Telefónica’s Peruvian unit has filed to begin voluntary insolvency proceedings.
The carrier, a subsidiary of Spanish telco Telefónica, kicked off the insolvency process late last week after failing to find a buyer.
According to a regulatory filing, the process will take place in Peru and aims to help the company restructure its finances and operations in the country.
Telefónica noted that Telefónica del Perú’s (TdP) board of directors agreed to request an Ordinary Bankruptcy Procedure (PCO).
Telefónica serves more than 13 million customers across the country.
“After evaluating different alternatives to ensure the company’s financial stability, we came to the conclusion that voluntarily joining the PCO is the best way to protect the…
