The Slovenia Times

Receivership Launched at T-2 Cable Operator


The bad bank demanded receivership after taking over some EUR 90m in unpaid loans taken out by T-2 at NLB and NKBM banks.

While T-2 claims that there is no reason for receivership, BAMC says the management was intentionally squeezing the company.

"It is fact that the creditor is operating at a loss, which is very high. Every day, even on Sundays and Saturdays, it generates an average of EUR 7,800 in loss, which means less and less funds for the creditors," BAMC lawyer has said.

The court started hearing the lawsuit by BAMC, Hypo Alpe Adria Bank and Banka Celje on 10 September but took a week to make a decision.

Bad bank lawyer Grega Peljhan said after last week's hearing that the company failed to meet its obligations toward creditors as agreed in the court-mandated restructuring that was completed in June 2014.

He added that creditors had security rights on T-2's network, real-estate and licenses. "T-2 does not pay a dime under these security rights."

T-2 told the STA that it would continue to provide services and that it would appeal the court's decision. The company said it proved it was not insolvent and that it met all the demands imposed in the debt restructuring.

Creditors now have until 16 December to report their claims to receiver Danica Čuk, who was also appointed by the court today.

T-2 is the second biggest broadband internet provider in Slovenia, holding 18% in the market, according to data from the Agency for Communication Networks and Services for the first quarter of the year.

The company is the biggest provider of fibre to the home (FTTH) in Slovenia (49.3%) and the second biggest IP television provider (33.6%).


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