The Tele Columbus Group, a German cable network operator, has announced that it has successfully completed its financial restructuring and is now ready to invest in the network.
As part of restructuring agreement with the lenders, the debt was reduced by more than €400 million. At the same time, €35 million of fresh capital will be invested in the group.
The former owners of the operator, a consortium led by Nicholas & Co. LLP, has handed over ownership to Tele Columbus Management S.àr.l., whose creditors pledged to pump over €200 million into the company during the next three years.
“The restructuring agreement shows the strong confidence our creditors have in Tele Columbus, in the cable infrastructure and in the future cooperation with our partners, the housing associations,” said Dietmar Schickel, COO TeleColumbus Group, in a statement.