MobilCom rid of UMTS burden
France Telecom takes over debts of German mobile operator
Rendsburg-Büdelsdorf (pte019/05.03.2003/10:56) German mobile operator MobilCom http://www.mobilcom.de has rid itself of debts associated with the launch of UMTS. Parent group France Telecom has agreed to take on all liabilities toward banks, as well as accounts payable to network providers Nokia and Ericsson.
According to information released by France Telecom http://www.francetelecom.com , the two companies have already signed an official accord, fulfilling the final condition in the compromise agreement reached between France Telecom and MobilCom last November. http://www.mobilcom.de/p_pm_presse_2088.html?shop_id=&vp_nummer=&w_code=
This new accord relieves MobilCom of debts of about 7.1bn euros. Up to 4.8bn euros in loans had been used to finance MobilCom's UMTS license, and another 1.3bn euros in debt had arisen through supplier loans. The German mobile operator has also been released from one million euros in company loans from France Telecom.
Now that MobilCom has freed itself of old debts, it intends to focus on a redirection of the company.
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