Submarine cable operator PIPE Networks has reached an arrangement with Tyco Telecom and a key customer which will allow the PPC-1 cable project to proceed as planned.
The project was put on hold earlier this month. PIPE had been having difficulty securing funding from its financier, the ANZ bank, in the wake of the global economic crisis.
PIPE Networks has not described the new arrangement in much detail, but has alluded that Tyco has agreed to deferred payments, while the unnamed customer has agreed to advance payments.
"It's been a tough few weeks, but there was an overwhelming commitment by everyone involved to ensure this project is a success," said PIPE networks CEO Bevan Slatterly.
"Everyone essentially got together and said "Ëœhow can we help to make this project happen'. Despite all the goodwill in the world, this would not have been possible without the support of our supplier Tyco Telecoms."
With landings in Sydney and Guam, PPC-1 promises to provide an additional 1.92 Tbps of capacity, with multiplexing providing up to 96x10Gbps wavelengths on each fibre pair of the cable.
Most of the terrestrial work has already been completed, but the submarine cable itself has yet to be laid.