New owner seeks to cut USD1bn from Vivacom debt, paper says

7 Jul 2010

Hong Kong billionaire Richard Li is negotiating with a number of large US and European banks and US companies to restructure EUR800 million (USD1 billion) of debt owed by Bulgarian telecoms company Vivacom (formerly BTC), according to local newspaper Standart. The funds were borrowed two years ago by Vivacom’s previous owner American International Group (AIG) to acquire the company from Icelandic billionaire Thor Bjorgolfsson. Creditors with whom Li is negotiating include Royal Bank of Scotland Group and Deutsche Bank, the newspaper reports. Li’s Pacific Century Group bought PineBridge Investments, the company which acquired Vivacom, from AIG in March.

Bulgaria, PCCW Group, Vivacom (BTC)