Pacific Century also made an all-stock offer worth $38.5 billion, but executives involved in the discussions said it was not likely to be accepted.

Analysts predict that politics will help Pacific Century in its bid.

Analysts say Pacific Century wants to limit its ownership of these assets.

Pacific Century, which is only nine months old, has no experience in telecommunications and few tangible assets.

In building an interactive service, Pacific Century is trying to succeed where other, much larger companies, have failed.

Pacific Century has done little to dispel those expectations.

Just making sense of Pacific Century is hard enough.

The loans come on top of more than $1 billion Pacific Century raised in a share placement two weeks ago.

For Pacific Century, however, the more pressing challenge will be preserving the value of its bid.

Pacific Century also announce that they would be making additional acquisition in the next year or so.