FitzWalter Capital Buys Half of DNS:Net Debt as Banks Cut Broadband Exposure
Updated
Updated · Bloomberg · Jun 9
FitzWalter Capital Buys Half of DNS:Net Debt as Banks Cut Broadband Exposure
1 articles · Updated · Bloomberg · Jun 9
Summary
FitzWalter Capital has bought about half of Germany-based DNS:Net’s bank debt at a discount, marking a fresh distressed-debt trade in Europe’s strained broadband sector.
Banks sold the loans as heavily indebted broadband providers come under pressure and lenders grow more reluctant to keep exposure to cash-starved operators.
DNS:Net’s position worsened after owner 3i Infrastructure ruled out injecting more money, following setbacks in the company’s cable rollout for fiber-optic broadband.
3i had already written its DNS:Net stake down to zero, underscoring how financing stress in broadband is pushing traditional lenders to offload loans to distressed funds.