Globe steps in to buy Bayan's debt, plans to buy company

摘要

Filipino operator Globe Telecom has reportedly offered to acquire fellow telecom provider Bayan Telecommunications Inc (BayanTel's) debt from its creditors, ahead of a move to buy out the company. In a stock market filing Globe confirmed that it launched the tender offer to buy 100% of Bayan's debt - including the liabilities of its Radio Communications Inc subsidiary. The offer expires on December 19th, although Globe has the option to extend the deadline, and is conditional on it receiving the acceptance of 70% of holders of Bayan's USD$200 million of senior notes - originally due in 2006.