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\u2019s joint application for the acquisition by Globe of a majority stake in Bayan.<\/p>\n
\u201cPLDT\u2019s petition for a TRO will further delay proceedings and impact Bayan\u2019s 350,000 customers in terms of much needed service improvements.\u00a0 This bid to delay the completion of the corporate rehabilitation of Bayan hampers the intention of both companies to ensure the viability of Bayan\u2019s operations,\u201d said Atty. Ariel B. Tubayan Bayan Head of Legal and Regulatory Affairs.<\/p>\n
In a statement issued to the press, Bayan and Globe said 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.<\/p>\n
On August 27, 2013, the Pasig Regional Trial Court granted the Joint Motion of Bayan and Globe to amend Bayan\u2019s rehab plan and confirmed the amended rehab plan alongside the master restructuring agreement.<\/p>\n
Atty. Froilan Castelo, General Counsel of Globe Telecom said, \u201cWe are eager to see through the completion of Bayan\u2019s rehabilitation.\u00a0 The telecommunications industry should not be held hostage by a single dominant player.\u00a0 As a public utility company, we have a responsibility to serve the expanding needs of Filipino consumers through improved products and services.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019s joint application for the acquisition by Globe of a majority stake in Bayan. \u201cPLDT\u2019s petition for a […]<\/p>\n","protected":false},"author":6,"featured_media":360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[1612,33,2127,951,31],"class_list":["post-6618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-bayan-telecommunications-inc","tag-globe-telecom","tag-legal","tag-mergers-and-acquisitions","tag-telecommunications"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/6618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=6618"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/6618\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/360"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=6618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=6618"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=6618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}