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Creditors secure Telecolumbus

December 31, 2009 10.02 Europe/London By Julian Clover

Creditors of Telecolumbus have taken over the troubled German cabler after Orion Cable sold the operation for €2.5 million. The move cancels the auction scheduled to take place in Berlin on Wednesday.

Welt Online reports the creditors are now prepared to provide additional funding to the operator, which was reputed to be €950 million in debt. The creditors include York Capital, Goldentree and the Bank of Ireland.

Joint managing directors Scott Lanphere and Robert E. Fowler have now stood down to be replaced by former joint CEO Andrew MacCallum who will lead a transition management. Long standing operations manager Dietmar Schickel is also expected to return to his post.

Talks on restructuring the debt will begin in January with a sale of the operator the most likely option.

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Filed Under: Cable, Newsline Tagged With: Orion, Telecolumbus Edited: 4 January 2010 15:31

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About Julian Clover

Julian Clover is a Media and Technology journalist based in Cambridge, UK. He works in online and printed media. Julian is also a voice on local radio. You can talk to Julian on X @julianclover, or by email at jclover@broadbandtvnews.com.

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