Telefónica del Perú will ask for financial restructuring against Indecopi for complex economic situation: What does it imply?

The Directory of Telefónica del Perú agreed today to request an ordinary bankruptcy procedure (PCO) before the National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI) to restructure your financial obligations.

The entry of the Spanish multinational This process seeks to reorganize its finances. Thus, the protection provided by the regulatory framework would allow you redirect your debts in an orderly manner and with the participation of their creditors.

“After evaluating different alternatives to ensure Financial stability From the company, we conclude that we voluntarily welcome the PCO is the best way to protect the provision of the services of Telecommunications To the Peruvians, “said Elena Maestre, the company’s executive president.

The executive said they are focused on guaranteeing the permanence of the company, which operates under the Movistar brand, in the long term to continue providing services to its 13 million customers.

As detailed in a act of high importance to the Superintendence of the Securities Market (SMV), the parent company Telephone Latin America He granted the subsidiary Peru A credit line of up to S/1,549 million destined exclusively to meet the operational cash needs to maintain the service.

Telefónica He points out that the beginning of the restructuring process “does not imply a liquidation, much less a bankruptcy”; It will provide the company with the ability to work with its creditors and other interested parties to continue operating in Peru and seek the sustainability of its business.

Tax dispute with Sunat

Let us remember that Telefónica del Perú It maintains a dispute with SUNAT for the payment of the Income Tax (IR) of the 1998, 2000 and 2001, a conflict that has been for more than 20 years. In April of last year, the company He decided to pay up to S/1,361 million for debts of exercises 2000 and 2001.

So far, bail letters for S/1,106 million have been executed, which covers only part of the debt. “The total amount is not yet defined due to discrepancies in the calculation of default interests,” the company alleges.

The company records accounting losses since 2017, according to the financial results presented by each quarter. Since 2014, he has not distributed dividends to his shareholders

Between 2023 and 2024, Telefónica Latin America has injected a capital of almost US $ 1 billion to maintain the operation.

Due to the losses accumulated in 2024, in December last year, the company’s directory approved the execution of shares to clean up the company’s assets, such as reducing the share capital (money and goods that shareholders have contributed and that become in shares) for S/1,038 million to compensate losses and maintain the patrimonial balance

Telefónica: Ordinary bankruptcy procedure

The ordinary bankruptcy procedure that Telefónica seeks to host is composed of five stages:

• Application of the bankruptcy procedure before Indecopi.
• Call for all creditors to present their credits (the Commission of Bankruptcy Procedures of INDECOPI does).
• Credit recognition.
• Call for the Board of Creditors, who must approve the Patrimonial Restructuring Plan.
• Comply with the restructuring plan approved by the Board of Creditors.