VTB Capital said it engaged a global advisory firm to advise on the immediate sale of Bulgarian telecommunications operator Vivacom. VTB Capital did so as it is facility and security agent for a EUR 150 million bridge financing loan whose terms were not respected by Vivacom. The loan was made to InterV Investment (InterV), a Luxembourg domiciled indirect holding company of Vivacom, via a Luxembourg share pledge over 100 percent of the shares of InterV.
A payment default occurred at the maturity of the financing in May and the lenders have since issued several consecutive standstill notices while they have investigated ways to achieve repayment of the financing. Following the review of repayment options, a creditor-led competitive enforcement sales process of the InterV share collateral in Luxembourg was implemented.
