Denis OBriens Digicel Group has started an unprecedented cost-cutting plan and hired financial consultants McKinsey and Goetzpartners to help cut its massive debt burden as the mobile phone group grapples with declining earnings.
Digicels 6.2 billion debt is at unsustainably high levels at 6.2 times earnings at the group, Michael Chakardjian, an analyst with US credit research firm CreditSights, said at a conference in London this week. He also said that the companys cost-cutting plan was ambitious and opaque and that the company faces near-term refinancing risks.
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