Bankruptcy Law News

Digicel Could File for Bankruptcy as Part of Debt Swap (Correct)

April 3, 2020, 7:11 PM

Digicel Group Ltd.’s proposed restructuring could end up in bankruptcy court if creditors approve its plan to cut debt by $1.7 billion.

The telecom company controlled by Irish billionaire Denis O’Brien is pursuing debt exchanges that would push out impending due dates on various bonds until 2024 and beyond, according to a statement. If holders of at least 75% of each note tender for new debt, Digicel said it could restructure in Bermuda and seek to have the proceeding recognized in the U.S. with a Chapter 15 bankruptcy court filing.

Digicel, which provides wireless service to customers in...

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