Vivacom sale imminent

23 Jul 2012

The sale of the Bulgarian fixed line and cellular operator Vivacom appears set to finally go ahead after the company’s creditors agreed to a deal with Bulgarian lender Corporate Commercial Bank (CCBank) and Russian bank VTB. ‘The tie-up between CCBank and VTB Capital was picked as preferred buyer by the senior creditors’ committee,’ Tsvetan Vasilev, chairman of the supervisory board of CCBank, told Bulgarian newspaper Capital Daily, adding: ‘But many details are yet to clarified.’ Vivacom said in a statement that CCBank and VTB have offered to pay EUR130 million (USD158 million) for a majority of the equity, with EUR588 million of reinstated loans and a minority of the equity to be allocated to senior unsecured lenders.

Bulgaria, Vivacom (BTC)