New CEO: Pacifictel near bankruptcy
Bnamericas Published: Friday, April 29, 2005
Ecuadorian state-run fixed line operator Pacifictel is near bankruptcy, local newspaper Expreso quoted the company's new CEO Iván Núñez as saying. Before his resignation, former CEO Alberto Pérez-Llona said that under his management the company cleaned up its public image and left US$40mn in accumulated earnings and US$2.4mn to pay the company's employees under a profit share scheme. However, according to Núñez, this figure is low compared to profits announced by sister company Andinatel. Consequently, the executive plans to request an audit to verify the company's earnings and other figures related to the operator's finances. Pacifictel's new management plans to fight by-pass operations and analyze interconnection agreements with mobile and fixed line operators, since they currently are not favorable for the company, the report said. "In this matter, the company has lost plenty of money and consequently is touching its lowest point. We are bankrupt," Núñez said.
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