MANILA, Philippines – Globe Telecom and Bayan Telecommunications Inc has issued a joint statement on the TRO requested by PLDT preventing the NTC from enacting Globe’s application to acquire a majority stake in Bayan. Full text of the joint statement follows.
Bayan Telecommunications Inc. (Bayan) and Globe Telecom (Globe) regret the issuance by the Court of Appeals of a temporary restraining order (TRO) dated October 9, 2014, preventing the National Telecommunications Commission (NTC) from acting on Globe and Bayan’s joint application for the acquisition by Globe of a majority stake in Bayan.
“PLDT’s petition for a TRO will further delay proceedings and impact Bayan’s 350,000 customers in terms of much needed service improvements. 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,” said Atty. Ariel B. Tubayan Bayan Head of Legal and Regulatory Affairs.
The rehabilitation plan of Bayan has been seen by many as a milestone achievement in judicial history, helping to steer the company towards a better financial position and enabling it to provide social and economic gains for the consuming public. On August 27, 2013, the Pasig Regional Trial Court granted the Joint Motion of Bayan and Globe to amend Bayan’s rehab plan and confirmed the amended rehab plan alongside the master restructuring agreement.
Atty. Froilan Castelo, General Counsel of Globe Telecom said, “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. As a public utility company, we have a responsibility to serve the expanding needs of Filipino consumers through improved products and services.”