Mexican satellite company, Satelites Mexicanos (Satmex), is seeking bankruptcy protection to reduce its debt, Bloomberg reports. The company filed for Chapter 11 in the U.S. for the second time in less than five years.

The company has listed $441.6 million in assets and $531.6 million in debt as of March 23. Satmex’s new restructuring plan is supported by noteholders, who own more than two-thirds of the company’s first- and second-priority senior secured notes.

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