Hondutel’s fortunes go from bad to worse as govt demands payment

The fortunes of financially troubled state-owned national PTO Hondutel (or Empresa Hondurena de Telecomunicaciones as it is also known) have taken a turn for the worse with the announcement that it will have to pay the government HNL90 million (USD4.5 million) in fiscal 2013, RCRWireless reports. The payment is part of the state’s plan to recover ‘different currencies’ from government-owned companies such as Hondutel, Pani and the National Port Authority. Given that Hondutel is severely underfunded and desperately seeking investment of USD500 million to remain competitive in the local market, it is unclear whether it will be able to comply with the government’s demand. The carrier is expected to end FY 2012 with a deficit of HNL300 million. The government’s plan to recoup the money has yet to be approved by Congress.