The takeover of Greek fixed line, mobile and broadband operator Wind Hellas by a group of its creditors, the SSN Ad-Hoc Committee, has been completed and a new board has been appointed, the company announced yesterday. The group of senior bondholders completed the purchase of the assets of holding company Weather Finance III (WF III) including all the shares in Wind Hellas, and established a new holding company, Largo Ltd, which will fully control Wind Hellas. In October 2010 WF III selected the SSN Ad-Hoc Committee, which includes Anchorage Capital Group, Mount Kellett Capital Partners, Eton Park International, Taconic Capital Advisers UK, MBSP Ltd, PEP TMT SSF Cayman and Angelo Gordon & Co, as the preferred bidder. The proposals were subsequently cleared by the UK courts. The new owners agreed to invest EUR420 million (USD555 million) in order to repay debt and fund Wind Hellas’ long term development and business plan, and the transaction will result in Wind Hellas being legally released from EUR1.867 billion of third party debt. Wind Hellas, previously controlled by Egyptian businessman Naguib Sawiris, has a new chairman and CEO, Mr Nassos Zarkalis, whilst its new board of directors includes Nassos Zarkalis, who had held the post of CEO since late-2009.
Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.
Filter CommsUpdate by the following categories or use the search.
Visit our help page information on performing advanced searches, including how to restrict the results by country or company.
CommsUpdate is an outstanding advertising venue for companies seeking to reach:
- International carriers
- Wholesale service providers
- Equipment and software vendors
- Telecom investors