World VoIP NewsBayanTel petitions court to shelve Extelcoms rehab planBayanTel petitions court to shelve Extelcoms rehab plan

BayanTel petitions court to shelve Extelcoms rehab plan


voip, mobile phone, mobile networks, nationwide, telecoms regulator
The Manila Standard Today reports that Filipino telco Bayan Telecommunications Inc (BayanTel) has asked the Supreme Court to ditch a court-imposed rehabilitation plan for troubled domestic operator Express Telecommunications Company (Extelcom).
The Manila Standard Today reports that Filipino telco Bayan Telecommunications Inc (BayanTel) has asked the Supreme Court to ditch a court-imposed rehabilitation plan for troubled domestic operator Express Telecommunications Company (Extelcom), saying its own business model for the company would be more economically viable.

Extelcom has been at the centre of takeover rumours for at least a year. In July 2009 CommsUpdate reported that another Filipino firm, San Miguel Corp, had hoped to complete its acquisition of Extelcom within months, and had reportedly signed the purchase agreement. It was rumoured that the seller – entrepreneur Roberto Ongpin and UK-based Ashmore Investment Management – had an undertaking to ‘clean up the company’ before San Miguel assumed management control said. The Ongpin-Ashmore group were to purchase shares in Extelcom from the telco’s creditors Trans Digital Excel, as Extelcom was currently under corporate rehabilitation with a total outstanding debt of PHP9.017 billion (USD186.9 million). Trans Digital, a major creditor of Extelcom, still owns 60% of the company.


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