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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,
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To: SEC-ond-chance who wrote (82819)1/9/2003 4:34:00 PM
From: StockDung  Read Replies (2) of 122087
 
BWL enlists supercar Mario to help resuscitate New Tel

By Colin Kruger
Sydney
January 10 2003

The telecommunications industry's favourite soap opera continued yesterday, with Broadband and Wireless Ltd launching another attempt to rescue New Tel with the aid of rental car king Mario Salvo.

BWL's Richard Steggall presented his plan to a committee of creditors yesterday, saying New Tel creditors now had the choice at a meeting scheduled for Monday of voting for liquidation or opting for an adjournment to consider BWL's offer.

Yesterday's creditors committee meeting continued into the night at the Sussex Street offices of New Tel's administrators, PricewaterhouseCoopers. Administrator Phil Carter was not available for comment.

After losing close to $3 million in non-refundable deposits to Optus when its first rescue attempt fell through, BWL has returned with Delta Europcar owner Mario Salvo, who is financing the latest bid, according to Mr Steggall.

Mr Salvo is no stranger to New Tel, having sold his mobile phone reseller business, Delta Phones, to the company in June last year for $4 million worth of convertible notes, which are now worthless.

If the bid succeeds, Mr Salvo is expected to fund the initial payment of $11 million that will be made available to creditors immediately. The major creditors, Telstra and Optus, are expected to get 65 cents in the dollar, while smaller creditors are expected to receive full payment of their debts.

This story was found at: theage.com.au
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