Reuters reports that Bulgarian telco Vivacom has been given a green light by the High Court in London to carry out a EUR1.7 billion (USD2.14 billion) debt restructuring. Under the deal, Russian bank VTB Capital and Bulgaria’s Corporate Commercial Bank (CCBank) will purchase 73% of the company from Hong Kong-backed PineBridge Investments and reduce its debt to EUR588 million with a cash injection of EUR130 million. Senior lenders to the debt-burdened telco – including Royal Bank of Scotland, Deutsche Bank and European Investment Bank – will take a 21% stake in exchange for writing down their debt claims by around EUR1 billion. The remaining 6% stake will be floated on the Bulgarian Stock Exchange.
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