This afternoon.

At Páirc Uí Chaoimh in Cork city.

Football fans begin to gather for the Liam Miller tribute match which kicks off at 3pm.

Pics:  Mick Ring

Meanwhile…

OFFSIDE!

Previously: Playing For Liam

6 thoughts on “For Liam

  1. johnny

    No disrespect towards Liam,or his family but given DOB’s support off the FAI,its a good place to provide an update on Digicel,who managed today feature negatively in both the WSJ/FT.

    WSJ piece is in the specialized section called WSJ Pro Bankruptcy.

    After blowback,it now carries a disclaimer,read what you like into it,but the WSJ is covering Digicel here,it sure as hell ain’t Lifestyle’s,where Dennis O’Brien and his elephantine charity efforts have been regularly featured.

    “WSJ Pro Bankruptcy also covers distressed companies. Inclusion of a company in this category is not intended to suggest that it will file for bankruptcy protection, default on its debt or suffer any other financial failure.”

    Today Digicel in the face off a strong FU to its offer, extended again the deadline to swap,3 Billion bonds from Sept 28-Oct 19.Holders off 60% off these bonds have formed an ad-hoc group advised,by legendary law firm Aiken,Gump.As a humorous aside its most famous and prominent partner is Vernon Jordan,senior managing director at Lazard from Project Eagle (NAMA advisors) fame and BFF to Bill Clinton.

    Nothing really ‘new’ or news in WSJ piece,but its first time the most prestigious newspaper on Wall Street,has featured Digicel,in its bankruptcy section and its still born bond swap.

    “Holders of more than 60% of Digicel’s 2020 and 2022 bonds have entered into a so-called lockup agreement, which states the holders won’t tender their Digicel notes in response to the company’s proposal, according to a law firm representing the group of bondholders.

    The law firm, Akin Gump Strauss Hauer & Feld LLP, said it has advised the committee of bondholders since early September, when a number of Digicel’s largest bondholders reached out to the firm in an effort to organize a wider group. Akin Gump said multiple financial institutions that hold about $2.8 billion of Digicel bonds have indicated they considered the proposal unacceptable.”

    Digicel faces quite a number of challenges, two big ones are no CFO (again) and its burn rate, its loss making (negative cash flow),reliant on one off non recurring asset sales.Principally it has been flogging its towers and leasing them back,increasing its contingent liabilities (rent) but getting desperately needed ‘juice’ (cash).

    “The ratings firm said Digicel’s liquidity has weakened in recent quarters as its cash position declines and its debt continues to pile up. The company has been selling assets to generate cash. Digicel is expected to receive $145 million in proceeds from a recently announced tower sale and leasebacks, Moody’s said.”

    So,its not looking good.

    https://www.wsj.com/articles/digicel-extends-refinancing-deadline-as-bondholder-talks-continue-1537906462

  2. johnny

    Arthur Besley,the FT (up before WSJ),follows up a really good recent one with another fairly hard hitting piece.

    Ireland’s Richest Man :)
    -SiteServ was a homerun.
    The FT covers it from the bondholders perspective,its one the best pieces on Digicel.

    “A push by Ireland’s richest man to refinance his heavily indebted Caribbean telecoms company has hit a wall after big investors rejected his bid to postpone repaying $3bn in bonds”.

    -this is not good especially without a key employee-Dennis O’Brien has no CFO at Digicel !

    “Based on the strong feedback received from Digicel Group Ltd noteholders, Akin Gump has informed Digicel Group Ltd and its advisers that the current terms of the proposal set out in the offering memorandum are unacceptable to . . . noteholders,” it said.

    The committee has directed Akin Gump to communicate a request to other bondholders to refuse to tender their notes “and thereby further increase the already sizeable majority of Digicel Group Ltd noteholders” who oppose it.”

    The next play,depends to some extent on the 145 million tower sales closing or not.

    https://www.ft.com/content/dc122318-c0a8-11e8-95b1-d36dfef1b89a

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