Vivacom debt restructuring talks continue
Hong Kong-based businessman Richard Li, who owns Bulgaria’s telecoms incumbent Vivacom, met officials from the Eastern European country as the operator is facing the restructuring of its E1.5bn debt pile, The Financial Times reports.
Li took control of…
Hong Kong-based businessman Richard Li, who owns Bulgaria’s telecoms incumbent Vivacom, met officials from the Eastern European country as the operator is facing the restructuring of its E1.5bn debt pile, The Financial Times reports.
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.
Bulgaria still owns a golden share in the former monopoly.
Li reportedly said he was not personally involved in the debt restructuring talks, which were dealt with by Pinebridge’s European-based fund managers.
He reportedly added that Pinebridge’s equity exposure to Vivacom’s ownership vehicle NEF Telecom was about US$50m.
As previously reported in TelecomFinance, Vivacom has appointed Lazard as adviser for the restructuring of its debt, while Deloitte was appointed to carry out an independent business review for the operator.
Houlihan Lokey is advising junior lenders.
Deutsche Bank, RBS and UBS arranged the E1.635bn debt package that supported AIG Capital Partners’ acquisition of Vivacom, then known as BTC. The syndication closed in H1 2008.
Vivacom still has 90% fixed-line market share but only has 15% mobile market share.
