Makati Court approves Liberty Telecoms’ early exit from rehabilitation

19 May 2015

The Makati Regional Trial Court in the Philippines has approved Liberty Telecoms Holdings’ early exit from rehabilitation, a year ahead of the telco’s scheduled exit in 2016. In a filing to the Philippine Stock Exchange, Liberty Telecoms – which is a joint venture between San Miguel Corp (SMC) and Ooredoo, and has two subsidiaries, Wi-Tribe Telecoms and Skyphone Logistics – says the court also discharged lawyer Monico Jacob of his duties and responsibilities as rehabilitation receiver. The move allows SMC to push ahead with its plans to take a bigger slice of a broadband market dominated by PLDT and Globe Telecom.

As reported in yesterday’s CommsUpdate, Liberty Telecoms offers high speed access in the Philippines through WiMAX operator Wi-Tribe Telecoms. It booked net losses of PHP210.16 million (USD4.74 million) for the period January-March 2015, down 31.6% from a loss of PHP307.59 million in the year-earlier period, prompting it to seek clearance to emerge from court-imposed rehabilitation.