Denis O'Brien's Digicel has said it will not make some interest payments due on March 30 and April 1, taking advantage of a 30-day grace period permitted under the terms of its bond debt. Late last week Digicel said it was talks with bondholders aimed at cutting some of its around $6.8bn of debt. The debt talks are aimed convincing bondholders to agree to cut the debt they are owned. 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. Digicel said it continues to engage in constructive discussions with certain debtholders regarding potential transactions involving exchanges of existing debt "aimed at reducing Digicel's leverage, extending its debt maturities and continuing monetization of its well invested network".

Source: Irish Independent March 30, 2020 21:00 UTC