Blue Label Telecoms has notified shareholders that the finalisation of Cell C’s recapitalisation has been delayed.<\/p>\n
“Certain of the binding long form agreements are not yet in final execution form and are in the process of finalisation,” Blue Label said.<\/p>\n
“Although the final stages of the recapitalisation process are progressing well, certain delays have resulted in the transaction being expected to close towards the end of August 2022.”<\/p>\n
Blue Label said at the beginning of last month that the transaction should be concluded in “late July”.<\/p>\n
This came after Cell C’s secured lenders voted in favour of an 80% haircut on their debt \u2014 a compromise cash-out offer of 20c for every R1.<\/p>\n
Cell C has been unable to pay its debts and must restructure R7.3 billion to survive.<\/p>\n
Of this, $184,002,000 (R2.95 billion) was First Priority Senior Secured Notes that Cell C issued and were publicly listed.<\/p>\n
These noteholders had to vote whether to accept the haircut.<\/p>\n
At least 75% of votes controlled by debtors with first-priority secured notes must approve the deal to be binding on all noteholders.<\/p>\n
The noteholder meeting was held on 5 July after being delayed due to a lack of quorum on 20 June, and debtors voted in favour of the compromise.<\/p>\n
The final steps to concluding the recapitalisation involve signing conditions precedent and long-form agreements.<\/p>\n
Blue Label previously said these were expected to be concluded in a matter of weeks.<\/p>\n
Blue Label Telecoms has informed shareholders that the close of Cell C’s recapitalisation transaction has been delayed.<\/p>\n","protected":false},"author":23,"featured_media":383998,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,3],"tags":[1017,355],"class_list":["post-454843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-telecoms","tag-blue-label-telecoms","tag-cell-c"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/454843"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=454843"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/454843\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/383998"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=454843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=454843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=454843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}