Created: Jun 28, 2023 07:20 AM

Denis O’Brien, founder and chairman of the Digicel Group (File photograph)

Corporate restructuring under Bermuda law appears to have given the Digicel Group a new lease of life, allowing the telecom provider to continue operations as usual.

Bond investors signed a deal that strips founder and chairman Denis O’Brien of most of his stake in the telecoms group in exchange for a $1.7 billion debt write-off.

The restructuring deal, which has been a few months in the making, will probably take a few more months to complete, but will leave Mr OBrien with a board seat and eventually 10 to 20 per cent of the company, The Irish Times is reporting.

The news group said the restructuring is on track to be completed …

Read the full article at: https://www.royalgazette.com/international-business/business/article/20230628/bermuda-restructuring-to-rescue-digicel-group/