In its latest update on the transaction’s development, Blue Label said the binding long-form agreements for the recapitalisation of Cell C were expected to be completed in their entirety “shortly”.<\/p>\n
“It is anticipated that the recapitalisation process, the completion of which has endured for longer than initially anticipated, is expected to close by mid-September 2022,” the company said.<\/p>\n
The planned transaction has suffered numerous delays since Cell C first revealed it was struggling to repay debtors <\/strong><\/a>and would recapitalise its balance sheet as part of a broader turnaround strategy.<\/p>\n In June 2021, sources close to the company first told Bloomberg<\/strong><\/a> it was “close” to completing a recapitalisation deal.<\/p>\n After several delays, the company finally managed to get the transaction approved by shareholders in early July 2022.<\/p>\n Initially, Blue Label said<\/strong><\/a> the transaction would be finalised in late July, but this was delayed to the end of August.<\/p>\n The transaction aims to restructure Cell C’s debt of roughly R7.3 billion.<\/p>\n Of this amount, $184,002,000 (R3.1 billion) is First Priority Senior Secured Notes that Cell C issued and was publicly listed.<\/p>\n The holders of these notes had to vote whether to accept the deal, with 75% of votes controlled by debtors required to make it binding on all shareholders.<\/p>\n The noteholder meeting was held on 5 July 2022 after being delayed due to a lack of quorum on 20 June.<\/p>\n The secured lenders voted to take an 80% haircut on their debt and receive the remaining 20% as a cash-out.<\/p>\n Cell C will present its annual results for the year ended 31 December 2021 and interim results for the six months ended 30 June 2022 on Wednesday, 14 September 2022.<\/p>\n Cell C’s majority shareholder initially said the transaction would be finalised by late July 2022. <\/p>\n","protected":false},"author":23,"featured_media":390226,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[41906],"tags":[76820,355],"class_list":["post-457977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-telecoms","tag-blue-label-group","tag-cell-c"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/457977"}],"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=457977"}],"version-history":[{"count":2,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/457977\/revisions"}],"predecessor-version":[{"id":457993,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/457977\/revisions\/457993"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/390226"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=457977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=457977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=457977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2021\/09\/Cell-C-logo-on-building.jpg\"){kind=logo}
<\/a><\/p>\n
\nNow read: What MTN really wants from Telkom<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"