T-2 bankruptcy ruling overturned

4 Nov 2014

The struggling Slovenian telco T-2 has been handed back to the control of its shareholders after Ljubljana’s Higher Court decided that it had been wrongly placed in receivership by a lower court ruling in September this year. T-2’s creditors, which include Bank Asset Management Company (BAMC), Hypo Alpe Adria Bank and Banka Celje, demanded receivership after assuming loans worth EUR90 million (USD112 million). The banks said that the operator was making losses of EUR7,800 a day, which was reducing the funds available to creditors. T-2, meanwhile, said the bankruptcy ruling had come as ‘a surprise’ and vowed to continue services for its customers uninterrupted. The telco says it has continued to achieve business growth despite the bankruptcy, reporting that its number of mobile users grew by 11% year-on-year at end-September 2014, while fixed telephony users also continued to increase and overall revenue climbed by 9% in the third quarter of the year. For 2015 the company forecasts over EUR60 million in operating income and EBITDA of EUR15 million.

Slovenia, T-2