VTB CAPITAL HIRES BIG 4 ADVISORY FIRM TO ADVISE ON IMMEDIATE SALE PROCESS OF LEADING TELECOMS OPERATOR VIVACOM
(London) – VTB Capital plc has today announced it has engaged a global advisory firm to advise on the immediate sale of Vivacom, a leading Bulgarian telecoms operator.
VTB Capital is facility agent and security agent for a EUR 150,000,000 bridge financing loan made to InterV Investment Sarl (InterV), a Luxembourg domiciled indirect holding company of (“BTC EAD”) Vivacom. The financing was secured via a Luxembourg share pledge over 100 percent of the shares of InterV. A payment default occurred at the maturity of the financing in May 2015 and the lenders have since issued several consecutive standstill notices while they have investigated solutions to achieve repayment of the financing.
Following the review of repayment options, a creditor led competitive enforcement sales process of the InterV share collateral in Luxembourg has been implemented. VTB Capital as security agent has retained an advisory firm to advise on the immediate sale process.
Nick Hutt, CEO of VTB Capital plc commented, “VTB Capital plc has acted and will continue to act appropriately and in accordance with our professional responsibilities and legal obligations throughout this process.”