PIPE formalises Sydney-Guam fibre funding

By on
PIPE formalises Sydney-Guam fibre funding

PIPE Networks will restart its Sydney to Guam submarine cable project after formalising alternative finance.

The company put its plans on hold in early December after withdrawing from its finance arrangements due to "unacceptable delays in the credit approval process", it said.

The project restarted on December 19 after a memorandum of understanding was signed between PIPE, system supplier Tyco Telecom and a key customer.

The funding and revised payment schedule nutted out in the memorandum are now formalised, enabling PIPE to again lay cable, said chief executive officer Bevan Slattery.

"This is an outstanding outcome and now I'm looking forward to getting up to Japan in a couple of weeks to watch the cable get loaded onto the ship," Slattery said.

Got a news tip for our journalists? Share it with us anonymously here.

Most Read Articles

Log In

Username / Email:
  |  Forgot your password?