Committee formed to oversee sale of Mfone’s assets

8 May 2013

The court-appointed administrator for bankrupt mobile operator Mfone has established a committee to start selling off the company’s remaining assets, The Cambodian Daily reports. Mfone filed a petition for insolvency proceedings in Phnom Penh in January and subsequently signed an agreement for the transfer of its mobile subscribers to CamGSM (Mobitel/Cellcard). Since filing for bankruptcy, more than 1,000 creditors have claimed that Mfone owes them a combined USD160 million. ‘We established the committee with the aim of selling Mfone’s assets to pay creditors,’ commented Ouk Ry, the administrator appointed by the Phnom Penh Municipal Court in February, adding that a date had not yet been set for the nine-member committee to meet. The group includes a representative of Huawei, which claims it is owed USD65 million, and representatives from Japan’s NEC and CAT Telecom of Thailand. Other creditors, including the Ministry of Posts and Telecommunications (MPTC), the Telecommunications Regulator of Cambodia (TRC) and the general department of taxation at the Finance Ministry, also sit on the committee.

Cambodia, Mfone (formerly Camshin), Thaicom (formerly ShinSat)