Jasmine Warns Of TT & T Coup
Jasmine International Plc, the parent of TT&T Plc, has threatened to transfer all of its affiliate’s broadband customers to its own network if TT&T does not win approval from its creditors to manage its own debt rehabilitation.
The threat came after TT&T’s creditors demanded P Planner Co conduct the business rehabilitation, which could allow foreign creditors to take over the company and sell it for profit.
The integrated communications service provider also blamed creditors for squeezing TT&T’s budget, which could lead to additional layoffs, said a TT&T executive who asked not to be named.
TT&T recently cut 10% of its entire workforce, and relocated 700 staff to its broadband arm, Triple T Broadband, in which Jasmine International owns 91%.
