporate flat tax or regular income tax and therefore determine their deferred income taxes based on the tax regime expected to be paid to in the future.

In 2011 and 2010, the ISR rate was 30%. As a result of the 2010 Tax Reform, the ISR rate will be 30% until 2012, 29% for 2013 and 28% for 2014 and thereafter. Taxpayers who file tax reports and meet certain requirements may obtain a tax credit equivalent to 0.5% or 0.25% of taxable income.

The IETU rate was 17.5% in 2011 and 2010.

Based on its projections, Satmex determined that in certain fiscal years it will pay ISR, while in others, it will pay IETU. Accordingly, Satmex scheduled the reversal of the temporary differences for both ISR and IETU purposes, determined by year, and applied the respective rates to temporary differences.

The Company has not taken any uncertain tax positions for which it believes it is more likely than not, based on technical merits, that it will not receive benefits taken for its tax positions. The tax years that remain subject to examination by the tax authorities include 2007 - 2011.

 

  i. As of December 31, 2011, Satmex has tax loss carryforwards, which are available to offset future taxable income, as follows:

 

         
Expiration Date   Amount  
   

2012

  $ 63,680  

2013

    74,742  

2014

    27,538  

2016

    205,549  

2017

    22,248  

2018

    71,697  

2021

    7,385  
   

 

 

 
   
    $ 472,839  
   

 

 

 

The amounts presented above have been adjusted for Mexican inflation as permitted by Mexican tax law. Satmex utilized tax loss carryforwards of $53,758 as of December 31, 2010.

During 2011, $69,095 of tax loss carryforwards expired.

Due to uncertainties regarding Satmex’s ability to realize the full benefit from these tax loss carryforwards, Satmex has established a valuation allowance of $28,610 and $146,562 as of December 31, 2011 and 2010 respectively, against the deferred tax assets.

 

XML 44 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Subsequent Events [Abstract]    
Subsequent events
16. Subsequent events

Debt Obligations

 

  a. On April 9, 2012, Satmex issued $35,000 aggregate principal amount of additional Senior Secured Notes (“SSN”) due in 2017, to be issued in a private placement under rule 144A and Regulation S of the U.S. Securities Act of 1933, as amended, with rights to either offer to exchange the additional SSN for substantially similar notes that are registered under the U.S. Securities Act of 1933, as amended, or register the resale of the additional SSN. The additional SSN were priced at 102.00% and will bear interest at an annual fixed rate of 9.50%. The additional SSN offering closed on April 9, 2012.

Other

 

  b. On April 26, 2012, the Court ultimately ruled in favor of Enlaces, in which Globalstar de Mexico, S. de R. L. de C. V., agrees to pay $864 for the provision of broadband services plus penalty interest and legal fees generated.

 

20. Subsequent events

Satellite Program Agreements

 

  a. On February 3, 2012, the Company entered into a contract for launch services (the “Satmex Launch Services Agreement”) for the launch of a dual-satellite payload which includes its next generation satellite, designed Satmex 7 (“Satmex 7”).

 

  b. On March 13, 2012, Satmex entered into a construction agreement, (the “Satmex Procurement Agreement”), with Boeing Satellite Systems International, Inc. (“Boeing”), for the design, construction and delivery of Satmex 7.

 

  c. On March 13, 2012, Satmex and Asia Broadcast Satellite Holdings Ltd. (“ABS”) also entered into a master procurement agreement with Boeing (the “Master Procurement Agreement”), which establishes the framework for the joint administration by Satmex and ABS of the procurement program. In addition to entering into the Satmex Procurement Agreement with Boeing, Satmex also entered into a bilateral agreement with ABS on March 13, 2012 (the “Bilateral Agreement”), in which the parties agreed to share launch services costs, allocate common procurement program costs and cross-indemnify each other for any actions or changes to the procurement program made by Satmex or ABS that adversely affect the costs, timing, delivery or launch of the other party’s satellite or satellites.

Debt obligations

 

  d. On April 9, 2012, Satmex issued $35,000 aggregate principal amount of additional Senior Secured Notes (“SSN”) due in 2017, to be issued in a private placement under rule 144A and Regulation S of the U.S. Securities Act of 1933, as amended, with rights to either offer to exchange the additional SSN for substantially similar notes that are registered under the U.S. Securities Act of 1933, as amended, or register the resale of the additional SSN. The additional SSN were priced at 102.00% and will bear interest at an annual fixed rate of 9.50%. The additional SSN offering closed on April 9, 2012.

* * * * * *

XML 45 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Shareholders' Equity (Deficit) (USD $)
In Thousands, except Share data, unless otherwise specified
Total
USD ($)
Successor Registrant
USD ($)
Predecessor Registrant
USD ($)
Shares Issued
Successor Registrant
Shares Issued
Predecessor Registrant
Paid in capital
Successor Registrant
USD ($)
Paid in capital
Predecessor Registrant
USD ($)
(Accumulated deficit)
Successor Registrant
USD ($)
(Accumulated deficit)
Predecessor Registrant
USD ($)
Noncontrolling interest
Successor Registrant
USD ($)
Noncontrolling interest
Predecessor Registrant
USD ($)
Beginning balance at Dec. 31, 2008     $ (52,397)       $ 46,764   $ (101,834)   $ 2,673
Beginning balance, shares at Dec. 31, 2008         4,687,500            
Push down accounting adjustments                      
Net (loss) income     (19,748)           (20,154)   406
Ending balance at Dec. 31, 2009     (72,145)       46,764   (121,988)   3,079
Ending balance, shares at Dec. 31, 2009         4,687,500            
Push down accounting adjustments                      
Net (loss) income     (13,888)           (14,332)   444
Ending balance at Dec. 31, 2010     (86,033)       46,764   (136,320)   3,523
Ending balance, shares at Dec. 31, 2010         4,687,500            
Push down accounting adjustments                      
Net (loss) income     (6,363)                
Ending balance at Mar. 31, 2011                      
Beginning balance at Dec. 31, 2010     (86,033)       46,764   (136,320)   3,523
Beginning balance, shares at Dec. 31, 2010         4,687,500            
Push down accounting adjustments                      
Net (loss) income     (28,760)           (28,763)   3
Ending balance at May. 25, 2011     (114,793)       46,764   (165,083)   3,526
Ending balance, shares at May. 25, 2011         4,687,500            
Push down accounting adjustments                      
Valuation adjustments net   225,323       225,363       (40)  
Elimination of predecessor accumulated deficit           (165,083)   165,083      
Issuance of common stock   90,000       90,000          
Issuance of common stock, shares       116,022,700              
Capitalization of debt into common stock   78,618       78,618          
Capitalization of debt into common stock, shares       9,289,800              
Net (loss) income   (18,857)           (18,882)   25  
Ending balance at Dec. 31, 2011   260,291       275,662   (18,882)   3,511  
Ending balance, shares at Dec. 31, 2011       130,000,000              
Push down accounting adjustments                      
Net (loss) income   (164)                  
Ending balance at Mar. 31, 2012 $ 260,127                    
XML 46 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Accounting Policies
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
Significant Accounting Policies [Abstract]    
Significant accounting policies
4. Significant accounting policies

A summary of the significant accounting policies used in the preparation of the accompanying unaudited condensed consolidated financial statements follows:

 

  a. Cash and cash equivalents - This line item consists mainly of bank deposits in checking accounts and readily available daily investments of cash surpluses. Cash equivalents are composed of highly liquid investments with original maturities of three months or less. This line item is stated at nominal value plus accrued yields, which are recognized in results as they accrue.

 

  b. Concentration of credit risk - Financial assets, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalents are maintained with high-credit quality financial institutions.

 

The Company’s customers are comprised of several companies in the private domestic sector and certain foreign companies. Management considers that its credit evaluation, approval and monitoring processes combined with negotiated billing arrangements mitigate potential credit risks with regard to its current customer base.

The principal customers of the Company are as follows: for Satellite services - broadcasting: Grupo Televisa and Productora y Comercializadora de Televisión, S.A. de C.V.; for Satellite services - telecommunications: Teléfonos de México, S.A. de C.V. and Telmex Perú, S.A. (“Telmex”); and for Satellite services - data transmission and Internet: Hughes Network Systems, LLC. For Programming distribution services (Alterna’TV International Corp.), the Company’s principal customers are Direct TV and Comcast Cable Communications. For Broadband satellite services (Enlaces), the principal customers are Grupo Wal-Mart de México and Grupo Oxxo.

Revenues provided by Satellite services, Broadband satellite services, and Programming distribution services were obtained from:

 

                 
   

Three months ended

March 31, 2012

%

   

Three months ended

March 31, 2011

%

 

Hughes Networks Systems, Inc.

    13       14  

Telmex

    15       15  

Other foreign customers

    45       40  

Other domestic customers

    27       31  

 

  c. Inventories - Inventories consist mainly of antennas and are stated at the lower of cost or market value. Cost is determined using the average cost method.

 

  d. Satellites and equipment - As of May 26, 2011, Satmex adopted push-down accounting, under which its satellites and equipment were recorded at fair values based upon the appraised values of such assets. Satmex determined the fair value of the satellites and equipment using the cost approach. The cost approach, often referred to as current replacement cost, estimates fair value based on the amount that currently would be required to replace the service capacity of an asset. Assets acquired after the adoption of push-down accounting are recorded at acquisition cost.

Depreciation is calculated using the straight-line method for satellites, related equipment and other owned assets over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements.

The estimated useful lives of our in-orbit satellites and the estimated remaining useful lives, as of March 31, 2012, are as follows:

 

                 
   

Useful Life

(Years)

   

Estimated Remaining

Useful Life

(Years)

 
     

Satmex 6

    15.0       10.94  

Satmex 5

    15.0       0.88  

Solidaridad 2

    14.5       0.00  

Depreciation of satellites commences on the date on which the satellite is placed in orbit. Satmex 6 was launched on May 27, 2006 and commenced operations in July 2006. Satmex 5 was launched on December 5, 1998 and commenced operations in January 1999. Solidaridad 2 concluded its depreciation period based upon its estimated useful life during 2009.

 

The estimated useful lives of equipment are as follows:

 

         
   

Useful life

(Years)

 

Equipment:

       
   

Satellite equipment

    15  

Furniture and fixtures

    10  

Leasehold improvements

    5  

Teleport, equipment and antennas

    10  

Costs incurred in connection with the construction and successful deployment of the satellites and related equipment are capitalized. Such costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentives expected to be payable to the satellite manufacturers, costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. Satellite construction and launch services are generally procured under long-term contracts that provide for payments over the contract periods. Satellite construction and launch services costs are capitalized to reflect progress toward completion. Capitalizing these costs typically coincides with contract milestone payment schedules.

The insurance paid to renew in-orbit coverage is recorded as a prepaid insurance and amortized over the related policy period (see Note 14).

 

  e. Concessions - As of May 26, 2011, Satmex adopted push-down accounting, under which its concessions were recorded at fair values based upon the appraised values of such assets. Satmex determined the fair value of the orbital concessions and the public telecommunications network concession using market approach and income approach methods, respectively. Orbital concessions are amortized over 40 years using the straight-line method; their remaining useful life as of the Acquisition Date was 26 years. The public telecommunications network concession is amortized over 30 years using the straight-line method; its remaining useful life as of the Acquisition Date was 19 years.

 

  f. Valuation of satellites and long-lived assets - The carrying value of the satellites, amortizable intangible assets and other long-lived assets is reviewed for impairment wherever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the expected undiscounted future cash flows are less than the carrying value of the long-lived assets, an impairment charge is recorded based on such asset’s estimated fair value. Changes in estimates of future cash flows could result in a write-down of the asset in a future period.

Estimated future cash flows from the Company’s satellites could be impacted by changes in estimates of its ability to operate the satellite at expected levels, changes in the manner in which the satellite is to be used and the loss of one or several significant customer contracts on the satellite.

 

  g. Deferred financing costs - Deferred financing costs related to the issuance of Senior Secured Notes were capitalized and reported as an asset. These costs are amortized to interest expense using the effective rate interest method.

 

  h. Intangible assets - Intangible assets arising from push-down accounting are initially recorded at fair value using the income approach method. Intangible assets identified as part of the push-down of acquisition accounting consisted primarily of contract backlog and customer relationships. The Company reviews intangible assets for impairment whenever facts and circumstances indicate that the carrying amounts may not be recoverable. An intangible asset with a determinable useful life is considered to have been impaired when its carrying amount exceeds its fair value; however, an impairment loss shall only be recognized when the estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset are less than the carrying value of the asset. The Company measures an impairment loss as the difference between the carrying value of the asset and its fair value.

 

The costs of intangible assets with finite and determinable useful lives are amortized to reflect the pattern of consumption, over the estimated useful lives of the assets, as follows:

 

         
   

Useful life

(Years)

 
   

Contract backlog

    10  

Customer relationships

    4  

Landing rights

    5  

Internally develop software and technology

    5  

 

  i. Labor obligations - In accordance with Mexican Labor Law, Satmex provides seniority premiums benefits to its employees under certain circumstances. These benefits consist of a one-time payment equivalent to 12 days wages for each year of service (at the employee’s most recent salary, but not to exceed twice the legal minimum wage), payable to all employees with 15 or more years of service, as well as to certain employees terminated involuntarily prior to the vesting of their seniority premium benefit. Satmex also provides statutorily mandated severance benefits to its employees terminated under certain circumstances. Such benefits consist of a one-time payment of three months wages plus 20 days wages for each year of service payable upon involuntary termination without just cause. Costs associated with these benefits are provided for based on actuarial computations using the projected unit credit method.

 

  j. Fair value of financial instruments and fair value measurements - An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Accounting guidance establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Inputs used to measure fair value may fall into one of three levels:

Level 1 - applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 - applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 - applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, debt, accounts payable and accrued expenses. The Company believes that the recorded values of cash, accounts receivable, accounts payable and accrued expenses approximate their current fair values because of their nature and respective maturity dates or durations.

 

  k. Provisions - Are recognized for current obligations that result of a past event, are probable to result in the use of economic resources and can be reasonably estimated.

 

  l. Income taxes - Current income taxes, calculated as the higher of the regular Mexican income tax (“ISR”) or the Business Flat Tax (“IETU”), are recorded in the results of the year in which they are incurred. The Company recognizes deferred income tax assets and liabilities for the future consequences of temporary differences between the financial statement carrying amounts of assets and liabilities and their related tax bases, measured using enacted rates. To determine tax bases of assets and liabilities, the Company evaluates whether it expects to be principally subject to ISR or IETU in the future and uses such tax base accordingly. If the Company is unable to conclude that it will be principally subject to either tax regime, a hybrid calculation may be utilized.

 

Based on the Company’s projections, it determined that in certain fiscal years it will pay ISR, while in others, it will pay IETU. The Company scheduled the reversal of the temporary differences for both ISR and IETU purposes, determined by year whether the applicable temporary differences should be those under ISR or those under IETU, and applied the applicable rates.

Deferred income tax assets are also recognized for the estimated future effects of tax loss carryforwards and asset tax credit carryforwards. A valuation allowance is applied to reduce deferred income tax assets to the amount of future net benefits that are more likely than not to be realized, which is computed based on projected tax results.

 

  m. Statutory employee profit sharing - Statutory employee profit sharing (“PTU”) is recorded in the results of the year in which it is incurred and presented within operating expenses in the accompanying consolidated statements of operations. Deferred PTU liabilities are derived from temporary differences that result from comparing the accounting and PTU values of assets and liabilities.

 

  n. Revenue recognition - Fixed satellite service revenues are recognized as the satellite capacity is provided according to service lease agreements. Satellite transmission capacity is sold through permanent and temporary contracts, which stipulate the agreed capacity. Lease agreements are accounted for either as operating or sales-type leases.

Operating lease revenues are recognized on a straight-line basis over the lease term. Revenues for temporary services are recognized as services are performed.

Revenues from end-of-life leases for transponders are usually collected in advance. The Company does not provide insurance and/or guarantees of any kind for the related transponders to these customers. Total revenues and related costs are accounted as sales-type leases and recognized in income when the risk and rewards of the transponders are transferred to the customer in accordance with the agreements.

The public and private network signal and value-added services (“Broadband satellite services”) are recognized when services are rendered.

To calculate the monthly revenue attributable to purchasers of “Alterna’TV” programming distribution services, the Company estimates, on a monthly basis, the number of “Alterna’TV” subscribers per purchaser according to the contractual value of each subscriber. Approximately 45 to 60 days after the end of each month, the Company receives a definitive report from each purchaser and reconciles the definitive revenue with the estimated amount, issuing an invoice to such purchaser based on the definitive report. Variations between the estimated and actual revenue amounts are not material.

Public and private net signal and value-added services are recognized when rendered. The sale of antennas and installation services are recognized in the period in which risk and rewards are transferred to the customers, which generally coincides with the completion of the installation of the antennas and acceptance by the customer.

 

  o. Deferred revenue - Satmex is required to provide the Mexican federal government, at no charge, approximately 362.88 MHz of its available transponder capacity for the duration of the orbital concessions (“State Reserve”). As of May 26, 2011, as a result of the adoption of push-down accounting, this obligation was recorded at its fair value, using the income approach method, and recognized as deferred revenue with a corresponding increase in the value of the related assets. Deferred revenue is amortized to fixed satellite services revenue based on the expected consumption pattern. On May 26, 2011, in conjunction with the adoption of push-down accounting, the Company revised its estimates regarding the expected life of the deferred revenue to better reflect its expected consumption pattern.

 

  p.

Use of estimates - The preparation of unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the amounts of revenues and expenses reported during the periods reported. Such estimates include the allowance for doubtful accounts, the revenue recognition of programming distribution services, the valuation of long-lived assets and goodwill, the valuation allowance on deferred income tax assets, the scheduling of reversal of the temporary differences under different tax regimes, the estimated useful lives of each satellite and estimates of fair values.

Although management believes the estimates and assumptions used in the preparation of these unaudited condensed consolidated financial statements were appropriate in the circumstances, actual results could differ from those estimates and assumptions.

 

  q. Recently adopted accounting pronouncements

In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which updated the guidance in ASC Topic 820, Fair Value Measurement. ASU 2011-04 clarifies the application of existing fair value measurement requirements including (1) the application of the highest and best use and valuation premise concepts, (2) measuring the fair value of an instrument classified in a reporting entity’s shareholders’ equity, and (3) quantitative information required for fair value measurements categorized within Level 3. ASU 2011-04 also provides guidance on measuring the fair value of financial instruments managed within a portfolio, and application of premiums and discounts in a fair value measurement. In addition, ASU 2011-04 requires additional disclosure for Level 3 measurements regarding the sensitivity of fair value to changes in unobservable inputs and any interrelationships between those inputs. The amendments in this guidance are to be applied prospectively, and are effective for interim and annual periods beginning after December 15, 2011, and early application is not permitted. The adoption of this guidance did not have a significant impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.

In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income, which updated the guidance in ASC Topic 220, Comprehensive Income. Under the amendments in this ASU, an entity has the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity only. The amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. This new guidance was originally proposed to be effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 and applied retrospectively. In October 2011, the FASB proposed to indefinitely defer the specific requirement to present items that are reclassified from other comprehensive income to net income alongside their respective components of net income and other comprehensive income on the face of the respective statements; entities still must comply with the existing requirements during the deferral period. The remaining requirements of ASU 2011-05 are effective for the Company as of the beginning of our first quarter of 2012. The adoption of this guidance did not have an impact on the Company’s unaudited condensed consolidated financial statements and related disclosures as the Company does not have any items of other comprehensive income or loss such that comprehensive loss is solely comprised of net loss of the period.

 

4. Significant accounting policies

A summary of the significant accounting policies used in the preparation of the accompanying consolidated financial statements follows:

 

  r. Cash and cash equivalents - This line item consists mainly of bank deposits in checking accounts and readily available daily investments of cash surpluses. Cash equivalents are composed of highly liquid investments with original maturities of three months or less. This line item is stated at nominal value plus accrued yields, which are recognized in results as they accrue.

 

  s. Concentrations of credit risk - Financial assets, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalents are maintained with high-credit quality financial institutions.

The Company’s customers are comprised of several companies in the private domestic sector and certain foreign companies. Management considers that its credit evaluation, approval and monitoring processes combined with negotiated billing arrangements mitigate potential credit risks with regard to its current customer base.

The principal customers of the Company are as follows: for Satellite services - broadcasting: Grupo Televisa and Productora y Comercializadora de Televisión, S.A. de C.V.; for Satellite services - telecommunications: Teléfonos de México, S.A. de C.V. and Telmex Perú, S.A. (“Telmex”); and for Satellite services - data transmission and Internet: Hughes Network Systems, LLC. For Programming distribution services (Alterna’TV International Corp.), the Company’s principal customers are Direct TV and Comcast Cable Communications. For Broadband satellite services (Enlaces), the principal customers are Globalstar de México, S. de R. L. de C. V., Grupo Oxxo and Grupo Wal-Mart de México.

For the years ended December 31, 2011, 2010 and 2009, revenues from Satellite services, Programming distribution services and Broadband satellite services were obtained from:

 

                         
    2011
%
    2010
%
    2009
%
 

Hughes Networks Systems, Inc.

    14       17       20  

Telmex

    15       14       15  

Other foreign customers

    40       37       36  

Other domestic customers

    31       32       29  

 

  t. Inventories - Inventories consist mainly of antennas and are stated at the lower of cost or market value. Cost is determined using the average cost method.

 

  u. Satellites and equipment - As of May 26, 2011, Satmex adopted push-down accounting, under which its satellites and equipment were recorded at fair values based upon the appraised values of such assets. Satmex determined the fair value of the satellites and equipment using the cost approach. The cost approach, often referred to as current replacement cost, estimates fair value based on the amount that currently would be required to replace the service capacity of an asset. Assets acquired after the adoption of push-down accounting are recorded at acquisition cost. As of December 31, 2010, satellites and equipment were valued at their fair value as of November 30, 2006, when Satmex had applied fresh start reporting resulting from a previous reorganization that was effective on such date, less subsequent depreciation.

Depreciation is calculated using the straight-line method for satellites, related equipment and other owned assets over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements.

The estimated useful lives of the satellites are as follows:

 

         
   

Useful life

(Years)

 

Satellites in-orbit - original estimated useful life as determined by engineering analysis:

       
   

Satmex 6

    15  

Satmex 5

    15  

Solidaridad 2

    14.5  

Depreciation of satellites commences on the date on which the satellite is placed in orbit. Satmex 6 was launched on May 27, 2006 and commenced operations in July 2006. Satmex 5 was launched on December 5, 1998 and commenced operations in January 1999. Solidaridad 2 concluded its depreciation period based upon its estimated useful life during 2009.

The estimated useful lives of equipment are as follows:

 

         
   

Useful life

(Years)

 

Equipment:

       
   

Satellite equipment

    15  

Furniture and fixtures

    10  

Leasehold improvements

    5  

Teleport, equipment and antennas

    10  

Costs incurred in connection with the construction and successful deployment of the satellites and related equipment are capitalized. Such costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentives expected to be payable to the satellite manufacturers, costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. Satellite construction and launch services are generally procured under long-term contracts that provide for payments over the contract periods. Satellite construction and launch services costs are capitalized to reflect progress toward completion. Capitalizing these costs typically coincides with contract milestone payment schedules.

The insurance paid to renew in-orbit coverage is recorded as a prepaid insurance and amortized over the related policy period (see Note 17).

 

  v. Concessions - As of May 26, 2011, Satmex adopted push-down accounting, under which its concessions were recorded at fair values based upon the appraised values of such assets. Satmex determined the fair value of the orbital concessions and the public telecommunications network concession using market approach and income approach methods, respectively. Orbital concessions are amortized over 40 years using the straight-line method; their remaining useful life as of the Acquisition Date was 26 years. The public telecommunications network concession is amortized over 30 years using the straight-line method; its remaining useful life as of the Acquisition Date was 19 years.

As of December 31, 2010, concessions were valued at their fair value as of November 30, 2006, when Satmex had applied fresh start reporting resulting from a previous reorganization, less subsequent amortization.

 

  w. Valuation of satellites and long-lived assets - The carrying value of the satellites, amortizable intangible assets and other long-lived assets is reviewed for impairment wherever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the expected undiscounted future cash flows are less than the carrying value of the long-lived assets, an impairment charge is recorded based on such asset’s estimated fair value. Changes in estimates of future cash flows could result in a write-down of the asset in a future period.

Estimated future cash flows from the Company’s satellites could be impacted by changes in estimates of its ability to operate the satellite at expected levels, changes in the manner in which the satellite is to be used and the loss of one or several significant customer contracts on the satellite.

 

  x. Deferred financing costs - Deferred financing costs related to the issuance of Senior Secured Notes were capitalized and reported as an asset. These costs are amortized to interest expense using the effective rate interest method.

 

  y. Goodwill and other intangible assets:

Goodwill - As of December 31, 2010, goodwill represented the amount by which Satmex’s reorganization equity value, stemming from its 2006 reorganization, exceeded the fair value of its net assets (exclusive of debt obligations). Goodwill was fully allocated to the satellite services reporting unit. Goodwill was not amortized but was tested on an annual basis for impairment during the fourth quarter or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Fair value estimates are based on valuation models that typically incorporate probability assessments of expected future cash flows. Goodwill is considered to be impaired when the carrying amount of the reporting unit to which the goodwill belongs exceeds the fair value of that reporting unit. An implied fair value of goodwill is then compared to the carrying value of goodwill, and any impairment loss is recognized within operations. Satmex completed its annual goodwill impairment test in the fourth quarter of 2010 and determined that goodwill was not impaired. As a result of the adoption of push-down accounting stemming from the Recapitalization Transactions in 2011, goodwill was eliminated.

Other intangible assets - Intangible assets arising from push-down accounting are initially recorded at fair value using the income approach method. Intangible assets identified as part of the push-down of acquisition accounting consisted primarily of contract backlog and customer relationships. As of December 31, 2010, intangible assets consisted of contract backlog, customer relationships, landing rights and internally developed software and technology, all of which were recorded in connection with the adoption of fresh-start reporting in 2006. The Company reviews intangible assets for impairment whenever facts and circumstances indicate that the carrying amounts may not be recoverable. An intangible asset with a determinable useful life is considered to have been impaired when its carrying amount exceeds its fair value; however, an impairment loss shall only be recognized when the estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset are less than the carrying value of the asset. The Company measures an impairment loss as the difference between the carrying value of the asset and its fair value.

 

The costs of intangible assets with finite and determinable useful lives are amortized to reflect the pattern of consumption, over the estimated useful lives of the assets, as follows:

 

         
   

Useful life

(Years)

 
   

Contract backlog

    10  

Customer relationships

    4  

Landing rights

    5  

Internally develop software and technology

    5  

 

  z. Labor obligations - In accordance with Mexican Labor Law, Satmex provides seniority premiums benefits to its employees under certain circumstances. These benefits consist of a one-time payment equivalent to 12 days wages for each year of service (at the employee’s most recent salary, but not to exceed twice the legal minimum wage), payable to all employees with 15 or more years of service, as well as to certain employees terminated involuntarily prior to the vesting of their seniority premium benefit. Satmex also provides statutorily mandated severance benefits to its employees terminated under certain circumstances. Such benefits consist of a one-time payment of three months wages plus 20 days wages for each year of service payable upon involuntary termination without just cause. Costs associated with these benefits are provided for based on actuarial computations using the projected unit credit method.

 

  aa. Fair value of financial instruments and fair value measurements - An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Accounting guidance establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Inputs used to measure fair value may fall into one of three levels:

Level 1 - applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 - applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 - applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company’s financial instruments consist principally of cash, accounts receivable, debt, accounts payable and accrued expenses. The Company believes that the recorded values of cash, accounts receivable, accounts payable and accrued expenses approximate their current fair values because of their nature and respective maturity dates or durations. The fair value of debt is disclosed in Note 11.

 

  bb. Provisions - Are recognized for current obligations that result of a past event, are probable to result in the use of economic resources and can be reasonably estimated.

 

  cc. Income taxes - Current income taxes, calculated as the higher of the regular Mexican income tax (“ISR”) or the Business Flat Tax (“IETU”), are recorded in the results of the year in which they are incurred. The Company recognizes deferred income tax assets and liabilities for the future consequences of temporary differences between the financial statement carrying amounts of assets and liabilities and their related tax bases, measured using enacted rates. To determine tax bases of assets and liabilities, the Company evaluates whether it expects to be principally subject to ISR or IETU in the future and uses such tax base accordingly. If the Company is unable to conclude that it will be principally subject to either tax regime, a hybrid calculation may be utilized.

 

Based on the Company’s projections, it determined that in certain fiscal years it will pay ISR, while in others, it will pay IETU. The Company scheduled the reversal of the temporary differences for both ISR and IETU purposes, determined by year whether the applicable temporary differences should be those under ISR or those under IETU, and applied the applicable rates.

Deferred income tax assets are also recognized for the estimated future effects of tax loss carryforwards and asset tax credit carryforwards. A valuation allowance is applied to reduce deferred income tax assets to the amount of future net benefits that are more likely than not to be realized, which is computed based on projected tax results.

 

  dd. Statutory employee profit sharing - Statutory employee profit sharing (“PTU”) is recorded in the results of the year in which it is incurred and presented within operating expenses in the accompanying consolidated statements of operations. Deferred PTU liabilities are derived from temporary differences that result from comparing the accounting and PTU values of assets and liabilities.

 

  ee. Revenue recognition - Fixed satellite service revenues are recognized as the satellite capacity is provided according to service lease agreements. Satellite transmission capacity is sold through permanent and temporary contracts, which stipulate the agreed capacity. Lease agreements are accounted for either as operating or sales-type leases.

Operating lease revenues are recognized on a straight-line basis over the lease term. Revenues for temporary services are recognized as services are performed.

Revenues from end-of-life leases for transponders are usually collected in advance. The Company does not provide insurance and/or guarantees of any kind for the related transponders to these customers. Total revenues and related costs are accounted as sales-type leases and recognized in income when the risk and rewards of the transponders are transferred to the customer in accordance with the agreements.

The public and private network signal and value-added services (“Broadband satellite services”) are recognized when services are rendered.

To calculate the monthly revenue attributable to purchasers of “Alterna’TV” programming distribution services, the Company estimates, on a monthly basis, the number of “Alterna’TV” subscribers per purchaser according to the contractual value of each subscriber. Approximately 45 to 60 days after the end of each month, the Company receives a definitive report from each purchaser and reconciles the definitive revenue with the estimated amount, issuing an invoice to such purchaser based on the definitive report. Variations between the estimated and actual revenue amounts are not material.

Public and private net signal and value-added services are recognized when rendered. The sale of antennas and installation services are recognized in the period in which risk and rewards are transferred to the customers, which generally coincides with the completion of the installation of the antennas and acceptance by the customer.

 

  ff. Deferred revenue - Satmex is required to provide the Mexican federal government, at no charge, approximately 362.88 MHz of its available transponder capacity for the duration of the orbital concessions (“State Reserve”). As of May 26, 2011, as a result of the adoption of push-down accounting, this obligation was recorded at its fair value, using the income approach method, and recognized as deferred revenue with a corresponding increase in the value of the related assets. As of December 31, 2010, deferred revenue was valued at its fair value as of November 30, 2006, when Satmex had applied fresh-start accounting, and was subsequently amortized. Deferred revenue is amortized to fixed satellite services revenue based on the expected consumption pattern. On May 26, 2011, in conjunction with the adoption of push-down accounting, the Company revised its estimates regarding the expected life of the deferred revenue to better reflect its expected consumption pattern.

 

  gg. Use of estimates - The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses reported during the periods reported. Such estimates include the allowance for doubtful accounts, the revenue recognition of programming distribution services, the valuation of long-lived assets and goodwill, the valuation allowance on deferred income tax assets, the scheduling of reversal of the temporary differences under different tax regimes, the estimated useful lives of each satellite and estimates of fair values.

Although management believes the estimates and assumptions used in the preparation of these consolidated financial statements were appropriate in the circumstances, actual results could differ from those estimates and assumptions.

 

  hh. Recently adopted accounting pronouncements

On January 1, 2011, the Company adopted FASB Accounting Standard Update (“ASU”) No. 2009-13, Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements - a consensus of the FASB Emerging Issues Task Force, which contains new guidance on accounting for revenue arrangements with multiple deliverables. When vendor specific objective evidence or third party evidence for deliverables in an arrangement cannot be determined, a best estimate of the selling price is required to separate deliverables and allocate arrangement consideration using the relative selling price method. The new guidance includes new disclosure requirements on how the application of the relative selling price method affects the timing and amount of revenue recognition. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements and related disclosures.

On January 1, 2011, the Company adopted FASB ASU No. 2010-29, Business Combinations (Topic 805): Disclosure of Supplementary Pro Forma Information for Business Combinations. The amendments in this update specify that if a public company presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. The amendments also expand the supplemental pro forma disclosures to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The amendments apply to all business combinations that are material on an individual or aggregate basis. Refer to Note 2b. for disclosures required pursuant to this ASU.

 

  ii. Recently issued accounting pronouncements pending adoption

In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which updated the guidance in ASC Topic 820, Fair Value Measurement. ASU 2011-04 clarifies the application of existing fair value measurement requirements including (1) the application of the highest and best use and valuation premise concepts, (2) measuring the fair value of an instrument classified in a reporting entity’s shareholders’ equity, and (3) quantitative information required for fair value measurements categorized within Level 3. ASU 2011-04 also provides guidance on measuring the fair value of financial instruments managed within a portfolio, and application of premiums and discounts in a fair value measurement. In addition, ASU 2011-04 requires additional disclosure for Level 3 measurements regarding the sensitivity of fair value to changes in unobservable inputs and any interrelationships between those inputs. The amendments in this guidance are to be applied prospectively, and are effective for interim and annual periods beginning after December 15, 2011, and early application is not permitted. The Company does not anticipate the adoption of the guidance in this ASU will materially affect its consolidated financial statements.

 

In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income, which updated the guidance in ASC Topic 220, Comprehensive Income. Under the amendments in this ASU, an entity has the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity only. The amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. This new guidance was originally proposed to be effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 and applied retrospectively. In October 2011, the FASB proposed to indefinitely defer the specific requirement to present items that are reclassified from other comprehensive income to net income alongside their respective components of net income and other comprehensive income on the face of the respective statements; entities still must comply with the existing requirements during the deferral period. The remaining requirements of ASU 2011-05 are effective for the Company as of the beginning of our first quarter of 2012. The Company does not anticipate the adoption of the guidance in this ASU will materially affect its consolidated financial statements.

 

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Schedule of Valuation and Qualifying Accounts
12 Months Ended
Dec. 31, 2011
Schedule of Valuation and Qualifying Accounts [Abstract]  
Schedule of Valuation and Qualifying Accounts Schedules of Valuation and Qualifying Accounts

Satélites Mexicanos, S. A. de C. V. and Subsidiaries

Schedules of Valuation and Qualifying Accounts

 

                                 
    Successor Registrant  
    Balance at
beginning of
period
    Additional
charged
(credited) to
expenses
   

Deductions

and other

    Balance at
ending of
period
 

Allowance for doubtful accounts:

       
         

For the period from May 26, 2011 through December 31, 2011

  $ —       $ 1,360     $ —       $ 1,360  
         

Valuation allowance on deferred income taxes:

                               
         

For the period from May 26, 2011 through December 31, 2011

  $ 135,291 (1)     $ —       $ (106,681 )(2)     $ 28,610  

 

                                 
    Predecessor Registrant  
    Balance at
beginning of
period
    Additional
charged
(credited) to
expenses
   

Deductions

and other

    Balance at
ending of
period
 

Allowance for doubtful accounts:

       
         

For the period from January 1, 2011 through May 25, 2011

  $ 532     $ —       $ (532 )(3)     $ —    

Year ended December 31, 2010

    360       172       —         532  

Year ended December 31, 2009

    510       (150     —         360  
         

Valuation allowance on deferred income taxes:

                               
         

For the period from January 1, 2011 through May 25, 2011

  $ 146,562     $ 10,394     $ —       $ 156,956  

Year ended December 31, 2010

    164,472       76       (17,986     146,562  

Year ended December 31, 2009

    162,009       2,463       —         164,472  

 

(1)

Ending balance for the Predecessor Registrant does not match the beginning balance for the Successor Registrant due to the application of push-down accounting.

(2) 

Due to the use of the hybrid method, certain tax loss carryforwards are excluded from the deferred tax computation during those years in which the Company expects to pay IETU; accordingly, the related reserve is also excluded from the deferred tax computation.

(3) 

Write-offs of uncollectible accounts due to the application of push-down accounting.

* * * * * *

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Related Party Transactions and Balances
12 Months Ended
Dec. 31, 2011
Related Party Transactions and Balances [Abstract]  
Related party transactions and balances
14. Related party transactions and balances

 

  a. Related party transactions performed in the normal course of operations were as follows:

 

                                 
    Successor
Registrant
    Predecessor
Registrant
 
   

Period from

May 26, 2011

through

December 31, 2011

   

Period from

January 1, 2011
through

May 25, 2011

    2010     2009  

Revenues from:

                               

Satellite services -

                               

Mexican federal government

  $ —       $ 2,225     $ 4,896     $ 2,633  

Satellite capacity to Mexican federal government

    —         977       2,344       2,344  

Loral

    —         119       287       1,089  
         

Expenses from:

                               

Rent of control centers - Mexican federal government

    —         225       479       434  
         

Capital expenditures for:

                               

Construction Satmex 8 - Loral

    —         148,932       59,065       —    

 

  b. Related party receivable balances are as follows:

 

                 
   

Successor

Registrant

2011

   

Predecessor

Registrant

2010

 

Amounts receivable:

               

Mexican federal government

  $ —       $ 840