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Debt Restructuring at Telco T-2 Launched

Maribor, 13 January (STA) - The Maribor District Court launched debt restructuring at insolvent telco provider T-2 on Thursday, giving creditors a month to register their claims as part of the proceedings.

The proceedings will be headed by administrator Milena Sisinger. The board of creditors will consist of technology firm Gratel, national telco Telekom Slovenije, investment firm Lokainvest, mobile operator Mobitel, Nokia Siemens, Smart Com and AB SAT as well as the state and the SAZAS authors' rights agency.

Gratel is the biggest creditor, with around EUR 80m in claims stemming from its construction of T-2 fibre optic infrastructure.

T-2 also owes around EUR 13m in wholesale network fees to Telekom. This had prompted Telekom to file a receivership motion against T-2 with the Maribor District Court, to which T-2 responded by filing for debt restructuring.

Motions for debt restructuring take precedence over receivership motions. T-2 maintains current operations are positive, which is why there is no reason to start receivership.

Moreover, T-2 has said that Telekom's debt to it is much larger - it claiming in EUR 120m in damages from the national telco for hindering its access to Telekom's infrastructure despite regulatory requirements. Its lawsuit is still in the courts.

T-2, in majority ownership of troubled financial holding Zvon Ena, was founded in 2004 and offers IP and mobile telephony, TV and broadband internet services. Media reports said Zvon Ena was looking for an international partner to sell its stake.

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