Judge OKs Sale of Telequest to Indian ConglomerateA federal bankruptcy judge has authorized the sale of Telequest Teleservices, Arlington, TX, to an India-based holding company for approximately $3 million.
Essar Group, Bangalore, India, a business conglomerate with holdings in the steel, shipping, fuel, power and telecommunications industries, received approval for the purchase from U.S. Bankruptcy Court Judge Steven Felsenthal in Dallas. The judge turned down Telequest president Gordon McKenna's request to take control of the company again. McKenna is president of the American Teleservices Association.
Telequest did not return phone calls seeking comment. The company filed for bankruptcy in June.
At the time, the company owed creditors approximately $11 million, according to reports. Essar Group does not anticipate any layoffs for Telequest's approximately 530 employees at call centers in Arlington, Wichita Falls, TX, Tyler, TX, and Lexington, KY, according to reports.
The company owes employees about $150,000 in back pay, according to reports.