• Today
    November 16

  • 07:11 PM

Still no buyer for fibre network

SC,

Added 14 October 2015

michael-forde-ftc-trustee-1

Michael Forde (Internet image.)

Increased efforts are on to find a buyer for the fibre infrastructure Cable & Wireless Communications (CWC) has been mandated to offload to a new market entrant in Barbados.

In March, when it issued its decision on CWC’s acquisition of and merger with Columbus International, the Fair Trading Commission (FTC) issued 14 conditions, including that the amalgamated entity to had to section off and divest fibre infrastructure to 55 000 homes that overlapped the previously competing LIME and FLOW networks.

And in July when LIME was phased out and the FLOW brand maintained, CWC’s chief executive officer Phil Bentley said the company had received 14 expressions of interest from local and foreign entities interested in purchasing the overlapping network, but that the process was ongoing.

In the latest news on the process, given in its Conversations With The FTC contribution published on page 15 of this edition, FTC director of Fair Competition, Antonio Thompson, said that with the 180 day deadline for CWC to find a buyer having elapsed on September 23, Michael Forde, the trustee the regulator appointed recently, was now involved in the effort to sell.

“The merged company has so far complied with the requirements set out in the merger decision - the deadline dates for the divested assets to be vested in a holding company were met, with the chosen company being CWC-Columbus Asset Holdings Inc.; an independent valuation of the assets was submitted to the Commission within the timeline set;and a trustee was appointed to monitor the ongoing management of the said holding company,” Thompson explained.

“...On [September 23] the trustee joined the effort to find a buyer for the fibre assets. This means that anyone with an interest in purchasing the fibre assets, even those who would have shown an interest before the trustee became involved in the purchasing aspect, can contact the trustee directly. It should be noted that Cable & Wireless also remains actively involved in finding a buyer for the assets.”

As trustee, Forde is “responsible for monitoring the ongoing management of the divested assets in order to ensure that the remain intact and made available for sale”.

In its merger decision, the FTC said “the responsibility lies with the merged entity to find a suitable buyer that has the economic and technical capacity to maintain a viable network”. It also mandated that “the company(ies) interested in acquiring the divested assets must be approved by the commission before divestment occurs”.

JOIN THE DISCUSSION

Dos and Donts


Welcome to our discussion forum here on nationnews.com. We encourage lively debate, but we also urge you to take note of the following:

  • Stay on topic – This helps keep the thread focused on the discussion at hand. If you would like to discuss another topic, look for a relevant article.
  • Be respectful – Meeting differences of opinion with civil discussion encourages multiple perspectives and a positive commenting environment.
  • Do not type in capitals – In addition to being considered “shouting” it is also difficult to read.
  • All comments will be moderated – Given the volume of comments each day, this may take some time. So please be patient.
  • We reserve the right to remove comments – Comments that we find to be abusive, spam, libellous, hateful, off-topic or harassing may be removed.
  • Reproduction of comments – Some of your comments may be reproduced on the website or in our daily newspapers. We will use the handle, not your email address.
  • Do not advertise – Please contact our Advertising Department.
  • Contact our Online Editor if you have questions or concerns.
  • Read our full Commenting Policy and Terms of Use.
comments powered by Disqus

POLL

Do you think the students of the Grantley Adams Memorial School should have been barred from buying food from vendors during school hours?

Yes
No

FRONT COVER OF TODAY'S NEWSPAPER

CARTOON

INSTAGRAM