Digicel Files for Chapter 15 to Implement Bermuda Restructuring

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 ...