Denis O’Brien in Haiti in 2010
Rating agency Fitch is expressing the view that Caribbean telecoms giant Digicel may be unable to repay debt due this year, even as it gets a 30-day grace period for interest payments on US$2.9 billion worth of debt.
Expressing the view that, “this debt is not expected to be repaid”, Fitch points out that the default will stem from heightened uncertainty related to the novel coronavirus disease (COVID-19) pandemic.
Via The Irish Times:
Businessman Denis O’Brien’s heavily indebted Digicel revealed on Thursday that it is looking for creditors to write off $1.7 billion (€1.55 billion) of what they are owed, as the phone group has been left with an unsustainable debt file following years of earnings decline.
The move would reduce Digicel’s total debt by almost 25 per cent from $7 billion currently.
Covid-19 Step Down facility, Citywest, Dublin.
Clive Woods tweetz:
“Denis O’Brein’s company???”
Yesterday: Conference Call
Previously: A Step Down