The creditors of the Bulgarian Telecommunications Company (Vivacom) will reportedly reattempt to sell the debt-laden company by the end of the year.
Creditors called off the sale of the Bulgarian telco in May, reportedly because it considered all three…
The creditors of the Bulgarian Telecommunications Company (Vivacom) will reportedly reattempt to sell the debt-laden company by the end of the year.
Creditors called off the sale of the Bulgarian telco in May, reportedly because it considered all three bids submitted too weak.
However, they are now expected to hold restructuring talks with the aim of attracting better offers, Sofia News Agency reported, citing local publication Capital Daily. This will involve reducing the debt burdening Vivacom, its parent company NEF Telecom Bulgaria and the holding company that owns the latter, the news agency reported.
Non-performing loans may be converted into equity capital, restructured or written down, the agency added, referring to unsourced reports.
In May, it was reported that Turkish mobile operator Turkcell made the best offer, although Vivacom’s creditors were not happy with certain conditions attached to it.
A consortium consisting of Russia’s VTB Capital and Bulgaria’s Corporate Commercial Bank and Icelandic businessman Thor Bjorgolfsson also reportedly submitted bids.
Turkcell announced in March that it would bid for a 93.99% in BTC. At the time, a spokesperson declined to comment on how much the company would offer, although he dismissed the US$1.4bn figure quoted in earlier media reports as “groundless”.
BTC’s creditors mandated Morgan Stanley last year to help sell the company after it breached loan conditions.
