Digicel extends deadline for bond holdouts

Digicel has extended the deadline for bond holdouts as its sweetens restructuring terms in a bid to wipe out a quarter of  its debt.

The Irish Times yesterday reported that the holdouts of  two particular bonds will have another two days to accede the surrender of  their bonds for new notes due in later years.

The main reason this particular group is being targeted is to push out ultimate repayment dates, rather than impose major losses on them.

Enough bondholders of all other classes have already signed up to get the wider restructuring over the line.

The current debt negotiations come a little over a year after bondholders who were owed almost US$3 billion  agreed to postpone getting their money back by accepting longer-dated notes in exchange for their holdings.

Ratings agency Moody's, has said Digicel's plans to wipe away as much as one-quarter of  its debt through the restructuring will amount to a default.

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