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Philippines Network Buying Up Debt Owed by Smaller Rival
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Philippines based Globe Telecom has acquired just under 92% of the outstanding debt owed by smaller mobile network, Bayan Telecommunications.
Globe said in a statement that it has now taken over 91.6% of the debt worth US$184.5 million. The move is seen as a prelude to a formal takeover of the firm.
Globe's chief financial officer, Albert de Larrazabal said in an ealrier statement that the company would become the major creditor of Bayan and will perform the roles of Bayan's creditors in respect to the rehabilitation plan.
"Potentially combining Globe's assets and capabilities with (Bayan) through collaborative business efforts will enable both companies to become more competitive and will help accelerate the completion of Bayan's rehabilitation," Larrazabal said.
The two networks already cooperate in sharing radio spectrum to relive network congestion in some areas.
Tags: [globe telecom] [bayan telecommunications] [Philippines]
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