Committee Formed to Sell Off Mfone’s Assets

The administrator dealing with the debts of defunct mobile operator Mfone yesterday established a committee to sell off the company’s remaining assets. Since it filed for bankruptcy in January, more than 1,000 creditors, including former staff, have claimed Mfone owes them a combined $160 million. Mfone’s remaining assets have been estimated at about $107 million, and despite a court injunction freezing the firm’s assets, the company’s roughly 400,000 subscribers were switched to rival firm Mobi­Tel. … The committee includes a representative of Chinese telecom giant Huawei—which claims it is owed $65 million—and representatives of NEC from Japan and CAT Telecom PLC from Thailand. The Min­istry of Posts and Telecommunications, the Telecommunications Regulator of Cambo­dia and the general department of taxation at the Finance Min­istry, who are also creditors, also sit on the committee. Mfone is owned by Thailand’s Thaicom.

http://www.cambodiadaily.com/business/committee-formed-to-sell-off-mfones-assets-22715/