Feeds

Finland's other mobile phone maker pulls through

For now

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Benefon, Finland's other mobile phone maker, has survived to fight another day. Two weeks ago, the company revealed that its ability to survive was contingent on an immediate cash injection of €20m.

On Tuesday (Feb 25), the firm announced on its website that it has received "subscription commitments" for €11.6m from investors and creditors. This includes bridging finance of €0.45m, presumably to tide the company over until the rest of the money comes through, and "debt offsets" of &euro 1.1m. Which means that there's only €10m or so of new money. In return, subscribers are getting new shares or convertible bonds.

But who are the providers of the new money. It looks like there is only one big subscriber, a company called NRJ International LLC (Who they? -Ed), which is stumping up a maximum of &euro 10.03m in equity by Jan 31, 2006. Half of this comes in the form of shares and half in convertible bonds. ®

Related Story

Finland's other mobile phone maker needs cash. Or else

Business security measures using SSL

More from The Register

next story
Brit telcos warn Scots that voting Yes could lead to HEFTY bills
BT and Co: Independence vote likely to mean 'increased costs'
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
New 'Cosmos' browser surfs the net by TXT alone
No data plan? No WiFi? No worries ... except sluggish download speed
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Blockbuster book lays out the first 20 years of the Smartphone Wars
Symbian's David Wood bares all. Not for the faint hearted
Bonking with Apple has POUNDED mobe operators' wallets
... into submission. Weve squeals, ditches payment plans
This flashlight app requires: Your contacts list, identity, access to your camera...
Who us, dodgy? Vast majority of mobile apps fail privacy test
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.