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Cambodian Network Files for Bankruptcy - Migrates Customers to Rival
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Cambodian mobile network operator, Mfone has filed for bankruptcy after its Thai based parent company failed to complete a deal to sell the company to INT Management Service.
The company has struggled in the Cambodian market, which is characterized by a high number of networks competing against each other.
"Mfone will continue to operate and provide services to its customers while the court is considering Mfone's petition, and before the court announces a decision." the company announced.
The Thaicom group which is the majority shareholder had tried to seek an extension on the sale agreement due to difficulties with debt restructuring, but eventually had to seek the bankruptcy order. Thaicom is the company controlled by Thailand's former Prime Minister, Thaksin Shinawatra.
Mfone is currently also in the process of migrating its customer base to rival network, Mobitel pending its own closure. In the interim, Mobitel wil offer roaming to Mfone customers for the next two months while the migration process is undertaken.
Following the closure of Mfone, the country will still be left with six mobile networks, although that should fall to five following the upcoming merger of Hello Axiata and Smart Mobile.
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