Cell C has told its noteholders that is has defaulted on the payment of interest on its $184 002 000 note that was due in December 2019.
It has also defaulted on as interest and capital repayments related to the respective bilateral loan facilities between Cell C and Nedbank Limited, China Development Bank, Development Bank of Southern Africa and Industrial and Commercial Bank of China, which was due in January 2020.
A SENS notice from Blue Label Telecom states that, currently, none of the bilateral loan facilities have been accelerated.
It states that noteholders are aware and support that Cell C is committed to resolving the situation by agreeing to restructuring terms with its lenders while it also continues to work proactively with all stakeholders to improve its liquidity, debt profile and long-term competitiveness.