Committee Formed to Sell Off Mfone’s Assets

The administrator dealing with the debts of defunct mobile operator Mfone yesterday established a committee to sell off the company’s remaining assets.

Since it filed for bankruptcy in January, more than 1,000 creditors, including former staff, have claimed Mfone owes them a combined $160 million.

Mfone’s remaining assets have been estimated at about $107 million, and despite a court injunction freezing the firm’s assets, the company’s roughly 400,000 subscribers were switched to rival firm Mobi­Tel.

In a meeting yesterday at the company’s shuttered offices on Monivong Boulevard, the administrator appointed by the Phnom Penh Municipal Court in February, Ouk Ry, set up a committee of nine of Mfone’s major creditors.

“We established the committee with the aim of selling Mfone’s assets to pay creditors,” Mr. Ry said, adding that a date had not yet been set for the committee to meet.

The committee includes a representative of Chinese telecom giant Huawei—which claims it is owed $65 million—and representatives of NEC from Japan and CAT Telecom PLC from Thailand.

The Min­istry of Posts and Telecommunications, the Telecommunications Regulator of Cambo­dia and the general department of taxation at the Finance Min­istry, who are also creditors, also sit on the committee. Mfone is owned by Thailand’s Thaicom.

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