New Tel Limited
Synopsis
New Tel Limited (New Tel) is an Australian company listed on ASX. It owns a full service license for fixed-line and mobile telephone services, and targets migrant communities in Australia, particularly Chinese. New Tel’s financial difficulties came to a head in November 2002, and auditors refused to sign off the company accounts. New Tel proceeded to outsource its mobile and fixed-line customers and, in early December, Hong Kong-based Broadband & Wireless Pty Limited offered to buy out New Tel’s $22 million debt with Telstra and Optus. However, Optus questioned the proposed rescue by BWPL, and on 10 December 2002 New Tel was placed under administration with PricewaterhouseCoopers.Related Reports
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