The board of directors of Hungary’s Business Telecom (BTel) has decided to place the alternative operator under interim management.
The new management team will be in charge of daily operations and hold talks with the company’s business partners,…
The new management team will be in charge of daily operations and hold talks with the company’s business partners, according to the minutes of the board’s latest meeting.
The board, which appointed an external auditor to review the company’s books in January 2013, has also forbidden the signing of commitments or contracts involving payments without the approval of shareholder SkillInvest’s Timur Rahimkulov.
Budapest-based SkillInvest, which has a 7.97% stake in BTel, is injecting Ft950m (US$3.8m) into the telco in return for equity with veto rights, the Budapest Business Journal reported.
Late last month, BTel revealed that it was being sued by Hungary’s largest telco, Deutsche Telekom-controlled Magyar Telekom, for Ft944m (US$3.79m) in service fees and related taxes and that an investor had launched liquidation proceedings against the company. BTel said it planned to pay its dues to the investor within a court-stipulated 45-day period.
Budapest-listed BTel provides nationwide fixed-line voice, broadband internet and satellite TV services.
Just over 39% of its shares are in free float, while the largest single shareholder, Attila Sokvari, has a 12.49% stake.
BTel was not immediately available for further comment.
