Digicel is trying to restructure its US6.7 billion of debt.Getty At the same time, the company has insisted in a statement that its day-to-day operations in the Caribbean, central America and the western Pacific will not be affected by the filing.It involves the appointment of three provisional liquidators from KPMG, the global services company.
The company statement was accompanied by media speculation that the bankruptcy filing, coming just days after the company implemented group-wide salary reductions, forms part of Digicels attempt to restructure US1.6 billion 2.46 billion of its estimated US7 billion in debt. An alternative scenario is that Digicels owner, Irish billionaire Denis OBrien, could offload 49 per cent of the company in a complex debt restricting plan aimed at creditors. ![]() A Digicel spokesman has since denied that the company is in talks with China Mobile. Advertisement However, the potential deal, which could be worth as much as US900 million, would inject new tension into the Australia-China relationship and follows two weeks of escalating trade disputes over barley, beef and Australias support for an independent inquiry into the origins of the COVID-19 pandemic. The Financial Review has been told a consortium led by a senior Australian telecommunications executive is putting together a rival bid to China Mobile, but it may require a federal government loan guarantee to secure the assets. Security sources in Canberra said they were aware of the potential sale and were concerned about its strategic implications, while the Department of Foreign Affairs and Trade said it would continue to monitor this issue. Digicel Phones Png License Article IntroducingEmail Andrew at aclarkafr.com.au Save Log in or Subscribe to save article Share License article Introducing your Newsfeed Beta Follow the topics, people and companies that matter to you. Get started Read More Pacific diplomacy Papua New Guinea China Latest Stories Dictators Lukashenko under pressure as people rise up Confronted by an employee on his way out of the factory, the 65-year-old former collective farm boss suggested for the first time he could hand over power if a referendum was held. 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