Digicel’s Founder, Owner Could Lose Control of the Telecom Company


Digicel Group founder and chairman Denis O’Brien is reportedly set to lose a controlling stake in the company after it reached an agreement in principle with bondholders that will see the telecommunications giant reduce its debt pile by US$1.8 billion.

O’Brien will retain a minority stake in Digicel and remain a director under the planned debt-for-equity swap deal, according to reports.

The company said in a statement that O’Brien has endorsed the proposed transaction as a positive outcome for the recapitalised business.

It added that it continues to engage in productive negotiations with bondholders regarding the proposed transaction.

It said while no definitive agreement concerning the material terms of the proposed deal has been reached and “no assurances can be provided that an agreement will be reached, based on momentum to date and agreement in principle on key terms”, the company believes a consensual and comprehensive restructuring is achievable.

Digicel, which was founded by O’Brien in 2001, has for years been trying to reduce its substantial debt burden.

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