Bayantel to benefit from Globe debt purchase — exec

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[/caption] ?The tender offer is representative of Globe?s belief in the value of Bayan as a nationally enfranchised entity,? said said Globe chief financial officer Albert de Larrazabal, adding that Bayan?s debt load has hindered its performance. The executive said combining Globe?s assets and capabilities with Bayan through collaborative business efforts will enable both companies to become more competitive and help accelerate the completion of BTI?s rehabilitation. Globe recently disclosed that it launched a tender offer to purchase for cash any and all of the 13.5 percent Senior Notes originally due 2006 issued by Bayan. If the tender offer succeeds, Globe will become the major creditor of Bayan, and will perform a role similar to current roles of Bayan?s creditors in respect to its rehabilitation plan, including representation in the monitoring committee. The National Telecommunications Commission (NTC) also recently approved Globe?s application for the joint use by Globe and Bayan of the frequencies 1750-1760MHz/1845-1855MHz assigned to Bayan. The joint use agreement will allow Globe to address increasing demand for voice, SMS, and mobile data services, and will allow Bayan to offer its mobile telecommunications services to customers. ?Our long term collaboration with BTI is a strategic initiative that will enable BTI to unlock and maximize the potential of its key business assets and capabilities,? stated de Larrazabal. ?I believe this is consistent with the objectives of the NTC, and is in the best interests of Bayan?s stakeholders and customers,? he added. ]]>

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