Businessman to lose most of his stake in telecoms group
The Jamaica-based group’s annual cash interest expense reduced by approximately $120 million, whilst ensuring sufficient cash to fund operations and investment in key growth areas, the statement said.
The restructuring is on track to be completed in the coming months through a so-called scheme of arrangement carried out in Bermuda and rubber-stamped through a US reorganisation under Chapter 15 bankruptcy protection.This is similar to how Digicel carried out another debt restructuring in early 2020, when debt investors agreed to write off $1.6 billion of Digicel’s then $7 billion debt mountain.
“This agreement is a very positive step for the future sustainability of our business and on behalf of the company I want to thank our debtholders for their support and constructive stance in achieving this consensual outcome,” said Digicel chief executive Oliver Coughlan.“The fundamentals of our business remain strong, thanks to our dedicated and loyal staff, customers and vendors across our 25 markets in the Caribbean and Central America.
Mr Coughlan said that it is expected that the debt restructuring will conclude later this year and that “it will continue to be business as usual during the implementation phase.”
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