Bayantel’s rehab to shorten by 10 years

The rehabilitation time frame of Bayan Telecommunications has been shortened by 10 years as the Regional Trail Court of Pasig City allowed Globe Telecom to assume its debts, the Ayala-owned telecommunications company said.

“The rehabilitation of Bayantel will mean more competitors in the industry serving a very broad and rapidly growing market especially for its niche in fixed-line services and data connectivity with strong social media implications,” lawyer Froilan Castelo, general legal counsel of Globe, in a statement said.