Cable & Wireless Optus has announced today it would write off almost AU$70 million owed by failed junior carrier One.Tel.
Australia's second largest telco has confirmed it's owed AU$68.3 million by the Murdoch-Packer-backed telecommunications company that went into voluntary administration last month with debts of more than AU$600 million.
"Optus will try to recover this money from One.Tel," the company, said in a statement.
"However, statements by the administrators indicate creditors cannot be certain of recovering any money owed."
Optus, which provided wholesale network services to One.Tel, said the amount would be written off against profit. Australia's number one carrier Telstra has said it would write off AU$36 million in costs associated with One.Tel.
Optus said underlying trading revenues remained "strong", despite forecasts for tightening in the wholesale capacity market. The company is currently subject to a takeover offer from Singapore Telecommunications.
