Blu has narrowly escaped folding, following a shareholder’s commitment to invest more money. The Italian mobile network will now be able to operate until mid-February.
This injection of money has bought a little extra time for Blu. Autostrade, Edizone and BT, joint owners of the GSM network, are hoping to sell it before February 15. If they do not find a buyer or obtain further investment, Blu, currently the smallest network in Italy, will be forced to file for bankruptcy.
However, Blu may seek compensation from the government. The operator pulled out of bids for 3G licenses without knowledge of the extended license terms. These new licenses are due to come into effect as of February 15: just as Blu’s money runs out.