Primacom’s lenders are cancelling €250 million worth of loans in return for equity, Reuters reports. The deal will give the creditors, Alcentra, Tennenbaum Capital, Avenue Capital and ING, full control of the company.
The move will reduce the German cable provider’s debt to €100 million, down from €350 million before it went into administration. The new owners do not have any immediate plans to sell the company.
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