Fitel restructuring approved

9 Mar 2009

The Taiwanese wireless operator First International Telecom (Fitel) has announced that its restructuring plans have been approved by a local court. The firm plans to downsize its current paid-in capital of TWD4.5 billion (USD132 million) by TWD1.8 billion to cover cumulative operating losses, and then raise additional capital of around TWD2.4 billion, mainly through issuing new shares, DigiTimes reports. Fitel is reported to have debts totalling approximately TWD5 billion-TWD6 billion.

Taiwan, First International Telecom (Fitel)