Oger to manage Vivacom?

22 Oct 2010

A Bulgarian national daily newspaper is reporting that Dubai-based Oger Telecom is close to becoming a strategic investor in Vivacom (formerly known as Bulgarian Telecommunications Company, BTC) and may take over the management of the company. Oger Telecom confirmed to Dnevnik that it is part of a ‘debt-for-equity’ lock-up agreement between Vivacom’s owners, creditor banks and mezzanine lenders, but did not specify what exactly its role would be.

As reported last week in CommsUpdate, changes to Vivacom’s shareholding structure are expected within three to four months. The main creditor banks and the owners of Vivacom have agreed to allow its mezzanine lenders to convert EUR400 million (USD559.5 million) of Vivacom subordinated non-performing loans into equity capital of a majority owner in Vivacom, in the form of a holding company in the Netherlands. In addition the future owners, chiefly Oger Telecom, will inject EUR125 million in capital expenditure into the company.

Bulgaria,Vivacom (BTC),

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