Millicom hires Lazard as financial advisor

New York, Dec. 10 - Millicom International Cellular SA said it hired Lazard as financial advisor to assist in the company's review of strategic alternatives to address its ongoing liquidity needs.

Options to be examined include potential asset sales and divestitures, the availability of new debt and equity financing and potential debt restructuring alternatives.

Millicom also noted that it has bought back some of its outstanding debt securities at a discount and may continue to do so.

The global telecommunications company also said it is in separate discussions to sell Extelcom, its cellular operations in The Philippines, and Celcaribe, its cellular operations in Colombia.

Extelcom has continued to experience operational and trading issues which have adversely impacted its financial performance, Millicom said, adding that it expects to receive "little consideration" for the company and will write off approximately $50 million.

For the Celcaribe sale, Millicom expects to write off $125 million.

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