German cable operator Tele Columbus has completed its financial restructuring, initiated in 2010, after cutting its debt by about E400m.
As part of the restructuring agreement, the company also obtained E35m in fresh capital.
Restructuring specialist…
German cable operator Tele Columbus has completed its financial restructuring, initiated in 2010, after cutting its debt by about E400m.
As part of the restructuring agreement, the company also obtained E35m in fresh capital.
Restructuring specialist Nikolaus & Co, which up to now controlled Tele Columbus, has handed ownership to Tele Columbus Management, which is looking to invest an additional E200m in the next three years in the company.
Back in February, the struggling cable operator was taken over by Nikolaus from Orion Cable for E2.5m.
“After taking over control from the previous owner Orion Cable, we have immediately established a standstill and, thus, could help the group achieve its operational goals and financial restructuring with a strong turnaround shareholder in the lead and, unlike in other cases, without leaving companies of the group behind,” explained Hans-Peter Dietz, partner at Nikolaus & Co, in a statement.
The company is now looking to further consolidate in the high-fragmented German cable market. Tele Columbus “remains oriented on consolidating cable networks in the Eastern German states as well as some Western German focal points. In these core areas, the increased funding for capital investments enables even more networks to be upgraded for new services”, it said in the statement.
The company could not be reached for comment.
