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Friday, 10 March 2017

UPDATE 3-Nigerian regulators push for deal in Etisalat debt talks | Reuters

UPDATE 3-Nigerian regulators push for deal in Etisalat debt talks | Reuters:

"Nigeria's telecoms regulator and central bank governor intervened on Thursday to try to help Etisalat Nigeria resolve debt restructuring talks with its lenders, after the company missed a payment on a $1.2 billion loan. A banking source told Reuters on Wednesday that the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat had given notice to its Nigerian lenders that it would miss a payment in February. Debt talks were triggered 10 days ago but the two sides have not been able to agree on terms. Etisalat is the biggest foreign victim of dollar shortages in Nigeria. Firms aggressively invested in the West African nation in the era of high oil prices but are struggling to repay loans or keep operating as the oil producer suffers from a slump in oil revenues, hitting its currency and dollars reserves."



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