Tech News Summary:
- Digicel Holdings (Bermuda) Limited has completed a consensual financial restructuring, resulting in a substantially strengthened capital structure and a reduction of approximately $1.7 billion in consolidated debt.
- Rajeev Suri has been appointed as the new chairman of the board, and Denis O’Brien will remain involved in Digicel as a shareholder in the recapitalized business.
- The successful completion of the restructuring enhances Digicel’s ability to continue operating as a service provider in all its operating markets, with a substantially deleveraged capital structure.
Digicel Group, the telecommunications company operating in the Caribbean, Central America, and Asia Pacific, has announced a bold move to restructure its group debt and unveil a new chairman.
The company, which is heavily indebted, has been working on a plan to reduce its debt burden and improve its financial position. As part of this plan, Digicel has opted for a group debt restructuring, which involves negotiations with its creditors to reach a mutually beneficial agreement.
In addition to this significant move, Digicel has also appointed a new chairman to lead the company through this transitional period. The new chairman, who has extensive experience in the telecommunications industry, will bring a fresh perspective and strategic leadership to steer the company towards a more stable and sustainable future.
This development comes as Digicel aims to address its financial challenges and position itself for long-term success in a highly competitive industry. The company is confident that these changes will enable it to strengthen its financial position and continue delivering innovative and reliable telecommunications services to its customers.
Digicel’s group debt restructuring and the appointment of a new chairman signal a new chapter for the company as it seeks to overcome its financial hurdles and emerge stronger than ever. With these decisive actions, Digicel is demonstrating its commitment to addressing its challenges head-on and charting a path towards a more promising future.