Wireless Telecommunications Services

Page 2

Bankruptcy Proceedings Filed Against Offices of Mobil'nye TeleSistemy OAO subsidiary in Uzbekistan-Interfax

Monday, 6 May 2013 09:07am EDT

Interfax reported that Uzbekistan's regional economic courts have filed bankruptcy proceedings against the branches of LLZ Uzdunrobita, the Uzbek subsidiary of Mobil'nye TeleSistemy OAO (OJSC MTS), according to announcements published in local media. These proceedings are based on rulings passed by the Karakalpakstan Republic's economic court and 12 regional economic courts. As per the court decisions, monitoring procedures have been opened at Uzdunrobita's branches, and temporary managers have been appointed. The creditors of all of the branches will hold simultaneous meetings on June 3. The bankruptcy proceedings against Uzdunrobita's branches will simultaneously be heard at all of the courts on June 10. Uzdunrobita's offices officially bore legal entity status, but they were also part of the head company's structure.Uzdunrobita filed for bankruptcy with the court on January 18. At a meeting on March 5, the MTS subsidiary's creditors decided to open liquidation proceedings against it and asked the court to declare the company bankrupt. However, on March 11 the court rejected the creditors' request to open liquidation proceedings, instead prolonging the monitoring procedure at Uzdunrobita.

Court Recognizes Mobil'nye TeleSistemy OAO's IP Uzdunorbita OOO Bankruptcy, Opens Liquidation Proceeding-Interfax

Monday, 22 Apr 2013 02:48am EDT

Interfax reported that the Economic Court of Tashkent on April 22, 2013 decided to recognize IP Uzdunorbita OOO, Mobil'nye TeleSistemy OAO's subsidiary, bankrupt and open liquidation proceedings, Interfax reporter said. Thus, the Court granted creditors petition. The Court also appointed a liquidator. According to the legislation law of the Republic, the liquidation of IP Uzdunorbita OOO should be completed within a year.

Uzbek Court Starts Bankruptcy Case Against Mobil'nye TeleSistemy OAO's Subsidiary Uzdunrobita-PRIME

Wednesday, 23 Jan 2013 02:40am EST

PRIME reported that Tashkent’s Economic Court has launched bankruptcy proceedings against cellular operator Uzdunrobita, a subsidiary of Mobil'nye TeleSistemy OAO (MTS). The court will impose a supervision procedure on the company and appoint an interim manager. Within the next month, the court will make a list of debts and call the creditors for a meeting to choose a bankruptcy procedure,” the source said. Under the Uzbek legislation, an economic court considers a bankruptcy case within three months from the date of its launch. In extraordinary cases, the proceedings can be extended for no longer than two months. Uzdunrobita filed a bankruptcy motion earlier in January saying it cannot meet its financial obligations after a court revoked its license to operate in August as part of a dispute involving a criminal case against local MTS managers and a back-tax claim. MTS has dismissed around 170 Uzdunrobita employees since early January, and the remaining 200 workers will be dismissed on April 1. Uzdunrobita contributed revenue of USD 430 million or 3.5% of MTS’ total in 2011. MTS has already written off over $1 billion in costs in Uzbekistan and USD 579 million in impaired Uzbek assets between March and June last year. In November 2012, the court ordered Uzdunrobita to pay around USD 600 million in damages to the Uzbek government. Uzbekistan’s Supreme Economic Court repeatedly postponed hearing MTS’ cassation appeal contesting the revocation of Uzdunrobita’s licenses.

Mobil'nye TeleSistemy OAO's Uzbek Subsidiary Files Petition to Declare Bankruptcy-SKRIN

Wednesday, 16 Jan 2013 12:56am EST

SKRIN reported that Mobil'nye TeleSistemy OAO's wholly-owned subsidiary in Uzbekistan Uzdunrobita FE LLC (Uzdunrobita) has filed a petition to declare bankruptcy in the Tashkent Commercial Court. In accordance with the laws of the republic of Uzbekistan, a petition to declare bankruptcy was filed due to Uzdunrobita’s inability to fulfill obligations pursuant to the verdict of the Tashkent City Criminal Court from September 17, 2012, in relation to the criminal case against Uzdunrobita's employees and to the decision of the Appeals Court of the Tashkent City Criminal Court from November 08, 2012, which determined the total amount of fines and penalties to be paid by Uzdunrobita to be at approximately USD 600 million. In accordance with the court verdict of the Appeals Court of the Tashkent City Criminal Court from November 08, 2012, funds in the amount of approximately USD 150 million have already been recovered by law enforcement agencies from Uzdunrobita’s bank accounts.

Markets

  • Sectors
  • U.S.
  • Europe
  • Asia

Sector Summary

Analyst Research

Report Title Price
Provider: Renaissance Capital
$92.00
Provider: Renaissance Capital
$92.00
Provider: GlobalData
$125.00
Provider: GlobalData
$125.00
Provider: GlobalData
$125.00

NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.