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Cablecom Successfully Completed its Financial Restructuring
Zurich (ots) - Cablecom successfully completed its financial restructuring on 13th November 2003. The financial restructuring provides the company with a stable, long term capital structure and strengthens Cablecom's position as a leading video, broadband Internet and telecommunications provider in Switzerland.
Cablecom GmbH has successfully completed the financial restructuring process announced on 19 June 2003. All lenders and other holders of economic interest in Cablecom's bank debt have reached final agreement and all definitive documentation has been executed by all parties on 13th November 2003.
With its stable, long-term capital structure, Cablecom will continue to be a solid business communications partner and has strengthened its ability to offer genuine competition and innovative products and services in the Swiss market. Rudolf Fischer, Chief Operating Officer, said: "The successful financial restructuring enables us to be cash-flow positive and continue to invest in our national infrastructure." The financial restructuring was predicated on new shareholders' support for the management team and their business plan.
Cablecom's ownership structure is comprised of an investment consortium holding a controlling interest in the company. The investment consortium is a balanced participation from strategic buyout funds Apollo Management, Goldman Sachs Capital Partners and Soros Private Equity Partners. Each of the investment consortium members has a proven track record and demonstrated long-term commitment to the communications industry.
The company's remaining share capital will be controlled by the company's bank group. NTL Europe has sold its interest in the company.
ots Originaltext: cablecom Media Relations
cablecom Media Relations
Head of Corporate Communications & Public Affairs