"Bayantel's franchise specifically prohibits the transfer, sale or assignment of any right or privilege granted it without approval of Congress," Philippine Long Distance Telephone Co said in a statement.
"The arrangement circumvents pertinent laws and regulations regarding the assignment, allocation or use of radio frequencies that call for the public auction of the contested radio frequencies which remained idle for over 10 years or since the grant of provisional authority to Bayantel way back in 2000," PLDT said.
Globe Telecom Inc had acquired 98.26 percent of Bayan Telecommunication Inc's loans and 100 percent of Radio Communications of the Philippines Inc's (RCPI) liabilities. RCPI is a unit of Bayantel, both of which are owned by the Lopez Group.
The acquisition cost $130 million, lower than the $400 million face value of Bayantel's aggregate debt.
PLDT recently bagged 60-day temporary restraining order from the Court of Appeals, barring the sale of Bayantel to Globe.
The Appellate Court said the National Telecommunications Commission (NTC) should first act on the objections raised by PLDT before granting Globe's acquisition of Bayantel.
Globe was expecting last July to snag NTC approval of the Bayantel takeover, but the PLDT Group and Next Mobile sought to block the deal.
As Bayantel's largest creditor, Globe intends to convert its debt holdings into at least 54 percent of the former's outstanding shares.
Globe plans to unlock Bayantel's key business assets, particularly in corporate data and broadband. The takeover would allow Globe to address rising demand for mobile data services, and Bayantel to build its mobile network.
