Nowo/ONI Group in Altice compensation bid

Altice Portugal is pushing for insolvency and compensation from wholesale telecoms group Nowo/ONI.

Nowo/ONI says, however, that it is “bewildered” by the move from Altis Portugal (the country’s biggest telecommunications company) stating that in the first half of 2018 it enjoyed “positive cashflow” following a capital increase in the first half of the year and that it is in a “financially stable situation”.
This was the official reply from the group to news that Altice Portugal had made a bankruptcy call from the telecommunications company ONI.
ONI is a Portuguese telecoms company that operates exclusively in the business-to-business market; its clients are Portuguese companies, public entities and international telecommunications companies. It was founded in 1998 and its current CEO is Miguel Veiga Martins.
Its main services are: communications (private networks, internet, fixed and mobile voice), IT solutions (Data Centre, Cloud, Electronic and Physical Security).
Altis Portugal, a subsidiary of the Dutch multinational telecoms group, has made the bankruptcy call due to an alleged debt in excess of €6 million according to the on-line news service ECO.
“The behaviour of Altice Portugal is somewhat bewildering when the Nowo/ONI group is an important client for our wholesale services (of Altice) and we can confirm at the present date that the balances between the two companies are positive” stated Nowo/ONI on Thursday.