The Philippines' Globe Telecom and Bayan Telecommunications have hit back at PLDT, after the latter succeeded in getting a court order halting the approvals process for the Globe-BayanTel merger.
In a joint statement, Globe and BayanTel said they “regret” the court's decision, warning that the further delay will negatively impact BayanTel's 350,000 customers.
Globe Telecom acquired nearly all of the struggling BayanTel's debt in 2012 and has been seeking to have this debt converted into a controlling 56.6% stake in the operator as part of the BayanTel rehabilitation plan.
But PLDT has filed court action seeking to have the merger blocked on the grounds that it would give Globe 95 MHz of spectrum, which it asserts will be harmful to market competition. The Philippines' court of appeals recently issued a 60-day temporary restraining order halting the approval process.
“We are eager to see through the completion of Bayan’s rehabilitation. The telecommunications industry should not be held hostage by a single dominant player,” Globe general councel Froilan Castelo said.
“As a public utility company, we have a responsibility to serve the expanding needs of Filipino consumers through improved products and services.”
“This bid to delay the completion of the corporate rehabilitation of Bayan hampers the intention of both companies to ensure the viability of Bayan’s operations,” BayanTel head of legal and regulatory affairs Ariel B. Tubayan added.