Nigeria’s telecoms company, Etisalat has been technically saved from liquidation after it failed to pay up its $1.2 billion debt to some 13 commercial banks.

But a winding down process of its former parent investors, Etisalat Group is still ongoing and would still decide if Etisalat Nigeria would retain the brand name “Etisalat’.

In a statement on Monday, Etisalat Group announced that it had terminated the existing management and technical support related agreements with Etisalat Nigeria with effect from 30 June 2017.

The statement added that, “The termination of the agreements governing the use of Etisalat’s brand (including its trademarks) has been deferred to 21 July 2017.”

It further added: “Etisalat Group had engaged with the company and is currently in the process of negotiating new agreements for technical services, strategic procurement support and the use of Etisalat brand (including its trademark).

“these agreements are still under discussion between the parties. It is for this reason that Etisalat group has deferred the termination of the existing trademark agreement at this time, thus allowing the parties an opportunity to enter into a new interim trademark agreement without adversely impacting the company’s ability to operate in the normal course.”