Huawei lifts injunction; Mfone asset sale to begin

The Phnom Penh Post reports that Huawei Technologies has agreed to withdraw its injuction against the bankrupt cellco Mfone. The move paves the way for a court-appointed administrator to start selling off Mfone’s assets. Huawei’s legal manager, Aaron Zheng, said the vendor decided to ask the administrator to find buyers as soon as possible because ‘the longer they delay the sell-out, the cheaper [the] assets [become].’ Ouk Ry, the government-appointed administrator overseeing the sale of Mfone’s assets’, said: ‘After we have cleared the way, we will approach the buyers and begin the bargaining – so it can still take a few months to complete. First creditor, according to the law, is employees.’ Mfone’s assets are reportedly worth around USD107 million, including 1,037 base stations that cost around USD100,000 each but whose current market value is likely lower.