The bankrupt internet company Rodin Broadband Groningen can continue to operate until the end of the year pending a restart. Curator Jan Hein Mastenbroek expects clarity in December.
Several takeover candidates have come forward for the Groningen internet provider. They have until the beginning of November to submit an initial offer to Mastenbroek for Rodin’s fiber optic network, or parts thereof.
The curator is optimistic about the sales opportunities and also expects that at least a significant part of the proceeds can be covered by the 40 million that the province of Groningen has invested in Rodin, of which 30 million in the form of a loan and 10 million as a subsidy.
Rollout was supposed to be ready at the end of 2018, but was repeatedly delayed
The province invested that money in the company in 2017 with the assignment to install a fiber optic network in sparsely populated rural areas that larger internet providers had previously ignored. The ‘rollout’ was supposed to be ready at the end of 2018, but suffered from technical setbacks from the start.
Rodin requested an extension of the deadline several times, the relationship with the province soured and at the end of last year the company suspended the construction of the fiber optic network after the province rejected a request for additional money. Work came to a standstill until Rodin went bankrupt in June, followed in August by its subsidiary Rodin Fiber or ViberQ.
‘Rodin network is interesting for takeover candidates’
Nevertheless, according to Mastenbroek, the 1,500 addresses where Rodin has installed a fiber optic connection form an interesting network for other internet companies. “It provides a good basis to build on and serve the entire province. It is already located throughout Groningen with the exception of Veendam and the city.”
Since Mastenbroek took over in June, the company has not made a loss. “It is also profitable with the current connections,” emphasizes the curator (of Bout Advocaten).
He is counting on multiple bids. “Once they have been received, we will see how the market is doing and then the candidates will have until the beginning of December for a final bid. The final choice will be made during that month.”