The Catalan telecommunications operator Parlem Telecom must confront €17.5 million in immediate debt. The conflict between the founding core and the Inveready fund will be resolved at an extraordinary shareholders' meeting on August 7.
Parlem Telecom, the Catalan operator founded in 2014 by Ernest Pérez-Mas, is going through the most critical moment in its history. The company, which was once seen as a regional benchmark operator in Europe, is facing a debt of €17.5 million that must be paid immediately. The board of directors is divided, and control of the company is contested between the founding core and its main creditor, the Inveready fund.
The extraordinary shareholders' meeting, convened for August 7, will be the setting where the future of the company is decided. At stake is not only the share distribution but also the project of an operator with over 250,000 customers, backed by business families such as the Fonts (Bonpreu), the Carandells (Benito Urban), and the Domínguezes (Mayoral).
The origin of the conflict dates back to the failed merger between Parlem and Avatel, announced at the end of March. The accounts from both parties differ. From the Parlem management's perspective, it was Avatel that unilaterally withdrew its offer two days before Parlem communicated that the information provided during the due diligence was insufficient and incomplete.
Moreover, sources close to Parlem point to rumours about Avatel's delicate financial situation, which would include a €160 million claim from the Government for unsubstantiated aid for fibre and 5G deployment, a lawsuit from its supplier Elantia for unpaid debts, and losses of €60 million in its last financial year.
On the other hand, Inveready, which is a key shareholder of Avatel with nearly 49% of the capital, rejects this narrative. It claims that information about Avatel is public and that its performance is positive, with improving EBITDA and cash flow. Tensions among Parlem's shareholders have intensified since then, and now the Inveready fund is pressuring to take control of the company.
For investors and customers of Parlem, the situation is one of maximum uncertainty. The company needs an urgent solution for the €17.5 million debt, the non-payment of which could trigger insolvency proceedings. The meeting on August 7 will be crucial in determining whether Parlem's foundational project continues or if the fund takes the helm.
In any case, the outcome will affect the more than 250,000 customers of the operator, which has so far based its value proposition on proximity and personalised attention. It will also impact the investment funds and business families that have injected tens of millions into the project since its inception.
The meeting on August 7 at the shareholders' meeting will undoubtedly be a turning point for Parlem. Shareholders will need to decide whether to support the current management or open the door to a change of control that could redefine the company's future.
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