Telefónica Peru has requested to voluntarily benefit from Creditors Contest With the objective of addressing financial restructuring and its operations, as reported by the Teleco through the National Securities Market Commission (CNMV) late this Friday.
«With the purpose of achieving an orderly restructuring of the Liabilities of Telefónica del Perú, it is reported that the Board of Directors of said company has agreed, today, the foster care of Telefónica del Perú to the ordinary bankruptcy procedure established in Peruvian regulations . The foster care of Peru to said bankruptcy procedure is oriented to the financial restructuring and of its operations within what the applicable bankruptcy legal framework establishes, ”says the text sent to the CNMV.
In this context, Telefónica Latin America has granted a commercial credit to the Peruvian subsidiary of up to 1,549 million Peruvian soles, around 400 million euros to the current change, for an 18 -month period.
The objective of the credit line granted by Telefónica Hispam to the Peruvian subsidiary is to maintain the operations and be able to reach a solution, although the funds will only meet the cash operation.
In this context, Telefónica Peru has stressed that the fosterness of the creditors contest is, above all, to the financial and administrative situation that crosses the subsidiary For two decades due to its controversies with the National Superintendence of Customs and Tax Administration (SUNAT) in the country.
«As is the public knowledge, the financial situation of Telefónica del Perú has been very negatively affected by fiscal contingencies more than 20 years old, as well as by administrative decisions that have placed the company in a position of Competitive disadvantage In a particularly challenging market environment, ”adds the statement sent to the CNMV.
“In relation to the aforementioned fiscal contingencies, Telefónica keeps an arbitration open to the International Center for the Arrangement of Investment Disputes (Ciadi),” he adds.
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