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Business

Mobilcom Avoids Bankruptcy with Deal

One of Germany's most troubled telecoms companies, Mobilcom, has been spared bankruptcy - at least for now. The debt-laden junior partner of France Telecom looks to avoid insolvency after Telecom finally agreed to overtake Mobilcom's more than 7 billion euro debt. The agreement ended an often bitter two-year-old partnership which heated up in the last half year over the expansion of costly next-generation UMTS mobile phone networks. France Telecom will now help shut down Mobilcom's UMTS business. Mobilcom will now undergo a restructuring with the help of a 112 million euro loan guaranteed by the German government. Shares in the German telecoms company climbed slightly Friday to 6.46 euro per share.