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.