TelOne on the verge of bankruptcy

5 Sep 2005

Zimbabwean fixed line operator TelOne has revealed that it owes foreign creditors USD350 million, making the cellco technically insolvent. The company owes the money to the UK’s BT Group, South Africa’s Telkom, the African Development Bank, Netherland-based ING-Bank, Banque de National de Paris in France, Kredittanstalt fur Wiederaufbau of Germany, Norway’s Eksportfinans, Overseas Economic Cooperation, Itochu-D and Eximbank in Japan, the Bank of China and the African Banking Corporation.

Zimbabwe, TelOne