Dubai-based Oger Telecom will take over the management of Bulgaria's top fixed-line operator Vivacom following negotiations that have dragged on for nearly half a year, according to reports.
Oger Telecom representatives have confirmed for local Dnevnik daily that the company is a side in the lock-up agreement that the major lenders signed on the restructuring options for the debt-laden company with the mezzanine creditors, the most junior lenders in the capital structure.
Under the agreement the mezzanine subordinated non-performing loans, which total EUR 400 M, will be transformed into equity capital of a Dutch-based company, which will be a majority owner in BTC.
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