Digicel says it's business as usual
May 19, 2020 3:43 pm
Digicel says when at the start of April, it announced refinancing activities which, when complete, will strengthen its balance sheet by reducing its debt by US$1.7 billion.
It says this will extend it maturities and reducing the company’s ongoing financing costs.
A release from the telecommunication company says following overwhelming support from its debt holders for these proposals, it is now progressing with the required administrative processes.
As such, the company announced details of a proposed Scheme of Arrangement in the Bermudian Courts in connection with Digicel Group One Limited, which is purely an intermediate financing holding company.
This Scheme has the support of over 97% of its bondholders and also involves the appointment of light touch joint provisional liquidators to oversee the implementation of the Scheme.
The company says it is important to point out that this will have no impact on its day to day operations, staff, suppliers or customers or any aspect of its ongoing activities and will be business as usual.