Globe seeks conversion of Bayantel debt to equity

Globe Telecom and Bayan Telecommunications Holdings Corp. on Thursday jointly filed a motion with the rehabilitation court to convert Bayantel’s debt into equity.

In a disclosure to the Philippine Stocks Exchange, Globe said that, “Further to the disclosure made by Globe Telecom Inc. on April 18, 2013, Globe said that the motion seeks to significantly restructure Bayantel’s financial debt in order to prevent the recurrence of default and ensure Bayantel’s continued viability.”