Pasay court approves Bayantel rehabilitation plan

The Branch 158 of the Regional Trial Court of Pasig City issued a resolution granting the joint motion filed by Globe Telecom, Bayan Telecommunications Holdings Corp. and Bayan Telecommunications Inc. to amend Bayan’s current rehabilitation plan.

Once regulatory approvals are obtained, a portion of Bayan’s debt will be converted into equity of up to 56.6 percent of Bayan. As a result, Bayan’s debt will be reduced by 69 percent to about $131.3 million. Globe currently owns 97.1 percent of Bayan’s total debt.