Telefónica del Perú yesterday presented a application formal to benefit from the Ordinary Bankrupt financial obligations.
Recall that on February 14, the Board of Directors Spanish multinational He agreed to this decision with the objective of restructuring his debts, mainly his fiscal and financial debt, so that they can refinance and be paid in an orderly manner, with the participation of their creditors. In the worst case, this procedure will allow the company to undergo liquidation under supervision of INDECOPI.
On the morning of Tuesday 25, Indecopi reported that he received the request for Telefónica for the beginning of the ordinary bankruptcy process with the request to carry out a patrimonial restructuring. Thus, he indicated that the application will be resolved maximum in July.
“According to the General Law of the Bankruptcy System, the Bankruptcy Procedures Commission has a maximum period of ninety 90 business days, that expire on July 3, 2025to resolve said request. If the aforementioned order was admitted, the commission would issue a resolution providing the start of the ordinary bankruptcy procedure, “he said.
Accumulated Loss of Telefónica
Telefónica del Perú explained that the bankruptcy process seeks to guarantee the fulfillment of its financial commitments through a payment schedule aligned to the future generation of cash flows.
In addition, he emphasized that this process “in no way implies a liquidation, much less a bankruptcy”, but provides a framework to agree on the restructuring of its debts in an orderly manner, ensuring the continuity of its operations in the country.
At the end of 2024, the company registered a net loss of S/3,392 million, which implies its worst result in the last decade. To this are added the negative results of the previous years such as S/613 million in 2023, s/1,454 million in 2022, S/1,626 million in 2021, S/695 million in 2020 and s/1,137 million in 2019. The company does not He has managed to reverse this trend since 2017, when he reported losses of S/410 million.
Risk ratingers such as Fitch and Moody’s They have reduced the credit note to Telefónica del Perú. In the case of the first agency, the degradation of the qualification responds to the company’s decision to enter the bankruptcy process.
In Fitch’s opinion, the restructuring request is equivalent to a process of Failure to paygiven the financial weakness of the company and its inability to deal with its close financial commitments. According to the qualifier, the bankruptcy process against Indecopi will take months to be accepted and completed.
On the other hand, Moody’s He considered that Peru’s telephone “does not have the ability to continue supporting the deterioration of its results and that faces a high risk of impacting its obligations.”
“The loss of the classifications considers the continuum weakening of the company’s financial positionwhich has led to impact the patrimonial structure of TDP. This is explained by the decrease in income before the intense market competition in the various sectors in which it operates and the costs of the transition of HCF technology towards fiber optics, ”he said.
Source: Larepublica
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