Vivacom to restructure a €1.7 bn debt

The Bulgarian telecom operator Vivacom has notified its creditors that a meeting will be held in the English High Court on August 30 to hammer out an agreement for the forthcoming acquisition of the company, Reuters reported. The buyers of Vivacom are VTB Capital, a unit of Russia’s second biggest lender VTB Bank, and Bulgaria’s Corporate Commercial Bank (CCBank). The investment fund was already used for the acquisition of Bulgartabac. In order to change the ownership, however, the company must reach an agreement with its creditors. At the meeting on August 30, a restructuring of liabilities of €1.7 bn will be discussed and a hearing of the English court is expected on September 6 to consider approval of the restructuring plan. CCBank and VTB Capital have offered to pay €130 mln in cash for the majority equity stake in Vivacom and repay the company’s debts of over €588 mln. The telecom’s creditors will acquire a minority stake in Vivacom.

Прочети цялата новина

Свързани новини: