Friday June 5, 2020

Digicel’s debt restructure amounts to a default, says Moody’s

The credit ratings agency’s comments come following Denis O‘Brien’s firm’s decision not to pay interest on part of its debt due in April

Ian Guider

Markets Editor

@ianguider
10th May, 2020
Mobile Phone Entrepreneur Denis O’Brien walks along the streets next to the Iron Market in Downtown, Port au Prince Picture: Getty

The restructuring of debt at Denis O’Brien’s mobile phone empire Digicel represents a default, according to Moody’s, the credit ratings agency.

The comments by Moody’s follows the decision by Digicel not to pay interest on part of its debt that was due in April as it engaged in negotiations with bondholders on reducing its borrowing mountain. The grace period of not making interest payments in April was a term...

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