Colombian provider Avantel has been cleared by the country’s Superintendency of Companies (Superintendencia de Sociedades, Supersociedades) to continue operations while reorganising its liabilities.
As reported by CommsUpdate, the iDEN/LTE provider submitted a 10-year restructuring plan to the industry body. The plan’s approval will allow the firm to keep 400 staff directly employed.
Supersociedades reached its decision following a public hearing held from 21st-23rd September. The hearing took into account Avantel’s “capitalisation and merger by absorption” into Partners Telecom Colombia, which must ensure that Avantel adheres to the agreement since it is now responsible for the firm’s liabilities.
In July 2020, private equity firm Novator Partners acquired a majority holding in Avantel, and the company aims to use its previously obtained 700MHz and 2500MHz spectrum to launch a commercial mobile network within the first quarter of 2021.