Troubled telecoms firm, Rwandatel is set to meet its over 200 creditors next week to discuss issues concerning the company’s liquidation process and payment of its debts.
This comes after a ruling by the commercial court of Nyarugenge earlier this month that Rwandatel must liquidate its assets to generate funds to pay back debts worth US$88.9 million.
Rwandatel’s Administrator, Richard Mugisha, told the Business Times that as provided by law, the company is mandated to meet with its creditors to agree on resolutions and approve a managerial team to oversee the company during the process.
“The general meeting will approve a creditors’ committee to represent their interests during discussions with Rwandatel,” Mugisha said yesterday.
“When the company’s assets are successfully sold off, we shall discuss with the different institutions and individuals whom we owe, when and how the payment process will be implemented.”
The company passed an announcement requesting its creditors to submit claims to its finance department for verification not later than August 30th 2011.
It is estimated that Rwandatel assets are currently valued at US$50 million with its asset verification and assessment process still underway.
Telcoms regulator, Rwanda Utilities Regulatory Authority (RURA) revoked Rwandatel’s GSM license in April this year, citing the firm’s lack of compliance with its license obligations.