Cell C has called a meeting of debtors to vote on whether they will take an 80% haircut on their debt as part ofThe company has not been able to pay its debts, and should the recapitalisation not succeed it is not expected to survive.Of this, $184,002,000 is First Priority Senior Secured Notes that Cell C issued and were publicly listed.
Blue Label Telecoms, which has a 45% shareholding in Cell C, explained that these priority noteholders must vote on whether to accept the compromise at a meeting on 20 June 2022. The vote must pass with a majority of at least 75% for it to be binding on all noteholders, and so it can be implemented. “The restructuring and refinancing of Cell C has been a long and complicated process,” said Cell C CEO Douglas Craigie Stevenson.
“We are pleased to be closer to concluding a transaction that will deleverage the balance sheet and provide the required working capital to operate and grow the business.”
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