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Thread: Digicel files for bankruptcy

  1. #1
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    Default Digicel files for bankruptcy

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    As the title says.

    Regional telecommunications giant Digicel has filed for bankruptcy before the Bermuda courts, but it insists that its day-to-day operations will not be affected by the filing.

    The bankruptcy filing involves the appointment of three provisional liquidators from KPMG, the global services company.

    Coming days after the company implemented a group-wide salary reduction, the move is being seen as part of Digicelís attempt to restructure US$1.6 billion of its estimated US$7 billion debt.
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  2. #2
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    Oh wow! How is this not in the Jamaican news as well?

    Update: Found it in the Observer, although not as profoundly stated, no use of the word "bankruptcy" ...
    Regional telecommunications giant Digicel is taking steps to restructure its debt, but insists that it will be "business as usual" for the company.

    Digicel informed in statement that it announced a proposed scheme of arrangement in the Bermudian Courts in connection with Digicel Group One Limited, which it said is purely an intermediate financing holding company.

    The move, which follows a group-wide salary reduction, is being seen as part of Digicel's attempt to restructure US$1.6 billion of its estimated US$7 billion debt.
    http://www.jamaicaobserver.com/lates...tcy_in_Bermuda
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