Business News

Court Confirms 44% Repayment in T-2 Debt Restructuring

Maribor, 05 May (STA) - The Maribor District Court okayed on Thursday a revised debt restructuring proposal put forward by the management of insolvent telco provider T-2, agreeing that T-2 repay only 44% of the more than EUR 180m owed to regular creditors.

In line with the proposal, which is a revision of the original offer to pay back 34.6% by the end of 2018, regular creditors, which are owed around EUR 180m, are to be repaid 44% of the debt by mid-2020.

Priority creditors, owed EUR 435,870, are to be repaid in full, as are separation owners, owed EUR 55.1m.

The state-owned NLB bank is T-2's biggest creditor, unofficially with around EUR 120m in secured debt, followed by technology firm Gratel Gratel, with around EUR 80m in claims stemming from its construction of T-2's fibre-optic infrastructure.

T-2 also owes around EUR 10m in wholesale network fees to national telco Telekom, which prompted Telekom to file a receivership motion against T-2 in the first place, to which T-2 responded with debt restructuring.

T-2, in majority ownership of troubled financial holding Zvon Ena, was founded in 2004 and offers IP and mobile telephony, TV and broadband internet services.

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