Nigerian banks to take over Etisalat unit after debt default negotiations break down | The National:
"Etisalat said a Nigerian bank syndicate will take over the Nigerian unit it owns with Mubadala Investment Company and a local partner, after the parties failed to reach a deal over a debt restructuring. The banks had declared default on a US$1.2 billion loan in March and had resisted taking a "haircut" so that the company could continue to operate without a further substantial injection of capital. The loan has a US dollar component and the terms turned against Etisalat Nigeria when the Nigerian currency, the naira, was severely devalued over the last two years."
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