Weather makes initial restructuring proposal for Wind Hellas

12 Aug 2010

Weather Investments, the parent of financially-troubled Wind Hellas, has made an initial restructuring proposal for the Greek fixed and mobile operator consisting of a capital injection and a partial debt-for-equity swap with creditors. Naguib Sawiris, owner of the Egyptian-backed holding company, told Dow Jones Newswires that the telco’s second restructuring in eight months will boost capital and reduce debt, whilst the firm’s financial adviser Morgan Stanley has so far received at least five initial offers from potential investors. Final offers are due by 15 September. Elsewhere, it was reported today that Russia’s Vimpelcom is considering offering to buy Weather’s stakes in Egyptian group Orascom Telecom and Italian telco Wind Telecomunicazioni.

Greece, Wind Hellas (incl. Tellas)