Thursday, October 30, 2014

Globe Telecom and Bayan Communications Joint Statement on TRO

Globe Telecom and Bayan Communications Joint Statement on TRO
Globe Telecom and Bayan Communications Joint Statement on TRO

In a released joint statement, Bayan Communications Incorporated and Globe Telecom regret the issuance of the temporary restraining order by the Court of Appeals last October 9, 2014.

The said TRO prevents the National Telecommunications Commission from acting on the application of the two companies involved wherein the majority stake of Bayan will be acquired by Globe.

According to Bayan Communications Head of Legal and Regulatory Affairs Atty. Ariel Tubayan, the petition of PLDT for a TRO will have a huge impact on service improvements needed by Bayan’s 350,000 customers. Furthermore, this will have negative effects on the viability of Bayan’s operations.

On August 27, 2013, the Pasig Regional Trial Court granted the joint request of Globe and Bayan to make changes to the latter’s rehab plan together with the restructuring agreement for the sale.

Globe Telecom General Counsel Attorney Froilan Castelo said that they are eager to complete the rehabilitation of Bayan and that the telecommunications industry should not rest into one major company

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