He Peru’s Telefónica Directory (TDP) agreed to request an ordinary bankruptcy procedure (PCO) before the National Institute for the Defense of Competition and Intellectual Property Protection (INDECOPI) to restructure their financial obligations in order to guarantee the uninterrupted benefit of telecommunications services that provide more than 13 million customers in urban and rural areas of Peru.
“After evaluating different alternatives to ensure the company’s financial stability, we conclude that voluntar Suppliers in guaranteeing the permanence of TDP in the long term, to bring to our customers the best technology, fulfilling our regulatory commitments, “said Elena Maestre, executive president of Telefónica del Perú.
To enable PCO foster care, Telefónica Hispanoamérica (Telefónica Matrix of Peru) has granted a credit line for exclusively to meet the cash operation needs to maintain the service.
In December, the company reached its first million customers connected to fiber optics to the home and is currently able to provide fiber services to more than 4 million homes. Last October, TDP also launched the modernization project of its mobile network.
In recent years, the financial situation of Telefónica del Perú has been affected by fiscal contingencies of more than twenty years of age and administrative decisions that have placed the company in a position of competitive disadvantage in a market environment particularly challenging.
The beginning of the restructuring process does not imply a liquidation, much less a bankruptcy; It will provide the company with the ability to work with its creditors and other interested parties to continue serving Peru, protect its collaborators, strengthen their financial position and seek the sustainability of their business.
To organize the process, the company has hired the services of the Kroll company, a financial advice consultant who will integrate a member of his team as a restructuring director – Chief Restructuring Officer (CRO).
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