Companies

Digicel bondholders given more time to strike deal as grace period extended

Denis O’Brien’s telecoms company says agreement in principle has now been reached by 75 per cent of bondholders who are set to take equity stake in company as part of debt reduction plans

Denis O’Brien: Set to lose control of the telecoms giant which he founded as part of a plan to cut the company’s debt.

Bondholders involved in a deal to reduce the debt of Denis O’Brien’s Digicel by taking an equity stake in the business have been given more time to reach a final agreement, the company said in an update on Friday.

Digicel said agreement in principle had now been reached by 75 per cent of bondholders involved in the deal, which was first announced in late February, but that more time was needed to finalise an agreement.