Iusacell's involuntary Chapter 11 case dismissed following claims sale

By Jennifer Lanning Drey

Portland, Ore., Nov. 16 - Grupo Iusacell Celular, SA de CV obtained court approval of a stipulation that dismisses its involuntary Chapter 11 bankruptcy case, according to a Thursday filing with the U.S Bankruptcy Court for the Southern District of New York.

The stipulation was filed after 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, according to the stipulation.

Iusacell is a cell phone company based in Mexico City. 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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