Vancouver-based 360networks, a fiber-optics firm, had agreed to pay SingTel US$800 million last June for the capacity. However, doubts have arisen over its ability to pay its US$1.5 billion in debts, despite a company statement issued on Tuesday, assuring investors that it would not seek bankruptcy protection.
Touted to be Asia's largested private submarine cable, C2C spans markets like Hong Kong, the Philippines, Taiwan and Singapore.
SingTel has a 60 percent share of C2C, with the remainder owned by Japan's KDD Group and Globe Telecom of the Philippines.
The cable network has made advanced sales of bandwidth capacity worth US$1.4 billion, The Straits Times reported.
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