Iusacell asks court to dismiss Chapter 11 case following claims sale

By Caroline Salls

Pittsburgh, Oct. 25 - Grupo Iusacell Celular, SA de CV requested court approval of a stipulation that dismisses its involuntary Chapter 11 bankruptcy case, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

According to the motion, petitioning creditors Gramercy Emerging Market Fund, Pallmall LLC and Kapali LLC advised Iusacell of a transaction under which all of the claims held by the petitioners against Iusacell were assigned to a third party.

As a result, the petitioners no longer have any claims against Iusacell.

A hearing is scheduled for Nov. 16.

Iusacell is a Mexico City cell phone company. It had an involuntary Chapter 11 case filed against it on July 14. Its Chapter 11 case number is 06-11599.

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