Tele Columbus Creditors Unite Over 70% of Debt Ahead of Talks
Updated
Updated · Bloomberg · May 12
Tele Columbus Creditors Unite Over 70% of Debt Ahead of Talks
1 articles · Updated · Bloomberg · May 12
Five funds holding roughly 70% of Tele Columbus bonds and loans signed a cooperation agreement to negotiate jointly with the German internet provider and its sponsor.
Arini Capital Management, BlackRock, Helikon Investments, PSquared Asset Management and Sona Asset Management formed the committee as Tele Columbus braces for potential debt talks.
The pact commits the group to act in concert in any restructuring discussions and is being opened to other creditors that want to join.
Tele Columbus is controlled by Morgan Stanley Infrastructure Partners, underscoring that any debt workout is likely to involve both the company and its private-equity backer.
Will creditors force out Morgan Stanley and seize control of the struggling German internet provider?
Is Tele Columbus the first domino to fall in a wider collapse of Germany's fiber optic industry?