Hong Kong-based businessman Richard Li is seeking to make a deal with Oger Telecom in an effort to retain control of troubled Bulgarian telecoms incumbent Vivacom, according to Telegeography quoting the Financial Times.
He is reportedly now looking at…
Hong Kong-based businessman Richard Li is seeking to make a deal with Oger Telecom in an effort to retain control of troubled Bulgarian telecoms incumbent Vivacom, according to Telegeography quoting the Financial Times.
He is reportedly now looking at restructuring options for the operator after lenders favoured a plan from Oger Telecom and mezzanine creditors, which together keep E325m of Vivacom’s E1.6bn debt.
Pinebridge had teamed up with Hong-Kong based telco PCCW, where Li is chairman, to jointly invest E180m in Vivacom in exchange for 51% of the operator but senior lenders chose the plan submitted by Oger Telecom and the mezzanine creditors.
Vivacom is undergoing the restructuring of its E1.6bn debt pile after having breached agreements at the end of June.
Li took control of Vivacom in March when he acquired AIG Investments, which was then renamed Pinebridge. AIG bought the telco in 2008 from Advent International.
TelecomFinance previously reported that Vivacom had appointed Lazard to restructure its debt, while Deloitte was appointed to carry out an independent business review and Houlihan Lokey to advise junior lenders.
Deutsche Bank, RBS and UBS arranged the E1.635bn debt package that supported AIG Capital Partners’ acquisition of Vivacom in 2007.
Vivacom still has 90% fixed-line market share but only has 15% mobile market share.
