At the start of April, Digicel announced refinancing activities which, when complete, will strengthen its balance sheet by reducing its debt by US$1.7 billion, extending maturities and reducing ongoing financing costs.
Digicel’s Regional Chief Executive Officer – Pacific Markets, Ms Shally Jannif, said; “Following overwhelming support from our debtholders for these proposals, we are now progressing with the required administrative processes.”
“As such, we 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,” added Ms Jannif.
“It’s important to point out that this will have no impact on our day to day operations, our staff, our suppliers, our customers or any aspect of our ongoing activities - it is business as usual.”
Digicel will provide further updates on this as this process progresses.