Globe concludes tender offer for Bayan debt

20 Dec 2012

ABS-CBNnews reports that Globe Telecom of the Philippines has successfully completed its tender offer for Bayan Telecommunication Inc’s (Bayan’s) debt papers. In a filing today, Ayala-led Globe said that around 92.9% of Bayan’s notes were ‘tendered and not withdrawn’. Once the debt offer is signed off on, Globe intends to amend the terms of Bayan’s rehabilitation plan and begin work on drafting a long-term and sustainable path for the Lopez-led company. Bayan has been in rehabilitation since 2003 and is expected to remain so until 2023.