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Telecom Italia Repeats Vow To Cuts Its Debt

MILAN (AP) — Telecom Italia's chairman, Guido Rossi, repeated to a parliamentary committee in Rome on Wednesday that the company would cut its debt to €38 billion, or $48 billion, by the end of this year from €41.3 billion in June.

On Sept. 11, Telecom Italia's former chairman, Marco Tronchetti Provera, announced a plan to split its mobile and fixed-line telephone businesses into separate companies, reversing his previous strategy of integration. The plan prompted speculation that the company was preparing to sell the mobile business to cut debt.

Tronchetti Provera quit his post as Telecom Italia chairman on Sept. 15 after Prime Minister Romano Prodi and unions criticized the reorganization. Rossi, his replacement, reiterated Wednesday that the company had not decided whether to sell assets.