Tele Columbus - comment

The SSNs will be marked lower after news from Debt Wire that a majority of creditors in the Bank debt and the SSNs have signed a cooperation agreement. This will be the precursor to another restructuring, which should leave the creditors in charge.  

However, a fresh restructuring is not a surprise; Tele Columbus has not been able to convert sufficient of its subscribers to fibre, nor has it recruited enough new subscribers. Tele Columbus had already slowed the build-out of new fibre to preserve cash. At the time of the restructuring, we had estimated a valuation in the 60’s, which is where the bonds are now. We will review our valuation again to determine where we would be comfortable owning these bonds and what a restructuring might look like. The Creditors are advised by Houlihan Lokey and Millbank. Q4 25 and Q1 26 results are due out in May.