Fijivillage
1 June, 2020, 3:21 pm
Central - 26°C Rain
Fijivillage
NEWS SPORTS
1 June, 2020, 3:21 pm Central - 26°C Rain
ACCF
ACCF

Digicel Group moves to restructure debt but states that it will be business as usual

Digicel Group moves to restructure debt but states that it will be business as usual

By Vijay Narayan
Tuesday 19/05/2020

Digicel Group is taking steps to restructure its debt, but insists that it will be business as usual for the company, and their suppliers and customers will not be affected.

Digicel has announced a proposed scheme of arrangement in the Bermudian Courts in connection with Digicel Group One Limited, which it said is purely an intermediate financing holding company.

The Jamaica Observer also reports that the move, which follows a group-wide salary reduction, is being seen as part of Digicel's attempt to restructure US$1.7 billion of its estimated US$7 billion debt.

The group said when complete, the refinancing activities will strengthen their balance sheet by reducing their debt, extending their maturities and reducing their ongoing financing costs.

It also said in a statement that over 97 per cent of its bondholders are in support of the proposed scheme, which also involves the appointment of a light touch joint provisional liquidators to oversee the implementation of the scheme.

The company said it would provide further updates as it progresses.

Stay tuned for the latest news on our radio stations

CFL radio frequencies
IN DEPTH
Fiji's approach to deal with effects of the COVID-19 Pandemic
As Fiji battles against the spread of the COVID-19 pandemic, many individuals and organisations have come forward to lend a helping ...
32 days ago

Severe Tropical Cyclone Harold
As Tropical Cyclone Harold hit Fiji mainly causing destruction to Kadavu and the Lau Group, we give you an in-depth report on stories of the build-up ...
51 days ago

COVID-19 Response Budget
Attorney General and the Minister for Economy, Aiyaz Sayed-Khaiyum presented the COVID-19 Supplementary Budget to parliament at 7.30 on Wednesday ...
66 days ago
FEATURE NEWS
Skips bins to continue to be provided for informal settlements until a system is set up for them to pay garbage fees
Minister for Local Government Premila Kumar says they will continue to provide skip bins to informal settlements around the country until they can wor...
2 hours ago
LATEST NEWS
5 appear in court for allegedly sitting near a roadside in Samabula during curfew hours
Five people who were allegedly caught sitting near Gaji Road in Samabula during curfew hours appeared in the Suva Magistrates Court today. The ...
11 minutes ago

China continues to support Fiji in their fight against COVID-19
Health Minister Dr Ifereimi Waqainabete says it is important to understand that we have a role to play to ensure that there is not a second or third ...
13 minutes ago

Trump was rushed to the Presidential Bunker on Saturday
As protesters gathered outside the White House, US President Donald Trump was briefly taken to the underground bunker for a period of time on ...
1 hour ago

Man who allegedly raped 4-year-old granddaughter remanded by Ba Magistrates Court
A 57-year-old labourer who allegedly raped his 4-year-old step-granddaughter in Ba has been remanded in custody by the Ba Magistrates Court. He ...
2 hours ago

No bail for Iliesa Cuaniwalu who allegedly violently robbed a woman before raping her last year
High Court Judge Justice, Daniel Goundar has today refused the bail application of Iliesa Cuanilawa who is accused of violently robbing a woman ...
3 hours ago

TOP