Tele Columbus - comment

We are on call-back from Houlihan and Milbank in relation to Tele Columbus, as bondholders appear to have selected financial and legal advisors. Ambitious roll-out plans and changes in legislation have left Tele Columbus with a significant shortfall in funding. There is €1bn+ of maturities coming between Oct-24 and May-25. Some debt restructuring may be needed before the necessary equity is injected.