There is now no hope in sight for the embattled telco One.Tel, after adminstrators announced they would wind up operations within the fortnight.
After signing deals with Telstra and Optus to transfer One.Tel mobile customers to their networks, the administrators are now hoping to secure a deal for other One.Tel customers.
"In the next 24 to 48 hours we hope to secure a deal with a service provider which will see the bundling of existing assets," administrator Steve Sherman told a packed media conference in Sydney today.
The service provider would ensure service continuity of fixed lines, local and long distance calls and Internet services.
The administrator also welcomed surprise announcements yesterday by the former directors Brad Keeling and Jodee Rich to help the 1400 workers and other creditors caught up in the telco's collapse.
"They were greatfully received," Sherman said.
Rich has committed AU$4.2 million, which is the net amount received on his AU$6.9 million bonus paid last year. This is dependent on the sale of his luxury harbourside mansion "Craigend".
Rich also intends to make available AU$2.1 million he hopes to recover from the tax office. The former director also plans to offload 500 million shares he holds in One.Tel.
"He encouraged board members and shareholders to make similar contributions," Sherman told reporters.
Creditors will have to accept Rich's Deed-of-Company arrangement.
Sherman revealed One.Tel's debt has been put at AU$600 million but "this is a working document and may well get higher".
