An ad hoc group of Telefonica del Peru (TdP) bondholders has organized with Moelis as financial advisor amid the initiation of a bankruptcy protection process in Peru, two sources close to the matter said. The bondholders are working with Akin as legal counsel, Debtwire previously reported.

The Peruvian telecom has been facing a deteriorating liquidity position impacted by a sizeable tax liability with the Peruvian tax authority SUNAT. Last year it was ordered to pay more than PEN 1.3bn (USD 364.4m) to the tax authority in compliance with a ruling by the Peruvian Supreme Court in January 2023 relating to tax liabilities for 2000 and 2001, as reported.