May 24 State-owned Kosovo Telecom has avoided bankruptcy after a Kosovan mobile operator agreed to waive a 32 million euro ($35.78 million) fine imposed over a breach of contract, the companies said on Wednesday.

Privately owned Z-mobile won a contract in 2008 to use Kosovo Telecom's (PTK) network and technology but later took the state company to court, saying PTK did not provide it with enough SIM cards and had refused to offer 3G and 4G mobile Internet services.

In December last year, an arbitration court in London ordered PTK to pay a 32 million euro fine, putting the company, which employs 3,500 staff, on the brink of bankruptcy.

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