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Broadband

Tiscali agrees debt restructuring

Friday 29 May 2009 | 09:18 CET | News
Tiscali has reached a framework agreement with its creditors on restructuring of the ISP's debt payments. The Italian company agreed to use proceeds from the planned sale of its UK operations to pay off EUR 200 million of its EUR 500 million in senior debt, as well as EUR 8 million of the EUR 100 million owed the company's minority shareholders. The UK sale is expected to raise a net EUR 260 million, of which EUR 40 million will be held in escrow for contractual obligations. Tiscali also agreed EUR 165 million in new credit facilities, of which EUR 100 million due in five years, EUR 45

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Categories: Internet
Companies: Tiscali
Countries: Italy / United Kingdom
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