The Lower Saxony cablenet, which previously answered to the Escaline subsidiary Orion Cable, will now be controlled by a new holding company independent of the 100 international lending institutions and previous owners. The firm has been put in the hands of London-based boutique investment bankers Nikolaus & Co, which specialises in financial restructuring.
“The Tele Columbus Group is an enterprise whose operations run superbly,” commented Stefan Benedetti of Nikolaus & Co. “The agreement with the lenders enables us to develop an appropriate, future-oriented capital structure for the company. The distinctive feature about this solution is that we are not bound to instructions from any individual interests.”
It is hoped the new structure will be able to free the company of debts and provide it with a “going-concern value that is in line with market conditions”.