Digicel is asking creditors to write-off $1.7bn (€1.5bn) of the company’s debt that it owes them. Were creditors to agree to the write-off, the debt would fall to about $5.3bn (€4.8bn). Denis O’Brien’s company, which operates across 32 markets in the Caribbean, Central America and Asia Pacific, has asked investors in certain bonds to exchange them for those of a lower value. “Despite many years of significant investment in its world-class networks and infrastructure and solid underlying performances across its markets, Digicel’s current debt levels remain high,” the company said in a statement. Digicel spent much of the second half of 2018 in talks that eventually saw bondholders owed $3bn agree to swap their paper for debt falling due much later.

Source: Irish Independent April 02, 2020 07:18 UTC