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.
© 2013, All rights reserved.