Imagen Satelital to miss coupon payment, considering swap of debt

New York, April 30 - Imagen Satelital SA said it will not make the $4.4 million interest payment due May 1 on its 11% senior notes maturing 2005.

The Argentinean company, a unit of Miami Beach, Fla.-based Claxson Interactive Group, Inc., added that it is considering a swap of its bonds and has hired Banc of America LLC to advise on restructuring alternatives.

Imagen Satelital said it intends to announce details of an informal meeting with noteholders in the next few weeks at which it plans to have preliminary discussions.

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