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VIRTUALISATION US parent's move into chapter 11 is good news for us, says Primus Australia
VIRTUALISATION US parent's move into chapter 11 is good news for us, says Primus Australia | US parent's move into chapter 11 is good news for us, says Primus Australia |
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| by Stuart Corner | |
| Tuesday, 17 March 2009 | |
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The CEO of Primus Australia, Ravi Bhatia, said: "This is good news for Primus Australia because it results in increasing Primus Australia's ability to re-invest in our local operations." He claimed that Primus Australia was "a solidly profitable business that generates significant positive cash flow, making us financially independent and self sufficient." He added: "no employees, customers, suppliers or business partners in Australia will be affected in any way by the financial restructuring activities of the US holding company and there will be no loss jobs in Australia." Bhatia said that a large portion of local profits that had been used in part to service the US holding company's debt "may now be available for investment in organic expansion as well as acquisitions of synergistic telecom businesses throughout Australia." Bhatia said that since its inception in 1997 (he was the founding CEO, but later left the company for several years) Primus had invested in excess of $500m in its network and now had facilities in 66 POIs and 282 DSLAMs across Australia, and operated its own fibre network in the five major capital cities.
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