The Croatian incumbent Hravtski Telekom (T-HT) has signaled its intention to enter into a strategic partnership with the alternative telco Optima Telekom (OT) in order to save the latter from bankruptcy.
OT was established in 2004 and despite increasing its customer base and revenues has constantly reported negative financial results.
As one its largest creditors, T-HT has decided to file a notification to the Croatian Competition Agency (AZTN) based on the proposal of financial and operational restructuring of OT within the pre-bankruptcy settlement process.
This would see T-HT take a minority stake in OT and Zagrebacka banka, the largest creditor, transfer its future management rights to T-HT, thereby granting the incumbent operational and strategic arms-length control of OT for at least five years.
OT provides triple play services in over 100 Croatian cities and as of the end of 2012 was majority (66%) owned by Matija Martic, with the remaining shares (34%) free float.
OT’s debts to T-HT amount to HRK100 million (€13.4 million), while Zagrebacka banka is owed around HRK500 million by the company.