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LEADING INT'L BANKS THREATEN TO SUE AUSTRALIA'S TELSTRA.
SYDNEY, Mar 3 Asia Pulse - Telstra Corp Ltd (ASX:TLS) is facing the prospect of being sued by a number of leading international banks if it fails to inject A$400 million (US$243 million) into its troubled Asian subsidiary, Reach Ltd.
A report in the Australian Financial Review today said the row was over a $1.5 billion non-recourse loan made to Reach by several large banks, including Barclays, JP Morgan, Citibank, Rabobank, CSFB, HSBC, ANZ Banking Group Ltd (ASX:ANZ) and UBS Warburg, in February 2001.
The AFR said senior bankers told the newspaper they had asked Telstra to inject $400 million to help Reach in its repayments.
"Telstra forgets that these 10 relationship banks provide huge capital to Telstra plus huge customer spend for telecommunications," one banker told the AFR.
"Telstra runs grave danger of putting all this at risk."
Another banker said some banks were threatening to take ...
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Source: HighBeam Research, LEADING INT'L BANKS THREATEN TO SUE AUSTRALIA'S TELSTRA.