Etisalat DB to Hold Creditors Pay till April 18,2012

In the wake of winding up of Etisalat DB, a UAE based operator, business in India post the cancellation of 2G licenses, the company stated that it would not pay creditors or claimants until April 18, other than ordered by court, as Bombay High Court has adjourned the hearing to finalize the petition to April 18. The company has welcomed the court’s decision and said, “This is a success and we welcome the court’s action to protect EDB’S assets from attack in the interests of creditors as a whole. This is what we were seeking. We will be doing what we can to assist the court and asking EDB to do the same.”