Verizon cuts Bayantel free

16 Jun 2003

US-based Verizon has said it is to sell its 19.4% stake in Filipino telco Bayan Telecommunications (Bayantel), according to the latter’s parent company Benpress Holdings, which is set to acquire the approximately 21.75 million common shares. No financial details have been divulged, although Verizon’s Bayantel stake is estimated to be worth USD97 million. The Benpress buyout frees the company from additional contingent liability as it looks to seek a fresh restructuring deal for debts totalling over USD550 million.