Globe Telecom, Inc., one of the Philippines leading telecommunications company offered to buy the debts of Bayan Telecommunications, Inc. (Bayan) and they also eyes and equity interest in the Lopez-led firm.
The Bayantel and RCPI were both members of the Lopez Group of Companies, while Globe Telecom was owned by the Ayala Families.
According to Globe it will purchase the debts of Bayan Telecommunications Inc. and its unit from their creditors. In a disclosure submitted to the Philippine Stock Exchange, Globe said that it obtained internal approvals to commence offers to purchase up to 100 percent of the financial obligations of Bayan and its unit Radio Communications of the Philippines Inc. (RCPI).
According to Bayantel’s rehabilitation plan, the company owes creditors some $184.5 million. The National Telecommunications Commission approval is required to complete the acquisition.
Globe also stated that once the debt offers are completed, it intends to amend the terms of the rehabilitation plans for Bayan and RCPI. The company also (–foul word(s) removed–)ured that Bayantel’s interest of long-term sustainability in favor of Bayantel.
