In a dramatic twist, Anil Ambani-led Reliance Communications (RCom)’s DTH arm Reliance Big TV (RBTV) has now been sold to a new player (Pantel) which has also bought RBTV’s earlier buyer Veecon. IT and communications service provider Pantel Technologies, Veecon and RCom have entered into a binding Share Purchase Agreement (SPA).
Pantel has bought RBTV on “as-is, where-is” basis, along with existing trade and contingent liabilities. The existing DTH licence of RBTV is being renewed, and the required Bank Guarantees have already been submitted to the ministry of information and broadcasting (MIB). The transaction ensures that the 1.2 million customers of Reliance Digital TV will continue to enjoy uninterrupted services.
Pantel will also keep 500 employees of RBTV. The transaction will help to reduce the liability of unsecured creditors, benefitting all stakeholders, including lenders and shareholders of RCom. RCom is reeling under a debt of Rs 45,000 crore.
Now it has to be seen how Pantel follows TDSAT rulings regarding the payment of dues which RBTV owes to companies like Discovery.
Source: http://cablequest.org/index.php/news/dth-news/item/11549-rbtv-deal-twist-pantel-buys-rdtv-as-well-as-rbtv%E2%80%99s-buyer-veecon
Pantel has bought RBTV on “as-is, where-is” basis, along with existing trade and contingent liabilities. The existing DTH licence of RBTV is being renewed, and the required Bank Guarantees have already been submitted to the ministry of information and broadcasting (MIB). The transaction ensures that the 1.2 million customers of Reliance Digital TV will continue to enjoy uninterrupted services.Pantel will also keep 500 employees of RBTV. The transaction will help to reduce the liability of unsecured creditors, benefitting all stakeholders, including lenders and shareholders of RCom. RCom is reeling under a debt of Rs 45,000 crore.
Now it has to be seen how Pantel follows TDSAT rulings regarding the payment of dues which RBTV owes to companies like Discovery.
Source: http://cablequest.org/index.php/news/dth-news/item/11549-rbtv-deal-twist-pantel-buys-rdtv-as-well-as-rbtv%E2%80%99s-buyer-veecon
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