The Honduran government plans to find a partner to invest in the company through the purchase of 51% of the shares held by the state.
"We're backing the idea of the formation of a joint venture with a private investor where they will have a 51% stake, the government 22.5% of the shares, and employees who wish to will have 22.5% and 4% will be reserved for provident institutions," said Rigoberto Romero, president of the intervention commission.
The Honduran president Porfirio Lobo has disbanded the intervention commission which tried to save the state communications company using a self rescue plan.
The president of Honduras was emphatic in dismissing outright any bailout attempt, saying "Fixed telephony is disappearing and its the same case for Hondutel, the instruction given to the Commission from the beginning is that they were to see how an alliance could be made with the workers and the union because we can not take on their concerns, if this doesnt fix the problem, no government is able to sustain Hondutel because it does not make sense to subsidize a company which should be providing a benefit to the state. "