Telefónica del Perú has decided to enter into the bankruptcy of creditors to respond to the severe crisis that affects the Andean business and that already has weighed the accounts of the group of the first three quarter last year. Among the immediate obligations of the operator now insolvent is the payment of suppliers and employees, as well as tax and credit invoices. For now, Telefónica Hispam will go to the rescue of its operator with a credit injection of 394 million euros, with an expiration of 18 months, to deal with immediate payments. The operator has reported through a relevant fact to the CNMV that the company proceeds to carry out an orderly restructuring of the Peruvian telephone liabilities through what in the country is called the ordinary bankruptcy procedure.
The operator explains that, “as is the public knowledge, the financial situation of Telefónica del Perú has been very negatively affected by fiscal contingencies of more than 20 years old, as well as by administrative decisions that have placed the company in a position in a position of competitive disadvantage in a particularly challenging market environment. ” Telefónica has also reiterated in recent months that liabilities of Telefónica del Perú They are not guaranteed by any other matrix entity. With a view to the future, Telefónica will continue to explore strategic alternatives regarding its investment in Telefónica del Peru.
According to data at the end of the year, the Peruvian subsidiary reached a million fiber optic subscribers, with a rebound greater than 40% compared to the previous year, which consolidates the leading company in a fixed broadband market share with 29.82% to the Third quarter of 2024.
The time of the Telefónica Peru creditors contest is especially appropriate, since the group is waiting to know the resolution of arbitration in the CIADI (International Center for Arrangement of Investment Relative). In that award, the operator claims to the Peruvian State 1,122 million euros for historical damages, corresponding to taxes made in the country and tax provisions of taxes pending paying.
Telefónica’s penultimate disgust in Peru was the disagreement in Teleco negotiations with the KKR Investment Fund (Kohlberg Kravis Roberts) and with the Chilean Operator Entel (National Telecommunications Company) for the creation of a joint fiber company, called PANGEACO. This investment vehicle, now without a clear future ahead, intended to contribute around 200 million euros to the teleco, injection that was initially intended to be used for debt reduction.
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