Tricom fails to make payment on notes, begins discussions with noteholders on restructuring

Chicago, Oct. 2 - Tricom SA said it has initiated discussions with holders of its 11 3/8% senior notes due 2004 and its bank lenders and is continuing discussions with potential strategic partners to formulate a restructuring plan.

The company did not make the $11.4 million interest payment on the notes originally scheduled for Sept. 2 within the 30 day grace period.

Tricom said previously it may consider a sale of its assets.

The Dominican Republic-based long distance telephone company has hired Bear, Stearns & Co. Inc. to advise in its restructuring efforts and to help evaluate financial and strategic alternatives.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.