Vodafone outsources EUR 7mln un-cashed bills

Telecom operator Vodafone ceded its un-cashed debts to Glasro Holdings Ltd. from Cyprus, as announced by the Electronic Archive for Security Interests in Movable Property.

The unpaid bills come from 22,000 customers and amount to EUR 7 million. The majority of these bills were issued in the first part of last year. The two largest unpaid bills amount to EUR 44,000 and EUR 42,000. However, most of the bills are below EUR 236. The company has reportedly settled with Glasro Holdings Ltd. that it will receive between 10 – 20 percent from the total value of the debts that it has transferred.

Vodafone is the second largest telecom operator on the Romanian market. During the financial year April 1, 2008- March 31, 2009, Vodafone Romania posted 9, 588,065 customers , of whom 667,212 were new customers and total revenues of EUR 1.16 billion, with an annual increase of 0.7 percent.