Cable & Telecom

Huntington hangs up on Phonetime

MISSISSAUGA, ON - Long distance telecom provider Phonetime Inc. has scrapped plans to buy Huntington Telecom, a privately held wholesaler of international long distance minutes based in New York. The companies announced the sale in early January, and the transaction was to scheduled to close at the end of March, pending necessary approvals. But a binding letter of intent between the parties that was “unilaterally terminated” by Huntington before the audited statements were provided, a Phonetime statement said Monday. Phonetime said it is “continuing its efforts to resolve this matter amicably” but is also “exploring all its available options.”