Bankruptcy Law News

Digicel Files for Chapter 15 to Implement Bermuda Restructuring

May 15, 2020, 9:09 PM

A Digicel Group Ltd. unit filed for Chapter 15 bankruptcy to implement a previously disclosed restructuring plan filed in Bermuda to trim the telecom company’s $7 billion debt load.

  • Digicel Group One Ltd. filed to have its foreign restructuring recognized in the Southern District of New York, according to court documents.
  • The telecom company previously said 98% of its creditors holding notes maturing in 2022 agreed to swap into new debt maturing in 2024 issued by a new entity, part of a proposed transaction to cut about $1.7 billion of debt.
  • The case is Digicel Group One Limited, 20-11207...
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