UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For _March 27, 2003
GRUPO IUSACELL S.A. DE C.V.
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(Translation of registrant's name into English)
Prol. Paseo de la Reforma 1236
Col. Santa Fe, Deleg. Cuajimalpa
05438, Mexico D.F.
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(Address of principal executive office)
Indicate by check mark whether the registrant files or will fill annual reports
under cover of Form 20-F or Form 40-F: Form 20-F __X__ Form 40-F ____
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g-3-2(b) under the Securities and Exchange Act of
1934. Yes __X__ No____
Iusacell Announcement
MEXICO CITY--(BUSINESS WIRE)--May 22, 2003--Grupo Iusacell, S.A. de C.V.
(BMV:CEL)(NYSE:CEL) announced today that as part of its debt restructuring
effort, its subsidiary, Grupo Iusacell Celular, S.A. de C.V. ("Iusacell
Celular") in cooperation with its Senior Syndicated lender group, has received
an extension of its temporary Amendment and Waiver (the "Amendment") of certain
provisions and technical defaults under its US$266 million Amended and Restated
Credit Agreement, dated as of March 29, 2001 (the "Credit Agreement"). The
Amendment was originally scheduled to expire on May 22, 2003.
The Amendment, as extended, is scheduled to expire on June 13, 2003,
subject to earlier termination in certain circumstances, no other provisions
were amended and provides the Company with additional time to continue working
together with its financial advisors Morgan Stanley towards the formulation of a
consensual and comprehensive restructuring plan.
If the Amendment is not further extended, upon its expiration, Iusacell
Celular would be in default of a financial ratio under the Credit Agreement
which would constitute an Event of Default thereunder as if the Amendment had
not been granted.
About Iusacell
Grupo Iusacell, S.A. de C.V. (Iusacell, NYSE:CEL; BMV:CEL) is a wireless
cellular and PCS service provider in seven of Mexico's nine regions, including
Mexico City, Guadalajara, Monterrey, Tijuana, Acapulco, Puebla, Leon and Merida.
The Company's service regions encompass a total of approximately 92 million
POPs, representing approximately 90% of the country's total population.
Iusacell is under the management and operating control of subsidiaries of
Verizon Communications Inc. (NYSE:VZ).
This press release contains statements about expected future events and
financial results that are forward-looking and subject to risks and
uncertainties. For those statements, the Company claims the protection of the
safe harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Discussion of factors that may affect future
results is contained in our filings with the Securities and Exchange Commission.
CONTACT: Grupo Iusacell, S.A. de C.V.
Investor Contact
Russell A. Olson, 011-5255-5109-5751
russell.olson@iusacell.com.mx
or
Investor Contact
Carlos J. Moctezuma, 011-5255-5109-5780
carlos.moctezuma@iusacell.com.mx
Documents Furnished By the Registrant
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1. Press Release of the Registrant dated March 27, 2003
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GRUPO IUSACELL, S.A. DE C.V.
Date: March 27, 2003 _______/s/___Russell A. Olson_________
Name: Russell A. Olson
Title: Executive Vice President and Chief
Financial Officer