Thaicom’s Mfone files for insolvency

Cambodia-based telecommunication operator Mfone, part of the Thaicom group, on Wednesday petitioned for insolvency proceedings in Phnom Penh after facing difficulties in an intensely competitive market and after failing to complete the sale of its shares to INT Management Service Company. “Mfone has been through a very difficult time over the past two years,” said Thaicom chief executive officer Suphajee Suthumpun. “We were informed by Shenington Investments [Mfone parent] that despite all efforts to rescue and continue the business, the latest setback had required it to make the extremely difficult decision to file a petition to enter an insolvency proceeding. “In discussions with Shenington and Mfone, we have been informed that 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. At the same time, Mfone will continue to uphold its responsibilities towards its employees in accordance with the laws and regulations of the Kingdom of Cambodia.” …

http://www.nationmultimedia.com/business/Thaicoms-Mfone-files-for-insolvency-30197687.html