Grupo Iusacell, struggling Mexican mobile network operator, has filed for pre-arranged bankruptcy and is looking for a second restructuring of its debt with creditors in just four years.

A judge may rule on whether to instigate bankruptcy proceedings next week, Gricelda Nieblas, head of the Federal Institute of Bankruptcy Specialists, a part of the judicial branch.

Billionaire owner, Salinas Pliego acquired 74% of Iusacell in 2003 for $7.4 million from Verizon Communications and Vodafone Group, assuming the debt in the process, but has struggled since then to turn the company around and has previously restructured the debt to reduce its servicing costs on the company.

The company delisted from the Mexican stock exchange at the start of this year. The company hasn’t reported any financial results since then, although its last financial statement confirmed that its subscriber base reached 3.6 million at the end of 2009.