Lenders to the troubled mobile operator have approved a “compromise offer” that will place the company into a more sustainable debt position.
Browsing: Douglas Craigie Stevenson
A critical meeting to decide the future of Cell C was not able to proceed to a vote on a planned recapitalisation this week.
The long-delayed recapitalisation of debt-laden mobile operator Cell C is inching forward, with secured lenders set to vote on a “compromise offer” next month.
Blue Label Telecoms has unveiled long-awaited details of a planned recapitalisation of Cell C – a move aimed at dealing once and for all with the mobile operator’s crippling debt problem.
Blue Label Telecoms said it is still locked in talks over a planned recapitalisation of the debt-laden mobile operator.
Cell C’s decision to exit the network infrastructure business appears to be bearing fruit.
Blue Label Telecoms cautioned shareholders on Monday that it remains in talks about a recapitalisation of mobile operator Cell C, in which it holds a 45% stake.
Mobile operator Cell C has reported R2.3-billion in profit before tax, a huge turnaround in fortunes from the R10.6-billion PAT loss it reported a year ago.
Cell C CEO Douglas Craigie Stevenson has criticised Telkom over its narrative that there is an abusive “duopoly” between Vodacom and MTN in South Africa’s mobile market, saying this argument no longer holds water.
Starlogik, a US-headquartered telecommunications specialist with its roots in South Africa, has partnered with Cell C to roll out what it calls the “first totally free virtual cellular offering”.