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Haiti - Economy : Financial restructuring of the Digicel Group
13/07/2023 07:10:40

Digicel Haiti announces that Digicel Telecommunications Group (Digicel Group) has reached an agreement with its partners to reduce its debt structure [of $1.7 billion converted into stocks]. The debts of the Digicel Group have been reduced to 3 billion dollars. This operation is beneficial for the company, which will thus be able to continue to invest in telephone networks.

This agreement will enable the group to strengthen itself financially, to increase its ability to invest in all the markets in which it operates and this will allow it to maintain its social commitments through its Foundations.

These partners are led by "Contrarian Capital Management, GoldenTree Asset Management and PGIM", which are located in the United States and have excellent investment means. These three companies have won the support of the majority of Digicel's partners, and this process should be finalized in the coming weeks but the management team for all markets will not change, according to Oliver Coughlan, the group's chief executive officer (CEO).

Denis O'Brien, the founder of Digicel, retains a significant stake in the company and remains the largest individual investor. Thus, he will remain involved as one of the 9 directors of the Group Council.

"The Haitian market is delighted with this agreement. We will strengthen our ability to better serve our customers. Together we are stronger," said Jean Philippe Brun, General Manager of Digicel Haiti.

For his part Maarten Boute, the Director of Operations of the Group, this agreement is very good news for the Digicel Group which will regain its investment capacity and is a great opportunity for Haiti which will benefit from many important investments.

HL/ HaitiLibre