Background on Telefónica del Perú (Movistar)
Telefónica del Perú, also known as Movistar, is a significant telecommunications company in Peru. It is owned by Telefónica Hispanoamérica, a subsidiary of the Spanish telecommunications conglomerate Telefónica S.A. The company provides mobile and fixed-line telephone services, as well as internet and digital TV offerings to millions of Peruvian customers.
Key Players and Their Interests
Among the major creditors of Telefónica del Perú are the AFPs (Administraciones de Fondos de Pensiones), which are the largest holders of corporate bonds issued by Telefónica in 2019. These bonds amount to over $460 million in the international market. Additionally, the Peruvian tax authority (Sunat) is also among the creditors.
Legal Actions by Bondholders
Adrián Simons, a lawyer representing the AFPs and insurance companies as creditors, discussed ongoing legal measures. He expressed surprise at the April 13 announcement that Telefónica Hispanoamérica, the owner of Telefónica del Perú’s shares, transferred its entire stake to Integra Tecinternational (linked to the Argentine fund Integra Capital) for a mere $1 million.
Simons pointed out that this transaction occurred without prior notification to the creditors, despite the fact that any decision regarding Telefónica del Perú’s future should have been evaluated by the Junta de Acreedores (Creditors’ Board) of TdP.
Demand for Protective Measures
In response to this transfer, bondholders decided to safeguard the true value of the company by filing a protective measure (demanda de amparo) with the Eleventh Constitutional Permanent Court in Lima on April 16. The case was admitted for review on May 5.
The aim of this judicial action is to prevent Telefónica Hispanoamérica from transferring Telefónica del Perú’s shares and to nullify the sale that was executed at an absurdly low price, in an irregular manner, and constituting an abuse of the right to transfer shares.
Key Questions and Answers
- Who are the main creditors involved in this case? The primary creditors are the AFPs, which hold the largest portion of corporate bonds issued by Telefónica in 2019, and Sunat, the Peruvian tax authority.
- What was the nature of the controversial transfer? Telefónica Hispanoamérica transferred its entire stake in Telefónica del Perú to Integra Tecinternational for $1 million, without prior notification to creditors.
- What legal actions have the bondholders taken? Bondholders filed a protective measure (demanda de amparo) to prevent the transfer and nullify the sale, which they consider to have been executed irregularly at an absurdly low price.
- What is the significance of this case for Telefónica del Perú’s customers and the telecommunications market in Peru? The outcome of this case may impact Telefónica del Perú’s operations, potentially affecting its services and investments in the Peruvian telecommunications market.
