Loan market shutdown scuppers PCCW stake sale
Hong Kong telecoms company PCCW has abandoned its plans to sell a stake in its HKT division after bidders struggled to secure financing to back their offers. It is Asia’s third high-profile loan market casualty of the credit crisis in as many weeks after Huawei Technologies last week called off an auction of its handset division while TeleGuam cancelled a sale the week before due to bidders’ inability to obtain sufficient funding.
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