ECONOMY

Talks resume between Forthnet and Wind

Forthnet and Wind Hellas are reportedly in talks examining various cooperation scenarios between the two telecommunication services providers.

Sources say that the firms have returned to the negotiating table after talks between the two came to a halt last summer, when it appeared that Wind might merge with Vodafone.

However, after it became apparent in February that the Vodafone-Wind merger talks had failed, contacts between Wind and Forthnet seem to have resumed. This was reportedly initiated by bank officials worried about the high level of short-term loans taken out by Forthnet, which also failed to go ahead with the necessary share capital increase of at least 30 million euros that its creditors had asked for.

Wind Hellas is similarly being urged to cooperate with Forthnet as despite its debts being written off at the end of 2010, it will have to find another 50-80 million euros by the end of 2012 to pay for the acquisition of frequencies to be distributed by the government.