In a statement aimed at the Superintendence of the Securities Market (SMV), Telefónica del Perú (TDP), commercially known as Movistar confirmed that his control shareholder hired the financial advisory firm Rothschild & Co “To assess different alternatives for your asset in the country.”
According to the Spanish newspaper El Confidencial, This hiring would have two main objectives. The first would be to negotiate an agreement with the creditors, to whom Telefónica owes US $ 1,344 million Amount registered in the Ordinary Bankruptcy Procedure (PCO) presented to the Indo -Endopi Bankruptcy Procedures Commission on February 24.
The second purpose would be to find a buyer for the Peruvian subsidiary. According to the environment, one of the options under evaluation is that the pension and investment funds themselves, mostly Americans, They acquire the telecommunications company through a debt exchange per capital.
What the CEO of Peru said
The executive president of Telefónica del Perú (TDP), Elena Maestre, did not denied the information disseminated by the Spanish media.
“What we are doing in Peru is to continue and improve the service. It is true that Telefónica analyzes all opportunitiessince, as a shareholder, its fiduciary duty is to seek the best return of its investments. The truth is that we do not have much information, beyond that they can be looking at us, as any other option can be evaluating, ”he said.
“We are concentrated in our users, customers, service and restructuring of the financial debt, which drowned us and did not allow us to invest. In fact, from Spain they have given us a loan to continue investing and improving the service, ”added Maestre.
In that context, he reiterated that “they continue working.” “We started our project to go to the fiber (optics) two years ago and we migrate to our customers to the fiber, allowing cutting -edge technology in what is the internet at home. Now we have started with the renewal of the mobile network, and with that the connectivity will improve, ”he said.
On the bankruptcy process presented by the telecommunications firm on February 24 against Indecopi, the directive explained: “We have a financial problem that we wanted to encompass and look for the best way to deal with financial debts while we continue with the operation. The bankruptcy process does not imply a bankruptcy or liquidation, what it means is to look for the formula of restructuring the debt we had. ”
Telefónica del Perú faces important pending obligations, including a debt of US $ 639 million with the Peruvian treasury, in addition to International bond emissions for US $ 471 million and local corporate bonds for US $ 157 million, both still payable. To this is added a sustained drop in its income: between 2015 and 2024, its turnover went from US $ .618 to US $ 1,646 million.
