https://www.engineeringnews.co.za
Business|Financial|Sustainable
Business|Financial|Sustainable
business|financial|sustainable

Cell C final recapitalisation in sight as noteholders approve special resolution

5th July 2022

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

Font size: - +

The final stages of the overall Cell C recapitalisation transaction are being implemented after lenders of the embattled mobile operator voted in favour of the compromise offer of 20c for every R1 of debt.

The overall recapitalisation transaction is expected to proceed to final close late in July, JSE-listed Blue Label Telecoms assured shareholders on Tuesday.

“Noteholders with the requisite majority voted resolutions in favour of, among other things, the compromise offer as set out in Cell C’s consent solicitation memorandum dated May 25,” Blue Label said in an update to shareholders on Tuesday.

On May 25, Blue Label announced a bond process to obtain approval for the compromise offer that has been made to Cell C’s secured lenders, who formerly held publicly listed bonds or notes.

The $184-million listed notes are a portion of Cell C’s overall debt of R7.3-billion owed to secured lenders.

“This marks a critical milestone in the financial restructuring and recapitalisation of the mobile operator,” Cell C CEO Douglas Craigie Stevenson said in a statement following the update.

“This is a significant step in the overall process to deleverage Cell C’s balance sheet. It shows confidence in our new business strategy and with the overall debt reduced and simplified we are set to compete as a sustainable entity going forward.”

Edited by Creamer Media Reporter

Comments

Showroom

Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.074 0.125s - 166pq - 2rq
Subscribe Now