Digicel Issues Statement Following Reports That It Filed For Bankruptcy

Digicel Chairman Dennis O'Brien

Digicel has issued a press statement to update on its progress since announcing its plan to refinance over a month ago.

The release from Digicel states:

‘At the start of April, we announced refinancing activities which, when complete, will strengthen our balance sheet by reducing our debt by USD $1.7 billion, extending our maturities and reducing our ongoing financing costs.

‘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 per cent of its bondholders and also involves the appointment of a light touch joint provisional liquidators to oversee the implementation of the Scheme.

‘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.

‘We will provide further updates on this as we progress.’

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  1. Mr. PM. You were so right as usual. You should have followed your instinct and buy them out. The Islands are the only leverage for Digicel’s business. Just pay them for the old assets they have here. Nothing else. Just like Scotia it is best they go. All they do is milk us using our own spectrum.

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