Norddeutsche Landesbank Backs €300 Million Northern Fiber Sale to iCON
Updated
Updated · Bloomberg · Jul 3
Norddeutsche Landesbank Backs €300 Million Northern Fiber Sale to iCON
1 articles · Updated · Bloomberg · Jul 3
Summary
Norddeutsche Landesbank agreed on Friday to support the sale of Northern Fiber Holding GmbH to iCON Infrastructure, removing a key obstacle to a rescue deal for the struggling German fiber-network operator.
More than €300 million of lender exposure is tied to the company, and all creditors must consent for the transaction to proceed, according to people familiar with the matter.
The bank had resisted extending a standstill agreement that expired at the end of June, raising the risk of insolvency if the sale was not finalized.
Northern Fiber was formerly owned by UBS Asset Management, and the iCON deal is being pursued to keep the operator out of insolvency.