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Management buyout at BTL?

3 Mar 2005

According to reports from television station Channel 5 in Belize, a group of executives from Belize Telecommunications Limited (BTL) have proposed a management buyout of the company. It is believed that the employees, using the name Sunrise Investments, have secured USD57 million in financing from the First Caribbean Bank to pay for the 52% stake. The offer is conditional, however, on the government of Belize winning ongoing litigation against Innovative Communications Corp (ICC), which originally won the stake but subsequently failed to pay for it. To make matters even more complicated the Carlyle Group is reported to be suing the Belize administration, claiming that it was forced to sell its shares in BTL back to the government, and maintaining that it still retains the right to buy back the shares.

Belize, Belize Telemedia Limited (BTL, Digi)

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