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DETAIL ON TALKS BETWEEN AUSTRALIA'S TELSTRA, BANKS WITHHELD.
SYDNEY, March 3 Asia Pulse - Details on discussions between a banking syndicate and Telstra Corp Ltd (ASX:TLS) focusing on financial support for the latter's troubled Asian subsidiary, Reach Ltd, were being withheld.
The Australian Financial Review said leading international banks were threatening to sue and cut business relationships with Telstra if it failed to make a A$400 million (US$242 million) cash injection into Reach.
However, Telstra chief executive Ziggy Switkowski yesterday said the further injection of money into Reach was not envisaged at this point.
Last month, Telstra announced a $965 million writedown of Telstra's 50 per cent stake in Reach, and that it was not considering any further writedowns on its assets.
"Reach has substantial cash on its balance sheet and its cash flow positive," Dr Switkowski told Sunday Sunrise yesterday.
"So the notion of pumping money in order to permit it to operate is not a correct conclusion at this stage," he added.
A Telstra spokesman today said the company had nothing more to say on the negotiations with banks.
- Short Reach - Telstra writes $1bn off Asia cable.
- News wire article from: Asia Africa Intelligence Wire February 22, 2003 700+ words
...The latest fall was prompted by Telstra's announcement that it had written...carrying value of its 50% stake in Reach, a joint venture with Pacific Century...A25 billion has been stripped from Telstra's market worth since share prices...
- AUSTRALIAN GOVT MUST SPEND MORE TO WIDEN NET REACH: TELSTRA.
- News wire article from: AsiaPulse News December 4, 2008 700+ words
...NBN) if they want it to reach 98 per cent of the population, Telstra (ASX:TLS) says. The government...government approval to build. Telstra is one of those bidders but...up to 90 per cent of homes. Telstra's chief operations officer...
- Australia - Reach could handle Telstra call monitoring.
- News wire article from: Asia Africa Intelligence Wire January 27, 2003 700+ words
...RDSL Asia/Africa) Reach (Hong Kong), 50/50 JV between Telstra and PCCW, may shift...monitoring to Hong Kong from Telstra's operations centre in Melbourne, Australia. Reach's current agreement with Telstra is due to expire soon...
- Reach grief knocks Telstra down 6.3pc Revenue at CSL, the Australian firm's...
- News wire article from: Asia Africa Intelligence Wire August 29, 2003 700+ words
...value of the troubled Reach undersea cable joint...at Australia's Telstra Corp tumbling 6...the underperforming Reach. While Telstra's Hong Kong mobile...Our outlook for Reach remains very cautious," said Telstra chief executive Ziggy...
- Reach talks continue for Telstra.
- News wire article from: Asia Africa Intelligence Wire March 4, 2003 700+ words
...Byline: Alan Wood Telstra has refused to discuss...into its troubled Reach joint venture in Asia...threatening to sue Telstra if it fails to inject cash into Reach. While the Australian...the speculation, Telstra's CEO, Ziggy Switkowski...
- SUBSCRIBERS REACH 800,000 FOR TELSTRA BROADBAND.
- News wire article from: Asia Africa Intelligence Wire June 9, 2005 700+ words
...tel $tec SYDNEY, June 9 Asia Pulse - Telstra Corp Ltd (ASX:TLS) today said that...broadband," he said. In each month of 2005 Telstra has sold more broadband services than...serviced over the existing copper network." Telstra is keen to hang on to revenues from its...
- Telstra REACHes deep into pockets.
- News wire article from: Asia Africa Intelligence Wire April 18, 2005 700+ words
...Asian joint venture REACH. Telstra's joint venture...to both telcos and REACH will also manage...capacity and provide Telstra and PCCW with outsourced...for management by REACH, as part of the...outsourcing arrangements. Telstra chief financial officer...
- Telstra Reaches Agreement With European Broadcasting Union For Sydney Olympic...
- Press release article from: PR Newswire April 10, 2000 700+ words
...throughout the world highlights Telstra's capabilities to deliver...pleased to be working with Telstra to provide the EBU and our...system enables broadcasters to reach all five continents during...service and reliability." Telstra is responsible for building...
- Telstra reaches out.
- News wire article from: Asia Africa Intelligence Wire March 4, 2003 700+ words
...The Herald-Sun) Telstra does not intend to...into joint venture Reach, despite pressure...was reported that Reach's syndicate of...threatened reprisals if Telstra did not fund the...US1.5 billion. Telstra has announced a...of its 50 per cent Reach stake.
- Telstra reaches out on loan terms.
- News wire article from: Asia Africa Intelligence Wire March 8, 2003 700+ words
...subsidiary's debt crisis. Sources close to Telstra's bankers said the telco is providing new...5 billion loan to its Hong Kong subsidiary, Reach. It is believed that Telstra and its Reach joint venture partner, Pacific Century CyberWorks...
Source: HighBeam Research, DETAIL ON TALKS BETWEEN AUSTRALIA'S TELSTRA, BANKS WITHHELD.