Copenhagen, 2011-02-09 16:13 CET (GLOBE NEWSWIRE) -- DPTG has now obtained attachment on payables to TPSA originating from a number of French telecom operators: Bouygues Télécom, Vivendi Telecom International, Vodafone, SFR, Orange, several entities of the France Télécom group, COLT Telecom France, AT&T France and Verizon France. This is estimated to amount to a total of approximately DKK 40 million a year.
DPTG will immediately initiate enforcement proceedings at the Court of Appeal of Paris by applying for a writ of execution which will secure the distribution of the frozen assets to DPTG.
In November 2010, DPTG initiated enforcement proceedings against TPSA in Poland and the Netherlands and in January 2011 also in the UK and Germany. The enforcement proceedings are part of several initiatives that DPTG will take to collect the DKK 2.9 billion, which were awarded to DPTG on September 3, 2010 for phase 1 of the TPSA/DPTG case. Despite the fact that the award is final and legally binding, TPSA has not paid the amount due within the 14-day deadline established by the Arbitration Tribunal.
GN’s share of the award for phase 1 is approximately DKK 2.1 billion (before tax and after deducting capitalized legal fees).
TPSA is the largest telecommunications group in Central Europe with a strong financial position. Currently, France Telecom owns around 50% of TPSA. The French state has an ownership share of around 27% in France Telecom.
TPSA's failure to comply with the September 3 decision of the Arbitration Tribunal is a breach of the decision from the Arbitration Tribunal as well as the contract between TPSA and DPTG. By failing to pay in accordance with the decision rendered by the Arbitration Tribunal, TPSA is adding further costs to themselves and their shareholders, more specifically around half a million Danish kroner a day in interest.
DPTG will continue its initiatives to ensure full payment of the DKK 2.9 billion for phase 1 of the arbitration case.
For further information, please contact:
Mikkel Danvold
VP, IR & Communications
GN Store Nord A/S
Tel.: + 45 45 75 02 71
