In an announcement, Angel Telecom Corp said that on February 8, Next Angel LLC would come to fore. Next Angel LLC is a joint venture between Angel and Next Communications Inc and Marcatel Telecommunications LLC.
The joint venture acquired the assets of Vivaro Corp as well as save some of its affiliates from bankruptcy. Overall, Angel would own 42.5% of shares in Next Angel.
Amongst the affiliates included in the acquisition is STI Prepaid, STI Telecom and Kare Distribution. All three filed for Chapter 11 bankruptcy and sought the court's protection back in September 2012. One of the main business areas of Vivaro and its afilliates is selling prepaid calling cards to the Latin American community in the United States. The corporation also has voice call business to Mexico, with a large market share in the traffic to other countries in Latin America.
Vivaro and its affiliates filed for bankruptcy back in November 30, 2012.
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