Liberty Telecoms, the troubled WiMAX provider in the Philippines, has made an early exit from corporate rehabilitation after a Makati court closed the proceedings.
The company, a joint venture between San Miguel Corp and Ooredoo, operates WiMAX service under the Wi-Tribe brand and had an estimated 56,000 broadband connections in Q1, according to GSMA Intelligence.
Liberty filed for court-imposed rehabilitation in 2005 to give it relief from creditors after it suspended operations due to a lack of capital, BusinessWorld reported. A court approved the petition and required it to increase its capital and settle debts with creditors. The rehabilitation plan was later extended to December 2016.
The court lifted the order last Friday after the “objectives of the rehabilitation have been successfully met”, according to a stock exchange filing.
Liberty’s net loss fell 32 per cent to PHP210.16 million ($47.1 million) in Q1 compared to a year ago. As it has worked to expand its customer base, Liberty has built up deficit of PHP10 billion.
With its finances improving, San Miguel president and COO Ramon Ang, who is also chairman of Liberty, said in March it will introduce mobile broadband service by next January and is planning nationwide coverage.
Comments